-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Uhuuf6vRZiQ5twxJjxjd+cTTJRS/Q6r1X6GtXu9UZv5qvMSB2TZshGByE9pL9UGU
 Sm8x6wCtvJWoQQj1BPwftA==

<SEC-DOCUMENT>0000928816-07-000380.txt : 20070314
<SEC-HEADER>0000928816-07-000380.hdr.sgml : 20070314
<ACCEPTANCE-DATETIME>20070314140826
ACCESSION NUMBER:		0000928816-07-000380
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		10
CONFORMED PERIOD OF REPORT:	20070515
FILED AS OF DATE:		20070314
DATE AS OF CHANGE:		20070314
EFFECTIVENESS DATE:		20070314

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM MANAGED MUNICIPAL INCOME TRUST
		CENTRAL INDEX KEY:			0000844790
		IRS NUMBER:				046608976
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05740
		FILM NUMBER:		07693125

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM HIGH YIELD TRUST
		CENTRAL INDEX KEY:			0000225777
		IRS NUMBER:				046415410
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-02796
		FILM NUMBER:		07693132

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A-14 LEGAL DEPARTMENT
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		8002251581

	MAIL ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		STREET 2:		MAILSTOP A-14 LEGAL DEPARTMENT
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM HIGH YIELD TRUST FUND
		DATE OF NAME CHANGE:	19960328

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM VARIABLE TRUST
		CENTRAL INDEX KEY:			0000822671
		IRS NUMBER:				046649095
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05346
		FILM NUMBER:		07693139

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		8002551581

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM CAPITAL MANAGER TRUST /MA/
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM TAX FREE HEALTH CARE FUND
		CENTRAL INDEX KEY:			0000887398
		IRS NUMBER:				043153831
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0531

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06659
		FILM NUMBER:		07693144

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Putnam RetirementReady Funds
		CENTRAL INDEX KEY:			0001295293
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21598
		FILM NUMBER:		07693147

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		617 760-4623

	MAIL ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM PENNSYLVANIA TAX EXEMPT INCOME FUND
		CENTRAL INDEX KEY:			0000794615
		IRS NUMBER:				043057637
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0228

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05802
		FILM NUMBER:		07693149

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

	MAIL ADDRESS:	
		STREET 1:		ONE POST OFFICE SQU
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM  MUNICIPAL BOND FUND
		CENTRAL INDEX KEY:			0000892884
		IRS NUMBER:				046716830
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07270
		FILM NUMBER:		07693157

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

	MAIL ADDRESS:	
		STREET 1:		PUTNAM LLC
		STREET 2:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM INVESTMENT GRADE MUNICIPAL TRUST II
		DATE OF NAME CHANGE:	19921111

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM FUND FOR GROWTH & INCOME
		CENTRAL INDEX KEY:			0000081260
		IRS NUMBER:				046013678
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-00781
		FILM NUMBER:		07693166

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAIKLSTOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM GROWTH FUND
		DATE OF NAME CHANGE:	19841025

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM EUROPE EQUITY FUND
		CENTRAL INDEX KEY:			0000842940
		IRS NUMBER:				043083315
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05693
		FILM NUMBER:		07693167

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		STREET 2:		MAILSTOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		8002551581

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM EUROPE GROWTH FUND
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM EUROPE FUND
		DATE OF NAME CHANGE:	19900726

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM GOVERNMENT INCOME FUND
		DATE OF NAME CHANGE:	19900412

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM DIVERSIFIED INCOME TRUST
		CENTRAL INDEX KEY:			0000836622
		IRS NUMBER:				043017475
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05635
		FILM NUMBER:		07693170

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921562

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM CONVERTIBLE INCOME GROWTH TRUST
		CENTRAL INDEX KEY:			0000081247
		IRS NUMBER:				042493360
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-02280
		FILM NUMBER:		07693172

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM CONVERTIBLE FUND
		DATE OF NAME CHANGE:	19841212

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM CONVERTIBLE FUND INC /PRED/
		DATE OF NAME CHANGE:	19821109

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM CLASSIC EQUITY FUND
		CENTRAL INDEX KEY:			0000930748
		IRS NUMBER:				043246687
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07223
		FILM NUMBER:		07693173

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		8002251581

	MAIL ADDRESS:	
		STREET 1:		ONE PO SQ
		STREET 2:		ONE PO SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM GROWTH & INCOME FUND II
		DATE OF NAME CHANGE:	19940930

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM CAPITAL APPRECIATION FUND
		CENTRAL INDEX KEY:			0000902475
		IRS NUMBER:				046733578
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0531

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07061
		FILM NUMBER:		07693174

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		STREET 2:		MAILSTOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		8002251581

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM ASSET ALLOCATION FUNDS
		CENTRAL INDEX KEY:			0000914209
		IRS NUMBER:				046746612
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07121
		FILM NUMBER:		07693177

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

	MAIL ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM LIFE STAGES ASSET ALLOCATION TRUST
		DATE OF NAME CHANGE:	19931027

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM MASTER INTERMEDIATE INCOME TRUST
		CENTRAL INDEX KEY:			0000830622
		IRS NUMBER:				046584465
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05498
		FILM NUMBER:		07693123

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921562

	MAIL ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM MASSACHUSETTS TAX EXEMPT INCOME FUND II
		CENTRAL INDEX KEY:			0000792288
		IRS NUMBER:				046626127
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0531

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-04518
		FILM NUMBER:		07693124

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		617-292-14

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM MASSACHUSETTS TAX EXEMPT INCOME FUND /MA/
		DATE OF NAME CHANGE:	19920609

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM INVESTMENT GRADE MUNICIPAL TRUST
		CENTRAL INDEX KEY:			0000855048
		IRS NUMBER:				046629611
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05901
		FILM NUMBER:		07693128

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

	MAIL ADDRESS:	
		STREET 1:		ONE POST OFFICE SQU
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM HIGH YIELD MUNICIPAL TRUST
		CENTRAL INDEX KEY:			0000848077
		IRS NUMBER:				046621377
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05795
		FILM NUMBER:		07693133

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6177601000

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM VISTA FUND/NEW/
		CENTRAL INDEX KEY:			0000081279
		IRS NUMBER:				042430137
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0731

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-01561
		FILM NUMBER:		07693138

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM VISTA BASIC VALUE FUND
		DATE OF NAME CHANGE:	19891128

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM VISTA FUND
		DATE OF NAME CHANGE:	19851202

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM VISTA FUND INC/PRED/
		DATE OF NAME CHANGE:	19821109

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM UTILITIES GROWTH & INCOME FUND
		CENTRAL INDEX KEY:			0000867824
		IRS NUMBER:				046660195
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05989
		FILM NUMBER:		07693140

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM TAX FREE INCOME TRUST /MA/
		CENTRAL INDEX KEY:			0000771951
		IRS NUMBER:				046483374
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0731

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-04345
		FILM NUMBER:		07693143

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

	MAIL ADDRESS:	
		STREET 1:		NULL

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM TAX FREE INCOME TRUST
		DATE OF NAME CHANGE:	19920101

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM TAX EXEMPT MONEY MARKET FUND
		CENTRAL INDEX KEY:			0000806944
		IRS NUMBER:				046561110
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05215
		FILM NUMBER:		07693145

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM TAX EXEMPT MONEY MARKET TRUST
		DATE OF NAME CHANGE:	19870927

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM PREMIER INCOME TRUST
		CENTRAL INDEX KEY:			0000827773
		IRS NUMBER:				042995046
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0731

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05452
		FILM NUMBER:		07693148

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM NEW YORK INVESTMENT GRADE MUNICIPAL TRUST
		CENTRAL INDEX KEY:			0000892960
		IRS NUMBER:				046716832
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07274
		FILM NUMBER:		07693153

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM NEW JERSEY TAX EXEMPT INCOME FUND
		CENTRAL INDEX KEY:			0000857463
		IRS NUMBER:				043073948
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05977
		FILM NUMBER:		07693155

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM MUNICIPAL OPPORTUNITIES TRUST
		CENTRAL INDEX KEY:			0000900422
		IRS NUMBER:				043187549
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07626
		FILM NUMBER:		07693156

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

	MAIL ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM MINNESOTA TAX EXEMPT INCOME FUND II
		CENTRAL INDEX KEY:			0000794612
		IRS NUMBER:				046626128
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0531

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-04527
		FILM NUMBER:		07693159

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM MINNESOTA TAX EXEMPT INCOME FUND
		DATE OF NAME CHANGE:	19920609

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM GLOBAL EQUITY FUND
		CENTRAL INDEX KEY:			0000081251
		IRS NUMBER:				046145734
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-01403
		FILM NUMBER:		07693163

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM GLOBAL GROWTH FUND
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM INTERNATIONAL EQUITIES FUND
		DATE OF NAME CHANGE:	19900722

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM INTERNATIONAL EQUITIES FUND INC /PRED/
		DATE OF NAME CHANGE:	19821109

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM INVESTORS FUND
		CENTRAL INDEX KEY:			0000081269
		IRS NUMBER:				042713095
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0731

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-00159
		FILM NUMBER:		07693127

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM INVESTORS FUND INC /PRED/
		DATE OF NAME CHANGE:	19821109

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INCORPORATED INVESTORS
		DATE OF NAME CHANGE:	19670327

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM HIGH INCOME SECURITIES FUND
		CENTRAL INDEX KEY:			0000810943
		IRS NUMBER:				046562068
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05133
		FILM NUMBER:		07693135

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		8002251581

	MAIL ADDRESS:	
		STREET 1:		PUTNAM LLC
		STREET 2:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM HIGH INCOME BOND FUND
		DATE OF NAME CHANGE:	20030408

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM HIGH BOND FUND
		DATE OF NAME CHANGE:	20021107

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM HIGH INCOME CONVERTIBLE & BOND FUND
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM TAX SMART FUNDS TRUST
		CENTRAL INDEX KEY:			0001083872
		IRS NUMBER:				046888512
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-09289
		FILM NUMBER:		07693142

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		STREET 2:		MAIL STOP L6
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921139

	MAIL ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		STREET 2:		MAIL STOP L6
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM TAX MANAGED FUNDS TRUST
		DATE OF NAME CHANGE:	19990409

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM MICHIGAN TAX EXEMPT INCOME FUND /
		CENTRAL INDEX KEY:			0000794611
		IRS NUMBER:				046626130
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0531

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-04529
		FILM NUMBER:		07693160

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		617-292-14

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM MICHIGAN TAX EXEMPT INCOME FUND
		DATE OF NAME CHANGE:	19920609

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM EQUITY INCOME FUND/NEW/
		CENTRAL INDEX KEY:			0000216934
		IRS NUMBER:				046407893
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-02742
		FILM NUMBER:		07693168

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		8002551581

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM STRATEGIC INCOME TRUST
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM OPTION INCOME TRUST
		DATE OF NAME CHANGE:	19910307

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM DISCOVERY GROWTH FUND
		CENTRAL INDEX KEY:			0000868480
		IRS NUMBER:				046661046
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06203
		FILM NUMBER:		07693171

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

	MAIL ADDRESS:	
		STREET 1:		NULL

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM VOYAGER FUND II
		DATE OF NAME CHANGE:	19950815

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM GROWTH FUND /MA/
		DATE OF NAME CHANGE:	19930223

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM SHORT TERM US GOVERNMENT FUND
		DATE OF NAME CHANGE:	19930223

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM ARIZONA TAX EXEMPT INCOME FUND
		CENTRAL INDEX KEY:			0000869392
		IRS NUMBER:				046665534
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0531

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06258
		FILM NUMBER:		07693178

	BUSINESS ADDRESS:	
		STREET 1:		PUTNAM INVESTMENTS INC
		STREET 2:		ONE POST OFFICE SQUARE MAIL STOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		8002251585

	MAIL ADDRESS:	
		STREET 1:		2 LIBERTY SQUARE
		STREET 2:		MAIL STOP L6
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM AMERICAN GOVERNMENT INCOME FUND
		CENTRAL INDEX KEY:			0000759827
		IRS NUMBER:				042856297
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-04178
		FILM NUMBER:		07693136

	BUSINESS ADDRESS:	
		STREET 1:		PUTNAM INVESTMENTS INC
		STREET 2:		ONE POST OFFICE SQUARE MAIL STOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921562

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM HIGH INCOME GOVERNMENT TRUST
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM U S GOVERNMENT INCOME TRUST
		CENTRAL INDEX KEY:			0000732337
		IRS NUMBER:				042811119
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-03897
		FILM NUMBER:		07693141

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM U S GOVERNMENT GUARANTEED SECURITIES INCOME TRUST
		DATE OF NAME CHANGE:	19910102

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM UNITED STATES GOVERNMENT SECURITIES INCOME FUND
		DATE OF NAME CHANGE:	19840806

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM TAX EXEMPT INCOME FUND
		CENTRAL INDEX KEY:			0000205802
		IRS NUMBER:				046396109
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-02675
		FILM NUMBER:		07693146

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM NEW OPPORTUNITIES FUND
		CENTRAL INDEX KEY:			0000865177
		IRS NUMBER:				043091455
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06128
		FILM NUMBER:		07693154

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			A6
		ZIP:			02109
		BUSINESS PHONE:		6172921000

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM CALIFORNIA TAX EXEMPT INCOME TRUST
		CENTRAL INDEX KEY:			0000711402
		IRS NUMBER:				042786284
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-03630
		FILM NUMBER:		07693175

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921562

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM CALIFORNIA TAX EXEMPT INCOME FUND
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM HIGH YIELD ADVANTAGE FUND
		CENTRAL INDEX KEY:			0000787836
		IRS NUMBER:				066290063
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-04616
		FILM NUMBER:		07693134

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		8002251581

	MAIL ADDRESS:	
		STREET 1:		NULL

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM HIGH YIELD TRUST II
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM NEW YORK TAX EXEMPT INCOME TRUST
		CENTRAL INDEX KEY:			0000719712
		IRS NUMBER:				042794490
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-03741
		FILM NUMBER:		07693152

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM NEW YORK TAX EXEMPT INCOME FUND
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM VOYAGER FUND
		CENTRAL INDEX KEY:			0000081280
		IRS NUMBER:				046187125
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0731

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-01682
		FILM NUMBER:		07693137

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM VOYAGER FUND INC /PRED/
		DATE OF NAME CHANGE:	19821109

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM GLOBAL NATURAL RESOURCES FUND
		CENTRAL INDEX KEY:			0000317031
		IRS NUMBER:				133035507
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-03061
		FILM NUMBER:		07693169

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM NATURAL RESOURCES FUND /MA/
		DATE OF NAME CHANGE:	19950629

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM ENERGY RESOURCES TRUST
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EBERSTADT ENERGY RESOURCES FUND INC
		DATE OF NAME CHANGE:	19850317

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM CALIFORNIA INVESTMENT GRADE MUNICIPAL TRUST
		CENTRAL INDEX KEY:			0000892980
		IRS NUMBER:				046716831
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07276
		FILM NUMBER:		07693176

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		STREET 2:		MAILSTOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM INCOME FUND
		CENTRAL INDEX KEY:			0000081264
		STANDARD INDUSTRIAL CLASSIFICATION:	OIL ROYALTY TRADERS [6792]
		IRS NUMBER:				046013712
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-00653
		FILM NUMBER:		07693131

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921471

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM INCOME FUND INC/PRED/
		DATE OF NAME CHANGE:	19821109

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM OTC EMERGING GROWTH FUND
		CENTRAL INDEX KEY:			0000703969
		IRS NUMBER:				046483374
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0731

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-03512
		FILM NUMBER:		07693150

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DEPOSITORS INVESTMENT TRUST
		DATE OF NAME CHANGE:	19890912

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM OHIO TAX EXEMPT INCOME FUND II
		CENTRAL INDEX KEY:			0000794616
		IRS NUMBER:				046626129
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0531

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-04528
		FILM NUMBER:		07693151

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		617-292-14

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM OHIO TAX EXEMPT INCOME FUND
		DATE OF NAME CHANGE:	19920609

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM HEALTH SCIENCES TRUST
		CENTRAL INDEX KEY:			0000357295
		IRS NUMBER:				046471950
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-03386
		FILM NUMBER:		07693161

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		8002251581

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM FUNDS TRUST
		CENTRAL INDEX KEY:			0001005942
		IRS NUMBER:				043299786
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07513
		FILM NUMBER:		07693165

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST
		STREET 2:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921010

	MAIL ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM LTD DURATION GOVERNMENT INCOME FUND
		CENTRAL INDEX KEY:			0000869797
		IRS NUMBER:				046661044
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06257
		FILM NUMBER:		07693126

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		STREET 2:		MAILSTOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		8002552465

	MAIL ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM INTERMEDIATE US GOVT INCOME FUND
		DATE OF NAME CHANGE:	19950508

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM BALANCED GOVERNMENT FUND
		DATE OF NAME CHANGE:	19930121

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM BALANCED MORTGAGE FUND
		DATE OF NAME CHANGE:	19921223

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM MONEY MARKET FUND
		CENTRAL INDEX KEY:			0000081248
		IRS NUMBER:				046386436
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-02608
		FILM NUMBER:		07693158

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A-14 LEGAL DEPARTMENT
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921471

	MAIL ADDRESS:	
		STREET 1:		MAILSTOP A-14 LEGAL DEPARTMENT
		STREET 2:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM DAILY DIVIDEND TRUST
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM INVESTMENT FUNDS
		CENTRAL INDEX KEY:			0000932101
		IRS NUMBER:				043251560
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07237
		FILM NUMBER:		07693129

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		STREET 2:		MAIL STOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921562

	MAIL ADDRESS:	
		STREET 1:		PUTNAM EQUITY FUNDS
		STREET 2:		ONE POST OFFICE SQUARE MAILSTOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM EQUITY FUNDS
		DATE OF NAME CHANGE:	19941028

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM GLOBAL INCOME TRUST
		CENTRAL INDEX KEY:			0000794614
		IRS NUMBER:				046549525
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-04524
		FILM NUMBER:		07693162

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921562

	MAIL ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM GOVERNMENT INCOME GLOBAL TRUST
		DATE OF NAME CHANGE:	19870225

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM GLOBAL GOVERNMENT INCOME TRUST
		DATE OF NAME CHANGE:	19870115

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM INTERNATIONAL EQUITY FUND /MA/
		CENTRAL INDEX KEY:			0000868648
		IRS NUMBER:				046661045
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06190
		FILM NUMBER:		07693130

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921471

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM INTERNATIONAL GROWTH FUND /MA/
		DATE OF NAME CHANGE:	19960805

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM OVERSEAS GROWTH FUND
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM INTERNATIONAL GROWTH FUND
		DATE OF NAME CHANGE:	19901107

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GEORGE PUTNAM FUND OF BOSTON
		CENTRAL INDEX KEY:			0000081259
		IRS NUMBER:				046013677
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0731

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-00058
		FILM NUMBER:		07693164

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		8002252581

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM EQUITY INCOME FUND/NEW
		DATE OF NAME CHANGE:	19940302

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM GEORGE FUND OF BOSTON
		DATE OF NAME CHANGE:	19920703
<SERIES-AND-CLASSES-CONTRACTS-DATA>
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<SERIES>
<OWNER-CIK>0000081247
<SERIES-ID>S000005511
<SERIES-NAME>PUTNAM CONVERTIBLE INCOME GROWTH TRUST
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015003
<CLASS-CONTRACT-NAME>Class C Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015004
<CLASS-CONTRACT-NAME>Class A Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PCONX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015005
<CLASS-CONTRACT-NAME>Class B Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PCNBX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015006
<CLASS-CONTRACT-NAME>Class M Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PCNMX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015007
<CLASS-CONTRACT-NAME>Class R Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PCVRX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015008
<CLASS-CONTRACT-NAME>Class Y Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PCGYX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000081248
<SERIES-ID>S000006251
<SERIES-NAME>PUTNAM MONEY MARKET FUND
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017191
<CLASS-CONTRACT-NAME>Class T Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017192
<CLASS-CONTRACT-NAME>Class A Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PDDXX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017193
<CLASS-CONTRACT-NAME>Class B Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PTBXX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017194
<CLASS-CONTRACT-NAME>Class C Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PFCXX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017195
<CLASS-CONTRACT-NAME>Class M Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PTMXX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017196
<CLASS-CONTRACT-NAME>Class R Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PURXX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000081251
<SERIES-ID>S000005651
<SERIES-NAME>PUTNAM GLOBAL EQUITY FUND
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015432
<CLASS-CONTRACT-NAME>Class A Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PEQUX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015433
<CLASS-CONTRACT-NAME>Class B Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PEQBX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015434
<CLASS-CONTRACT-NAME>Class C Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PUGCX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015435
<CLASS-CONTRACT-NAME>Class M Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PEQMX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015436
<CLASS-CONTRACT-NAME>Class R Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PGLRX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015437
<CLASS-CONTRACT-NAME>Class Y Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PEQYX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000081259
<SERIES-ID>S000005597
<SERIES-NAME>GEORGE PUTNAM FUND OF BOSTON
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015264
<CLASS-CONTRACT-NAME>Class A Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PGEOX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015265
<CLASS-CONTRACT-NAME>Class B Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PGEBX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015266
<CLASS-CONTRACT-NAME>Class C Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PGPCX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015267
<CLASS-CONTRACT-NAME>Class M Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PGEMX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015268
<CLASS-CONTRACT-NAME>Class R Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PGPRX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015269
<CLASS-CONTRACT-NAME>Class Y Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PGEYX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000081260
<SERIES-ID>S000005660
<SERIES-NAME>PUTNAM FUND FOR GROWTH & INCOME
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015486
<CLASS-CONTRACT-NAME>Class A Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PGRWX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015487
<CLASS-CONTRACT-NAME>Class B Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PGIBX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015488
<CLASS-CONTRACT-NAME>Class C Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PGRIX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015489
<CLASS-CONTRACT-NAME>Class M Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PGRMX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015490
<CLASS-CONTRACT-NAME>Class R Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PGCRX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015491
<CLASS-CONTRACT-NAME>Class Y Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PGIYX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000081264
<SERIES-ID>S000006155
<SERIES-NAME>PUTNAM INCOME FUND
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000016962
<CLASS-CONTRACT-NAME>Class A Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PINCX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000016963
<CLASS-CONTRACT-NAME>Class B Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PNCBX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000016964
<CLASS-CONTRACT-NAME>Class C Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PUICX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000016965
<CLASS-CONTRACT-NAME>Class M Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PNCMX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000016966
<CLASS-CONTRACT-NAME>Class R Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PIFRX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000016967
<CLASS-CONTRACT-NAME>Class Y Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PNCYX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000081269
<SERIES-ID>S000006190
<SERIES-NAME>PUTNAM INVESTORS FUND
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017038
<CLASS-CONTRACT-NAME>Class A Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PINVX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017039
<CLASS-CONTRACT-NAME>Class B Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PNVBX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017040
<CLASS-CONTRACT-NAME>Class C Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PCINX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017041
<CLASS-CONTRACT-NAME>Class M Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PNVMX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017042
<CLASS-CONTRACT-NAME>Class R Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PIVRX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017043
<CLASS-CONTRACT-NAME>Class Y Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PNVYX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000081279
<SERIES-ID>S000006572
<SERIES-NAME>PUTNAM VISTA FUND/NEW/
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017934
<CLASS-CONTRACT-NAME>Class A Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PVISX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017935
<CLASS-CONTRACT-NAME>Class B Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PVTBX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017936
<CLASS-CONTRACT-NAME>Class C Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PCVFX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017937
<CLASS-CONTRACT-NAME>Class M Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PVIMX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017938
<CLASS-CONTRACT-NAME>Class R Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PVIRX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017939
<CLASS-CONTRACT-NAME>Class Y Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PVIYX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000081280
<SERIES-ID>S000006573
<SERIES-NAME>PUTNAM VOYAGER FUND
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017940
<CLASS-CONTRACT-NAME>Class A Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PVOYX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017941
<CLASS-CONTRACT-NAME>Class B Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PVOBX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017942
<CLASS-CONTRACT-NAME>Class C Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PVFCX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017943
<CLASS-CONTRACT-NAME>Class M Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PVOMX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017944
<CLASS-CONTRACT-NAME>Class R Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PVYRX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017945
<CLASS-CONTRACT-NAME>Class Y Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PVYYX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000205802
<SERIES-ID>S000006568
<SERIES-NAME>PUTNAM TAX EXEMPT INCOME FUND
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017917
<CLASS-CONTRACT-NAME>Class C Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017918
<CLASS-CONTRACT-NAME>Class A Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PTAEX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017919
<CLASS-CONTRACT-NAME>Class B Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PTBEX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017920
<CLASS-CONTRACT-NAME>Class M Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PTXMX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000216934
<SERIES-ID>S000005581
<SERIES-NAME>PUTNAM EQUITY INCOME FUND
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015218
<CLASS-CONTRACT-NAME>Class A Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PEYAX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015219
<CLASS-CONTRACT-NAME>Class B Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PEQNX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015220
<CLASS-CONTRACT-NAME>Class C Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PEQCX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015221
<CLASS-CONTRACT-NAME>Class M Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PEIMX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015222
<CLASS-CONTRACT-NAME>Class R Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PEQRX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015223
<CLASS-CONTRACT-NAME>Class Y Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PEIYX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000225777
<SERIES-ID>S000006135
<SERIES-NAME>PUTNAM HIGH YIELD TRUST FUND
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000016878
<CLASS-CONTRACT-NAME>Class A Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PHIGX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000016879
<CLASS-CONTRACT-NAME>Class B Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PHBBX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000016880
<CLASS-CONTRACT-NAME>Class C Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PCHYX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000016881
<CLASS-CONTRACT-NAME>Class M Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PHIMX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000016882
<CLASS-CONTRACT-NAME>Class R Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PHDRX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000016883
<CLASS-CONTRACT-NAME>Class Y Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PHYYX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000317031
<SERIES-ID>S000005659
<SERIES-NAME>PUTNAM GLOBAL NATURAL RESOURCES FUND
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015480
<CLASS-CONTRACT-NAME>Class C Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015481
<CLASS-CONTRACT-NAME>Class Y Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015482
<CLASS-CONTRACT-NAME>Class A Shares
<CLASS-CONTRACT-TICKER-SYMBOL>EBERX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015483
<CLASS-CONTRACT-NAME>Class B Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PNRBX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015484
<CLASS-CONTRACT-NAME>Class M Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PGLMX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015485
<CLASS-CONTRACT-NAME>Class R Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PGNRX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000357295
<SERIES-ID>S000005666
<SERIES-NAME>PUTNAM HEALTH SCIENCES TRUST
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015515
<CLASS-CONTRACT-NAME>Class A Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PHSTX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015516
<CLASS-CONTRACT-NAME>Class B Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PHSBX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015517
<CLASS-CONTRACT-NAME>Class C Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PCHSX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015518
<CLASS-CONTRACT-NAME>Class M Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PHLMX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015519
<CLASS-CONTRACT-NAME>Class R Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PHSRX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015520
<CLASS-CONTRACT-NAME>Class Y Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PHSYX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000703969
<SERIES-ID>S000006425
<SERIES-NAME>PUTNAM OTC EMERGING GROWTH FUND
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017614
<CLASS-CONTRACT-NAME>Class A Shares
<CLASS-CONTRACT-TICKER-SYMBOL>POEGX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017615
<CLASS-CONTRACT-NAME>Class B Shares
<CLASS-CONTRACT-TICKER-SYMBOL>POTBX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017616
<CLASS-CONTRACT-NAME>Class C Shares
<CLASS-CONTRACT-TICKER-SYMBOL>POECX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017617
<CLASS-CONTRACT-NAME>Class M Shares
<CLASS-CONTRACT-TICKER-SYMBOL>POEMX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017618
<CLASS-CONTRACT-NAME>Class R Shares
<CLASS-CONTRACT-TICKER-SYMBOL>POTRX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017619
<CLASS-CONTRACT-NAME>Class Y Shares
<CLASS-CONTRACT-TICKER-SYMBOL>POEYX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000711402
<SERIES-ID>S000005498
<SERIES-NAME>PUTNAM CALIFORNIA TAX EXEMPT INCOME TRUST
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000014969
<CLASS-CONTRACT-NAME>Class A Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PCTEX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000014970
<CLASS-CONTRACT-NAME>Class B Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PCTBX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000014971
<CLASS-CONTRACT-NAME>Class C Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PCTCX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000014972
<CLASS-CONTRACT-NAME>Class M Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PCLMX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000719712
<SERIES-ID>S000006345
<SERIES-NAME>PUTNAM NEW YORK TAX EXEMPT INCOME TRUST
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017441
<CLASS-CONTRACT-NAME>Class C Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017442
<CLASS-CONTRACT-NAME>Class M Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017443
<CLASS-CONTRACT-NAME>Class A Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PTEIX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017444
<CLASS-CONTRACT-NAME>Class B Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PEIBX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000732337
<SERIES-ID>S000006570
<SERIES-NAME>PUTNAM U S GOVERNMENT INCOME TRUST
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017922
<CLASS-CONTRACT-NAME>Class A Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PGSIX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017923
<CLASS-CONTRACT-NAME>Class B Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PGSBX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017924
<CLASS-CONTRACT-NAME>Class C Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PGVCX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017925
<CLASS-CONTRACT-NAME>Class M Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PGSMX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017926
<CLASS-CONTRACT-NAME>Class R Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PGVRX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017927
<CLASS-CONTRACT-NAME>Class Y Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PUSYX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000759827
<SERIES-ID>S000005500
<SERIES-NAME>PUTNAM AMERICAN GOVERNMENT INCOME FUND
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000014978
<CLASS-CONTRACT-NAME>Class C Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000014979
<CLASS-CONTRACT-NAME>Class Y Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000014980
<CLASS-CONTRACT-NAME>Class A Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PAGVX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000014981
<CLASS-CONTRACT-NAME>Class B Shars
<CLASS-CONTRACT-TICKER-SYMBOL>PAMBX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000014982
<CLASS-CONTRACT-NAME>Class M Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PAMMX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000014983
<CLASS-CONTRACT-NAME>Class R Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PAMRX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000771951
<SERIES-ID>S000003860
<SERIES-NAME>Putnam AMT -Free Insured Municipal Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010817
<CLASS-CONTRACT-NAME>Class C Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010818
<CLASS-CONTRACT-NAME>Class M Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010819
<CLASS-CONTRACT-NAME>Class A Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PPNAX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010820
<CLASS-CONTRACT-NAME>Class B Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PTFIX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000771951
<SERIES-ID>S000003861
<SERIES-NAME>Putnam Tax-Free High Yield Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010821
<CLASS-CONTRACT-NAME>Class C Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010822
<CLASS-CONTRACT-NAME>Class A Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PTHAX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010823
<CLASS-CONTRACT-NAME>Class B Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PTHYX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010824
<CLASS-CONTRACT-NAME>Class M Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PTYMX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000787836
<SERIES-ID>S000005762
<SERIES-NAME>PUTNAM HIGH YIELD ADVANTAGE FUND
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015835
<CLASS-CONTRACT-NAME>Class Y Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015836
<CLASS-CONTRACT-NAME>Class A Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PHYIX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015837
<CLASS-CONTRACT-NAME>Class B Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PHYBX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015838
<CLASS-CONTRACT-NAME>Class M Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PHYMX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000792288
<SERIES-ID>S000006210
<SERIES-NAME>PUTNAM MASSACHUSETTS TAX EXEMPT INCOME FUND II
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017118
<CLASS-CONTRACT-NAME>Class C Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017119
<CLASS-CONTRACT-NAME>Class M Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017120
<CLASS-CONTRACT-NAME>Class A Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PXMAX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017121
<CLASS-CONTRACT-NAME>Class B Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PMABX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000794611
<SERIES-ID>S000006217
<SERIES-NAME>PUTNAM MICHIGAN TAX EXEMPT INCOME FUND /
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017140
<CLASS-CONTRACT-NAME>Class M Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017141
<CLASS-CONTRACT-NAME>Class A Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PXMIX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017142
<CLASS-CONTRACT-NAME>Class B Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PMEBX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000039834
<CLASS-CONTRACT-NAME>Class C Shares
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000794612
<SERIES-ID>S000006218
<SERIES-NAME>PUTNAM MINNESOTA TAX EXEMPT INCOME FUND II
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017143
<CLASS-CONTRACT-NAME>Class M Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017144
<CLASS-CONTRACT-NAME>Class A Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PXMNX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017145
<CLASS-CONTRACT-NAME>Class B Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PMTBX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000039836
<CLASS-CONTRACT-NAME>Class C Shares
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000794614
<SERIES-ID>S000005653
<SERIES-NAME>PUTNAM GLOBAL INCOME TRUST
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015446
<CLASS-CONTRACT-NAME>Class C Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015447
<CLASS-CONTRACT-NAME>Class Y Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015448
<CLASS-CONTRACT-NAME>Class A Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PGGIX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015449
<CLASS-CONTRACT-NAME>Class B Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PGLBX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015450
<CLASS-CONTRACT-NAME>Class M Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PGGMX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015451
<CLASS-CONTRACT-NAME>Class R Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PGBRX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000794615
<SERIES-ID>S000006567
<SERIES-NAME>PUTNAM PENNSYLVANIA TAX EXEMPT INCOME FUND
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017914
<CLASS-CONTRACT-NAME>Class M Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017915
<CLASS-CONTRACT-NAME>Class A Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PTEPX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017916
<CLASS-CONTRACT-NAME>Class B Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PPNBX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000039842
<CLASS-CONTRACT-NAME>Class C Shares
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000794616
<SERIES-ID>S000006390
<SERIES-NAME>PUTNAM OHIO TAX EXEMPT INCOME FUND II
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017546
<CLASS-CONTRACT-NAME>Class M Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017547
<CLASS-CONTRACT-NAME>Class A Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PXOHX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017548
<CLASS-CONTRACT-NAME>Class B Shares
<CLASS-CONTRACT-TICKER-SYMBOL>POXBX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000039840
<CLASS-CONTRACT-NAME>Class C Shares
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000806944
<SERIES-ID>S000006569
<SERIES-NAME>PUTNAM TAX EXEMPT MONEY MARKET FUND
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017921
<CLASS-CONTRACT-NAME>Class A Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PTXXX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000822671
<SERIES-ID>S000003871
<SERIES-NAME>Putnam VT American Government Income Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010837
<CLASS-CONTRACT-NAME>Class IA Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010838
<CLASS-CONTRACT-NAME>Class IB shares
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000822671
<SERIES-ID>S000003872
<SERIES-NAME>Putnam VT Capital Appreciation Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010839
<CLASS-CONTRACT-NAME>Class IA Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010840
<CLASS-CONTRACT-NAME>Class IB Shares
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000822671
<SERIES-ID>S000003873
<SERIES-NAME>Putnam VT Growth Opportunities Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010841
<CLASS-CONTRACT-NAME>Class IA Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010842
<CLASS-CONTRACT-NAME>Class IB Shares
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000822671
<SERIES-ID>S000003874
<SERIES-NAME>Putnam VT Health Sciences Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010843
<CLASS-CONTRACT-NAME>Class IA Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010844
<CLASS-CONTRACT-NAME>Class IB Shares
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000822671
<SERIES-ID>S000003875
<SERIES-NAME>Putnam VT High Yield Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010845
<CLASS-CONTRACT-NAME>Class IA Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010846
<CLASS-CONTRACT-NAME>Class IB Shares
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000822671
<SERIES-ID>S000003876
<SERIES-NAME>Putnam VT Income Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010847
<CLASS-CONTRACT-NAME>Class IA Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010848
<CLASS-CONTRACT-NAME>Class IB Shares
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000822671
<SERIES-ID>S000003877
<SERIES-NAME>Putnam VT International Equity Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010849
<CLASS-CONTRACT-NAME>Class IA Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010850
<CLASS-CONTRACT-NAME>Class IB Shares
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000822671
<SERIES-ID>S000003878
<SERIES-NAME>Putnam VT International Growth and Income Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010851
<CLASS-CONTRACT-NAME>Class IA Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010852
<CLASS-CONTRACT-NAME>Class IB Shares
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000822671
<SERIES-ID>S000003879
<SERIES-NAME>Putnam VT International New Opportunities Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010853
<CLASS-CONTRACT-NAME>Class IA Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010854
<CLASS-CONTRACT-NAME>Class IB Shares
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000822671
<SERIES-ID>S000003880
<SERIES-NAME>Putnam VT Investors Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010855
<CLASS-CONTRACT-NAME>Class IA Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010856
<CLASS-CONTRACT-NAME>Class IB Shares
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000822671
<SERIES-ID>S000003881
<SERIES-NAME>Putnam VT Mid Cap Value Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010857
<CLASS-CONTRACT-NAME>Class IA Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010858
<CLASS-CONTRACT-NAME>Class IB Shares
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000822671
<SERIES-ID>S000003882
<SERIES-NAME>Putnam VT Money Market Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010859
<CLASS-CONTRACT-NAME>Class IA Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010860
<CLASS-CONTRACT-NAME>Class IB Shares
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000822671
<SERIES-ID>S000003883
<SERIES-NAME>Putnam VT Capital Opportunities Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010861
<CLASS-CONTRACT-NAME>Class IA Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010862
<CLASS-CONTRACT-NAME>Class IB Shares
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000822671
<SERIES-ID>S000003884
<SERIES-NAME>Putnam VT New Opportunities Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010863
<CLASS-CONTRACT-NAME>Class IA Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010864
<CLASS-CONTRACT-NAME>Class IB Shares
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000822671
<SERIES-ID>S000003885
<SERIES-NAME>Putnam VT New Value Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010865
<CLASS-CONTRACT-NAME>Class IA Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010866
<CLASS-CONTRACT-NAME>Class IB Shares
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000822671
<SERIES-ID>S000003886
<SERIES-NAME>Putnam VT OTC & Emerging Growth Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010867
<CLASS-CONTRACT-NAME>Class IA Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010868
<CLASS-CONTRACT-NAME>Class IB Shares
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000822671
<SERIES-ID>S000003887
<SERIES-NAME>Putnam VT Research Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010869
<CLASS-CONTRACT-NAME>Class IA Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010870
<CLASS-CONTRACT-NAME>Class IB Shares
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000822671
<SERIES-ID>S000003888
<SERIES-NAME>Putnam VT Small Cap Value Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010871
<CLASS-CONTRACT-NAME>Class IA Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010872
<CLASS-CONTRACT-NAME>Class IB Shares
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000822671
<SERIES-ID>S000003889
<SERIES-NAME>Putnam VT Utilities Growth and Income
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010873
<CLASS-CONTRACT-NAME>Class IA Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010874
<CLASS-CONTRACT-NAME>Class IB Shares
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000822671
<SERIES-ID>S000003890
<SERIES-NAME>Putnam VT Vista Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010875
<CLASS-CONTRACT-NAME>Class IA Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010876
<CLASS-CONTRACT-NAME>Class IB Shares
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000822671
<SERIES-ID>S000003891
<SERIES-NAME>Putnam VT Voyager Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010877
<CLASS-CONTRACT-NAME>Class IA Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010878
<CLASS-CONTRACT-NAME>Class IB Shares
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000822671
<SERIES-ID>S000003892
<SERIES-NAME>Putnam VT Discovery Growth Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010879
<CLASS-CONTRACT-NAME>Class IA Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010880
<CLASS-CONTRACT-NAME>Class IB Shares
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000822671
<SERIES-ID>S000003893
<SERIES-NAME>Putnam VT Diversified Income Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010881
<CLASS-CONTRACT-NAME>Class IA Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010882
<CLASS-CONTRACT-NAME>Class IB Shares
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000822671
<SERIES-ID>S000003894
<SERIES-NAME>Putnam VT Equity Income Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010883
<CLASS-CONTRACT-NAME>Class IA Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010884
<CLASS-CONTRACT-NAME>Class IB Shares
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000822671
<SERIES-ID>S000003895
<SERIES-NAME>Putnam VT George Putnam Fund of Boston
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010885
<CLASS-CONTRACT-NAME>Class IA Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010886
<CLASS-CONTRACT-NAME>Class IB Shares
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000822671
<SERIES-ID>S000003896
<SERIES-NAME>Putnam VT Global Asset Allocation Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010887
<CLASS-CONTRACT-NAME>Class IA Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010888
<CLASS-CONTRACT-NAME>Class IB Shares
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000822671
<SERIES-ID>S000003897
<SERIES-NAME>Putnam VT Global Equity Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010889
<CLASS-CONTRACT-NAME>Class IA Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010890
<CLASS-CONTRACT-NAME>Class IB Shares
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000822671
<SERIES-ID>S000003898
<SERIES-NAME>Putnam VT Growth and Income Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010891
<CLASS-CONTRACT-NAME>Class IA Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010892
<CLASS-CONTRACT-NAME>Class IB Shares
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000836622
<SERIES-ID>S000005529
<SERIES-NAME>PUTNAM DIVERSIFIED INCOME TRUST
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015036
<CLASS-CONTRACT-NAME>Class A Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PDINX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015037
<CLASS-CONTRACT-NAME>Class B Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PSIBX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015038
<CLASS-CONTRACT-NAME>Class C Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PDVCX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015039
<CLASS-CONTRACT-NAME>Class M Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PDVMX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015040
<CLASS-CONTRACT-NAME>Class R Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PDVRX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015041
<CLASS-CONTRACT-NAME>Class Y Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PDVYX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000842940
<SERIES-ID>S000005589
<SERIES-NAME>PUTNAM EUROPE EQUITY FUND
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015248
<CLASS-CONTRACT-NAME>Class C Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015249
<CLASS-CONTRACT-NAME>Class Y Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
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</CLASS-CONTRACT>
<CLASS-CONTRACT>
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<CLASS-CONTRACT-TICKER-SYMBOL>PEUBX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015252
<CLASS-CONTRACT-NAME>Class M Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PEUMX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015253
<CLASS-CONTRACT-NAME>Class R Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PEERX
</CLASS-CONTRACT>
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<SERIES>
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<SERIES-NAME>PUTNAM NEW JERSEY TAX EXEMPT INCOME FUND
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017197
<CLASS-CONTRACT-NAME>Class M Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017198
<CLASS-CONTRACT-NAME>Class A Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PTNJX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017199
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<CLASS-CONTRACT-TICKER-SYMBOL>PNJBX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000039838
<CLASS-CONTRACT-NAME>Class C Shares
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000865177
<SERIES-ID>S000006295
<SERIES-NAME>PUTNAM NEW OPPORTUNITIES FUND
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017306
<CLASS-CONTRACT-NAME>Class A Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PNOPX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017307
<CLASS-CONTRACT-NAME>Class B Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PNOBX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017308
<CLASS-CONTRACT-NAME>Class C Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PNOCX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017309
<CLASS-CONTRACT-NAME>Class M Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PNOMX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017310
<CLASS-CONTRACT-NAME>Class R Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PNORX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017311
<CLASS-CONTRACT-NAME>Class Y Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PNOYX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000867824
<SERIES-ID>S000006571
<SERIES-NAME>PUTNAM UTILITIES GROWTH & INCOME FUND
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017928
<CLASS-CONTRACT-NAME>Class C Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017929
<CLASS-CONTRACT-NAME>Class Y Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017930
<CLASS-CONTRACT-NAME>Class A Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PUGIX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017931
<CLASS-CONTRACT-NAME>Class B Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PUTBX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017932
<CLASS-CONTRACT-NAME>Class M Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PUTMX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017933
<CLASS-CONTRACT-NAME>Class R Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PULRX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000868480
<SERIES-ID>S000005526
<SERIES-NAME>PUTNAM DISCOVERY GROWTH FUND
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015028
<CLASS-CONTRACT-NAME>Class Y Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015029
<CLASS-CONTRACT-NAME>Class A Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PVIIX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015030
<CLASS-CONTRACT-NAME>Class B Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PVYBX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015031
<CLASS-CONTRACT-NAME>Class C Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PVYCX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015032
<CLASS-CONTRACT-NAME>Class M Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PVYMX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015033
<CLASS-CONTRACT-NAME>Class R Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PDGRX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000868648
<SERIES-ID>S000006181
<SERIES-NAME>PUTNAM INTERNATIONAL EQUITY FUND /MA/
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017024
<CLASS-CONTRACT-NAME>Class A Shares
<CLASS-CONTRACT-TICKER-SYMBOL>POVSX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017025
<CLASS-CONTRACT-NAME>Class B Shares
<CLASS-CONTRACT-TICKER-SYMBOL>POVBX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017026
<CLASS-CONTRACT-NAME>Class C Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PIGCX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017027
<CLASS-CONTRACT-NAME>Class M Shares
<CLASS-CONTRACT-TICKER-SYMBOL>POVMX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017028
<CLASS-CONTRACT-NAME>Class R Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PIERX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017029
<CLASS-CONTRACT-NAME>Class Y Shares
<CLASS-CONTRACT-TICKER-SYMBOL>POVYX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000869392
<SERIES-ID>S000005506
<SERIES-NAME>PUTNAM ARIZONA TAX EXEMPT INCOME FUND
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000014989
<CLASS-CONTRACT-NAME>Class M Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000014990
<CLASS-CONTRACT-NAME>Class A Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PTAZX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000014991
<CLASS-CONTRACT-NAME>Class B Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PAZBX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000039832
<CLASS-CONTRACT-NAME>Class C Shares
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000869797
<SERIES-ID>S000006209
<SERIES-NAME>PUTNAM LTD DURATION GOVERNMENT INCOME FUND
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017112
<CLASS-CONTRACT-NAME>Class M Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017113
<CLASS-CONTRACT-NAME>Class A Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PBLGX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017114
<CLASS-CONTRACT-NAME>Class B Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PBGBX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017115
<CLASS-CONTRACT-NAME>Class C Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PVICX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017116
<CLASS-CONTRACT-NAME>Class R Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PUSRX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000017117
<CLASS-CONTRACT-NAME>Class Y Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PBGYX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000902475
<SERIES-ID>S000005496
<SERIES-NAME>PUTNAM CAPITAL APPRECIATION FUND
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000014958
<CLASS-CONTRACT-NAME>Class C Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000014959
<CLASS-CONTRACT-NAME>Class Y Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000014960
<CLASS-CONTRACT-NAME>Class A Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PCAPX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000014961
<CLASS-CONTRACT-NAME>Class B Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PCABX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000014962
<CLASS-CONTRACT-NAME>Class M Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PCAMX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000014963
<CLASS-CONTRACT-NAME>Class R Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PCPRX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000914209
<SERIES-ID>S000000778
<SERIES-NAME>Asset Allocation: Balanced Portfolio
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000002307
<CLASS-CONTRACT-NAME>Class A shares
<CLASS-CONTRACT-TICKER-SYMBOL>PABAX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000002308
<CLASS-CONTRACT-NAME>Class B shares
<CLASS-CONTRACT-TICKER-SYMBOL>PABBX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000002309
<CLASS-CONTRACT-NAME>Class C shares
<CLASS-CONTRACT-TICKER-SYMBOL>AABCX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000002310
<CLASS-CONTRACT-NAME>Class M shares
<CLASS-CONTRACT-TICKER-SYMBOL>PABMX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000002311
<CLASS-CONTRACT-NAME>Class R shares
<CLASS-CONTRACT-TICKER-SYMBOL>PAARX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000002312
<CLASS-CONTRACT-NAME>Class Y shares
<CLASS-CONTRACT-TICKER-SYMBOL>PABYX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000914209
<SERIES-ID>S000000779
<SERIES-NAME>Asset Allocation: Conservative Portfolio
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000002313
<CLASS-CONTRACT-NAME>Class A shares
<CLASS-CONTRACT-TICKER-SYMBOL>PACAX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000002314
<CLASS-CONTRACT-NAME>Class B shares
<CLASS-CONTRACT-TICKER-SYMBOL>PACBX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000002315
<CLASS-CONTRACT-NAME>Class C shares
<CLASS-CONTRACT-TICKER-SYMBOL>PACCX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000002316
<CLASS-CONTRACT-NAME>Class M shares
<CLASS-CONTRACT-TICKER-SYMBOL>PACMX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000002317
<CLASS-CONTRACT-NAME>Class R shares
<CLASS-CONTRACT-TICKER-SYMBOL>PACRX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000002318
<CLASS-CONTRACT-NAME>Class Y shares
<CLASS-CONTRACT-TICKER-SYMBOL>PACYX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000914209
<SERIES-ID>S000000780
<SERIES-NAME>Asset Allocation: Growth Portfolio
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000002319
<CLASS-CONTRACT-NAME>Class A shares
<CLASS-CONTRACT-TICKER-SYMBOL>PAEAX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000002320
<CLASS-CONTRACT-NAME>Class B shares
<CLASS-CONTRACT-TICKER-SYMBOL>PAEBX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000002321
<CLASS-CONTRACT-NAME>Class C shares
<CLASS-CONTRACT-TICKER-SYMBOL>PAECX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000002322
<CLASS-CONTRACT-NAME>Class M shares
<CLASS-CONTRACT-TICKER-SYMBOL>PAGMX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000002323
<CLASS-CONTRACT-NAME>Class R shares
<CLASS-CONTRACT-TICKER-SYMBOL>PASRX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000002324
<CLASS-CONTRACT-NAME>Class Y shares
<CLASS-CONTRACT-TICKER-SYMBOL>PAGYX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000930748
<SERIES-ID>S000005508
<SERIES-NAME>PUTNAM CLASSIC EQUITY FUND
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000014993
<CLASS-CONTRACT-NAME>Class Y Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000014994
<CLASS-CONTRACT-NAME>Class A Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PXGIX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000014995
<CLASS-CONTRACT-NAME>Class B Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PGIIX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000014996
<CLASS-CONTRACT-NAME>Class C Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PGTCX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000014997
<CLASS-CONTRACT-NAME>Class M Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PGIMX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000014998
<CLASS-CONTRACT-NAME>Class R Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PCERX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000932101
<SERIES-ID>S000003845
<SERIES-NAME>Putnam Capital Opportunities Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010737
<CLASS-CONTRACT-NAME>Class A Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PCOAX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010738
<CLASS-CONTRACT-NAME>Class B Shares
<CLASS-CONTRACT-TICKER-SYMBOL>POPBX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010739
<CLASS-CONTRACT-NAME>Class C Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PCOCX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010740
<CLASS-CONTRACT-NAME>Class M Shares
<CLASS-CONTRACT-TICKER-SYMBOL>POPMX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010741
<CLASS-CONTRACT-NAME>Class R Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PCORX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010742
<CLASS-CONTRACT-NAME>Class Y Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PYCOX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000932101
<SERIES-ID>S000003848
<SERIES-NAME>Putnam Growth Opportunities Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010751
<CLASS-CONTRACT-NAME>Class A Shares
<CLASS-CONTRACT-TICKER-SYMBOL>POGAX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010752
<CLASS-CONTRACT-NAME>Class B Shares
<CLASS-CONTRACT-TICKER-SYMBOL>POGBX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010753
<CLASS-CONTRACT-NAME>Class C Shares
<CLASS-CONTRACT-TICKER-SYMBOL>POGCX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010754
<CLASS-CONTRACT-NAME>Class M Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PGOMX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010755
<CLASS-CONTRACT-NAME>Class R Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PGORX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010756
<CLASS-CONTRACT-NAME>Class Y Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PGOYX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000932101
<SERIES-ID>S000003849
<SERIES-NAME>Putnam International New Opportunities Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010757
<CLASS-CONTRACT-NAME>Class Y Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010758
<CLASS-CONTRACT-NAME>Class A shares
<CLASS-CONTRACT-TICKER-SYMBOL>PINOX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010759
<CLASS-CONTRACT-NAME>Class B Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PINWX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010760
<CLASS-CONTRACT-NAME>Class C Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PIOCX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010761
<CLASS-CONTRACT-NAME>Class M Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PINMX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010762
<CLASS-CONTRACT-NAME>Class R Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PNPRX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000932101
<SERIES-ID>S000003850
<SERIES-NAME>Putnam International Capital Opportunities
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010763
<CLASS-CONTRACT-NAME>Class A Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PNVAX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010764
<CLASS-CONTRACT-NAME>Class B Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PVNBX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010765
<CLASS-CONTRACT-NAME>Class C Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PUVCX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010766
<CLASS-CONTRACT-NAME>Class M shares
<CLASS-CONTRACT-TICKER-SYMBOL>PIVMX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010767
<CLASS-CONTRACT-NAME>Class R Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PICRX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010768
<CLASS-CONTRACT-NAME>Class Y Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PIVYX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000932101
<SERIES-ID>S000003851
<SERIES-NAME>Putnam Mid Cap Value Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010769
<CLASS-CONTRACT-NAME>Class M Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010770
<CLASS-CONTRACT-NAME>Class A Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PMVAX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010771
<CLASS-CONTRACT-NAME>Class B shares
<CLASS-CONTRACT-TICKER-SYMBOL>PMVBX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010772
<CLASS-CONTRACT-NAME>Class C Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PMPCX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010773
<CLASS-CONTRACT-NAME>Class R Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PMVRX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010774
<CLASS-CONTRACT-NAME>Class Y Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PMVYX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000932101
<SERIES-ID>S000003852
<SERIES-NAME>Putnam New Value Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010775
<CLASS-CONTRACT-NAME>Class A Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PANVX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010776
<CLASS-CONTRACT-NAME>Class B Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PBNVX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010777
<CLASS-CONTRACT-NAME>Class C Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PNVCX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010778
<CLASS-CONTRACT-NAME>Class M Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PMNVX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010779
<CLASS-CONTRACT-NAME>Class R Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PNLRX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010780
<CLASS-CONTRACT-NAME>Class Y Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PYNVX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000932101
<SERIES-ID>S000003853
<SERIES-NAME>Putnam Research Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010781
<CLASS-CONTRACT-NAME>Class A Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PNRAX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010782
<CLASS-CONTRACT-NAME>Class B Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PRFBX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010783
<CLASS-CONTRACT-NAME>Class C Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PRACX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010784
<CLASS-CONTRACT-NAME>Class M Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PRFMX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010785
<CLASS-CONTRACT-NAME>Class R Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PRSRX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010786
<CLASS-CONTRACT-NAME>Class Y Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PURYX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000932101
<SERIES-ID>S000003854
<SERIES-NAME>Putnam Small Cap Value Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010787
<CLASS-CONTRACT-NAME>Class A Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PSLAX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010788
<CLASS-CONTRACT-NAME>Class B Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PSLBX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010789
<CLASS-CONTRACT-NAME>Class C Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PSLCX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010790
<CLASS-CONTRACT-NAME>Class M Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PSLMX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010791
<CLASS-CONTRACT-NAME>Class Y Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PYSVX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001005942
<SERIES-ID>S000000773
<SERIES-NAME>Putnam Floating Rate Income Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000002278
<CLASS-CONTRACT-NAME>Class B shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000002279
<CLASS-CONTRACT-NAME>Class C shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000002280
<CLASS-CONTRACT-NAME>Class M shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000002281
<CLASS-CONTRACT-NAME>Class R shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000002282
<CLASS-CONTRACT-NAME>Class Y shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000002283
<CLASS-CONTRACT-NAME>Class A shares
<CLASS-CONTRACT-TICKER-SYMBOL>PFLRX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001005942
<SERIES-ID>S000000774
<SERIES-NAME>Putnam Income Strategies Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000002284
<CLASS-CONTRACT-NAME>Class A shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000002285
<CLASS-CONTRACT-NAME>Class B shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000002286
<CLASS-CONTRACT-NAME>Class C shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000002287
<CLASS-CONTRACT-NAME>Class M shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000002288
<CLASS-CONTRACT-NAME>Class R shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000002289
<CLASS-CONTRACT-NAME>Class Y shares
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001005942
<SERIES-ID>S000000775
<SERIES-NAME>Putnam International Growth and Income Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000002290
<CLASS-CONTRACT-NAME>Class Y shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000002291
<CLASS-CONTRACT-NAME>Class A shares
<CLASS-CONTRACT-TICKER-SYMBOL>PNGAX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000002292
<CLASS-CONTRACT-NAME>Class B shares
<CLASS-CONTRACT-TICKER-SYMBOL>PGNBX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000002293
<CLASS-CONTRACT-NAME>Class C shares
<CLASS-CONTRACT-TICKER-SYMBOL>PIGRX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000002294
<CLASS-CONTRACT-NAME>Class M shares
<CLASS-CONTRACT-TICKER-SYMBOL>PIGMX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000002295
<CLASS-CONTRACT-NAME>Class R shares
<CLASS-CONTRACT-TICKER-SYMBOL>PITRX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001005942
<SERIES-ID>S000000776
<SERIES-NAME>Putnam Prime Money Market Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000002296
<CLASS-CONTRACT-NAME>Class A shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000002297
<CLASS-CONTRACT-NAME>Class I shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000002298
<CLASS-CONTRACT-NAME>Class P shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000002299
<CLASS-CONTRACT-NAME>Class R shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000002300
<CLASS-CONTRACT-NAME>Class S shares
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001005942
<SERIES-ID>S000000777
<SERIES-NAME>Putnam Small Cap Growth Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000002301
<CLASS-CONTRACT-NAME>Class C shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000002302
<CLASS-CONTRACT-NAME>Class Y shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000002303
<CLASS-CONTRACT-NAME>Class A shares
<CLASS-CONTRACT-TICKER-SYMBOL>PNSAX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000002304
<CLASS-CONTRACT-NAME>Class B shares
<CLASS-CONTRACT-TICKER-SYMBOL>PNSBX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000002305
<CLASS-CONTRACT-NAME>Class M shares
<CLASS-CONTRACT-TICKER-SYMBOL>PSGMX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000002306
<CLASS-CONTRACT-NAME>Class R shares
<CLASS-CONTRACT-TICKER-SYMBOL>PSGRX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001083872
<SERIES-ID>S000003862
<SERIES-NAME>Putnam Tax Smart Equity Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010825
<CLASS-CONTRACT-NAME>Class M Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010826
<CLASS-CONTRACT-NAME>Class A Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PATSX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010827
<CLASS-CONTRACT-NAME>Class B Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PBTSX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000010828
<CLASS-CONTRACT-NAME>Class C Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PCSMX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001295293
<SERIES-ID>S000003995
<SERIES-NAME>Putnam RetirementReady 2050 Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000011141
<CLASS-CONTRACT-NAME>Class A Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000011142
<CLASS-CONTRACT-NAME>Class B Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000011143
<CLASS-CONTRACT-NAME>Class C Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000011144
<CLASS-CONTRACT-NAME>Class M Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000011145
<CLASS-CONTRACT-NAME>Class R Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000011146
<CLASS-CONTRACT-NAME>Class Y Shares
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001295293
<SERIES-ID>S000003996
<SERIES-NAME>Putnam RetirementReady Maturity Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000011147
<CLASS-CONTRACT-NAME>Class A Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000011148
<CLASS-CONTRACT-NAME>Class B Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000011149
<CLASS-CONTRACT-NAME>Class C Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000011150
<CLASS-CONTRACT-NAME>Class M Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000011151
<CLASS-CONTRACT-NAME>Class R Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000011152
<CLASS-CONTRACT-NAME>Class Y Shares
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001295293
<SERIES-ID>S000003997
<SERIES-NAME>Putnam RetirementReady 2045 Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000011153
<CLASS-CONTRACT-NAME>Class A Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000011154
<CLASS-CONTRACT-NAME>Class B Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000011155
<CLASS-CONTRACT-NAME>Class C Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000011156
<CLASS-CONTRACT-NAME>Class M Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000011157
<CLASS-CONTRACT-NAME>Class R Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000011158
<CLASS-CONTRACT-NAME>Class Y Shares
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001295293
<SERIES-ID>S000003998
<SERIES-NAME>Putnam RetirementReady 2040 Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000011159
<CLASS-CONTRACT-NAME>Class A Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000011160
<CLASS-CONTRACT-NAME>Class B Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000011161
<CLASS-CONTRACT-NAME>Class C Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000011162
<CLASS-CONTRACT-NAME>Class M Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000011163
<CLASS-CONTRACT-NAME>Class R Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000011164
<CLASS-CONTRACT-NAME>Class Y Shares
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001295293
<SERIES-ID>S000003999
<SERIES-NAME>Putnam RetirementReady 2035 Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000011165
<CLASS-CONTRACT-NAME>Class A Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000011166
<CLASS-CONTRACT-NAME>Class B Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000011167
<CLASS-CONTRACT-NAME>Class C Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000011168
<CLASS-CONTRACT-NAME>Class M Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000011169
<CLASS-CONTRACT-NAME>Class R Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000011170
<CLASS-CONTRACT-NAME>Class Y Shares
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001295293
<SERIES-ID>S000004000
<SERIES-NAME>Putnam RetirementReady 2030 Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000011171
<CLASS-CONTRACT-NAME>Class A Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000011172
<CLASS-CONTRACT-NAME>Class B Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000011173
<CLASS-CONTRACT-NAME>Class C Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000011174
<CLASS-CONTRACT-NAME>Class M Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000011175
<CLASS-CONTRACT-NAME>Class R Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000011176
<CLASS-CONTRACT-NAME>Class Y Shares
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001295293
<SERIES-ID>S000004001
<SERIES-NAME>Putnam RetirementReady 2025 Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000011177
<CLASS-CONTRACT-NAME>Class A Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000011178
<CLASS-CONTRACT-NAME>Class B Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000011179
<CLASS-CONTRACT-NAME>Class C Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000011180
<CLASS-CONTRACT-NAME>Class M Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000011181
<CLASS-CONTRACT-NAME>Class R Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000011182
<CLASS-CONTRACT-NAME>Class Y Shares
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001295293
<SERIES-ID>S000004002
<SERIES-NAME>Putnam RetirementReady 2020 Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000011183
<CLASS-CONTRACT-NAME>Class A Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000011184
<CLASS-CONTRACT-NAME>Class B Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000011185
<CLASS-CONTRACT-NAME>Class C Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000011186
<CLASS-CONTRACT-NAME>Class M Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000011187
<CLASS-CONTRACT-NAME>Class R Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000011188
<CLASS-CONTRACT-NAME>Class Y Shares
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001295293
<SERIES-ID>S000004003
<SERIES-NAME>Putnam RetirementReady 2015 Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000011189
<CLASS-CONTRACT-NAME>Class A Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000011190
<CLASS-CONTRACT-NAME>Class B Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000011191
<CLASS-CONTRACT-NAME>Class C Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000011192
<CLASS-CONTRACT-NAME>Class M Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000011193
<CLASS-CONTRACT-NAME>Class R Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000011194
<CLASS-CONTRACT-NAME>Class Y Shares
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001295293
<SERIES-ID>S000004004
<SERIES-NAME>Putnam RetirementReady 2010 Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000011195
<CLASS-CONTRACT-NAME>Class A Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000011196
<CLASS-CONTRACT-NAME>Class B Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000011197
<CLASS-CONTRACT-NAME>Class C Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000011198
<CLASS-CONTRACT-NAME>Class M Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000011199
<CLASS-CONTRACT-NAME>Class R Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000011200
<CLASS-CONTRACT-NAME>Class Y Shares
</CLASS-CONTRACT>
</SERIES>
</EXISTING-SERIES-AND-CLASSES-CONTRACTS>
</SERIES-AND-CLASSES-CONTRACTS-DATA>
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>a_alfpdef.htm
<DESCRIPTION>PUTNAM ALL FUNDS PROXY
<TEXT>

<HTML>
<HEAD>
   <TITLE>a_alfp_def.htm</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">

<!--$$/page=-->
<A name="page_1"></A>
<P align=center><B><FONT face=serif>SCHEDULE 14A INFORMATION</FONT></B></P>
<P align=center><B><FONT face=serif>Proxy Statement Pursuant to Section 14(A)</FONT></B><BR>
<B><FONT face=serif>of the Securities Exchange Act of 1934</FONT></B></P>
<P align=center><FONT face=serif>Filed by the Registrant / X /</FONT></P>
<P align=center><FONT face=serif>Filed by a Party other than the Registrant /&nbsp;&nbsp;&nbsp; &nbsp;/</FONT></P>
<P align=center><FONT face=serif>Check the appropriate box:</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%"><FONT face=serif>/&nbsp;&nbsp;&nbsp;&nbsp; /</FONT>&nbsp; </TD>
     <TD noWrap align=left width="94%"><FONT face=serif>Preliminary Proxy Statement.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%"><FONT face=serif>/</FONT>&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>/</FONT>&nbsp; </TD>
     <TD noWrap align=left width="94%"><FONT face=serif>Confidential, for use of the Commission Only (as permitted by Rule 14a-6(e) (2)).</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%"><FONT face=serif>/ X /</FONT>&nbsp; </TD>
     <TD noWrap align=left width="94%"><FONT face=serif>Definitive Proxy Statement.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%"><FONT face=serif>/</FONT>&nbsp;&nbsp;&nbsp; <FONT face=serif>/</FONT>&nbsp; </TD>
     <TD noWrap align=left width="94%"><FONT face=serif>Definitive Additional Materials.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="4%"><FONT face=serif>/&nbsp;&nbsp;&nbsp; /</FONT>&nbsp; </TD>
     <TD noWrap align=left width="94%"><FONT face=serif>Soliciting Material Pursuant to &#167; 240.14a-12.</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=center><B><FONT face=serif>PUTNAM AMERICAN GOVERNMENT INCOME FUND</FONT></B><BR>
<B><FONT face=serif>PUTNAM ARIZONA TAX EXEMPT INCOME FUND</FONT></B><BR>
<B><FONT face=serif>PUTNAM ASSET ALLOCATION FUNDS</FONT></B><BR>
<B><FONT face=serif>PUTNAM CALIFORNIA INVESTMENT GRADE MUNICIPAL TRUST</FONT></B><BR>
<B><FONT face=serif>PUTNAM CALIFORNIA TAX EXEMPT INCOME FUND</FONT></B><BR>
<B><FONT face=serif>PUTNAM CAPITAL APPRECIATION FUND</FONT></B><BR>
<B><FONT face=serif>PUTNAM CLASSIC EQUITY FUND</FONT></B><BR>
<B><FONT face=serif>PUTNAM CONVERTIBLE INCOME-GROWTH TRUST</FONT></B><BR>
<B><FONT face=serif>PUTNAM DISCOVERY GROWTH FUND</FONT></B><BR>
<B><FONT face=serif>PUTNAM DIVERSIFIED INCOME TRUST</FONT></B><BR>
<B><FONT face=serif>PUTNAM EQUITY INCOME FUND</FONT></B><BR>
<B><FONT face=serif>PUTNAM EUROPE EQUITY FUND</FONT></B><BR>
<B><FONT face=serif>THE PUTNAM FUND FOR GROWTH AND INCOME</FONT></B><BR>
<B><FONT face=serif>PUTNAM FUNDS TRUST</FONT></B><BR>
<B><FONT face=serif>THE GEORGE PUTNAM FUND OF BOSTON</FONT></B><BR>
<B><FONT face=serif>PUTNAM GLOBAL EQUITY FUND</FONT></B><BR>
<B><FONT face=serif>PUTNAM GLOBAL INCOME TRUST</FONT></B><BR>
<B><FONT face=serif>PUTNAM GLOBAL NATURAL RESOURCES FUND</FONT></B><BR>
<B><FONT face=serif>PUTNAM HEALTH SCIENCES TRUST</FONT></B><BR>
<B><FONT face=serif>PUTNAM HIGH INCOME SECURITIES FUND</FONT></B><BR>
<B><FONT face=serif>PUTNAM HIGH YIELD ADVANTAGE FUND</FONT></B><BR>
<B><FONT face=serif>PUTNAM HIGH YIELD MUNICIPAL TRUST</FONT></B><BR>
<B><FONT face=serif>PUTNAM HIGH YIELD TRUST</FONT></B><BR>
<B><FONT face=serif>PUTNAM INCOME FUND</FONT></B><BR>
<B><FONT face=serif>PUTNAM INTERNATIONAL EQUITY FUND</FONT></B><BR>
<B><FONT face=serif>PUTNAM INVESTMENT FUNDS</FONT></B><BR>
<B><FONT face=serif>PUTNAM INVESTMENT GRADE MUNICIPAL TRUST</FONT></B><BR>
<B><FONT face=serif>PUTNAM INVESTORS FUND</FONT></B><BR>
<B><FONT face=serif>PUTNAM LIMITED DURATION GOVERNMENT INCOME FUND</FONT></B></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_2"></A>
<P align=center><B><FONT face=serif>PUTNAM MANAGED MUNICIPAL INCOME TRUST</FONT></B><BR>
<B><FONT face=serif>PUTNAM MASSACHUSETTS TAX EXEMPT INCOME FUND</FONT></B><BR>
<B><FONT face=serif>PUTNAM MASTER INTERMEDIATE INCOME TRUST</FONT></B><BR>
<B><FONT face=serif>PUTNAM MICHIGAN TAX EXEMPT INCOME FUND</FONT></B><BR>
<B><FONT face=serif>PUTNAM MINNESOTA TAX EXEMPT INCOME FUND</FONT></B><BR>
<B><FONT face=serif>PUTNAM MONEY MARKET FUND</FONT></B><BR>
<B><FONT face=serif>PUTNAM MUNICIPAL BOND FUND</FONT></B><BR>
<B><FONT face=serif>PUTNAM MUNICIPAL OPPORTUNITIES TRUST</FONT></B><BR>
<B><FONT face=serif>PUTNAM NEW JERSEY TAX EXEMPT INCOME FUND</FONT></B><BR>
<B><FONT face=serif>PUTNAM NEW OPPORTUNITIES FUND</FONT></B><BR>
<B><FONT face=serif>PUTNAM NEW YORK INVESTMENT GRADE MUNICIPAL TRUST</FONT></B><BR>
<B><FONT face=serif>PUTNAM NEW YORK TAX EXEMPT INCOME FUND</FONT></B><BR>
<B><FONT face=serif>PUTNAM OHIO TAX EXEMPT INCOME FUND</FONT></B><BR>
<B><FONT face=serif>PUTNAM OTC &amp; EMERGING GROWTH FUND</FONT></B><BR>
<B><FONT face=serif>PUTNAM PENNSYLVANIA TAX EXEMPT INCOME FUND</FONT></B><BR>
<B><FONT face=serif>PUTNAM PREMIER INCOME TRUST</FONT></B><BR>
<B><FONT face=serif>PUTNAM RETIREMENTREADY&#174; FUNDS</FONT></B><BR>
<B><FONT face=serif>PUTNAM TAX EXEMPT INCOME FUND</FONT></B><BR>
<B><FONT face=serif>PUTNAM TAX EXEMPT MONEY MARKET FUND</FONT></B><BR>
<B><FONT face=serif>PUTNAM TAX-FREE HEALTH CARE FUND</FONT></B><BR>
<B><FONT face=serif>PUTNAM TAX-FREE INCOME TRUST</FONT></B><BR>
<B><FONT face=serif>PUTNAM TAX SMART FUNDS TRUST</FONT></B><BR>
<B><FONT face=serif>PUTNAM U.S. GOVERNMENT INCOME TRUST</FONT></B><BR>
<B><FONT face=serif>PUTNAM UTILITIES GROWTH AND INCOME FUND</FONT></B><BR>
<B><FONT face=serif>PUTNAM VARIABLE TRUST</FONT></B><BR>
<B><FONT face=serif>PUTNAM VISTA FUND</FONT></B><BR>
<B><FONT face=serif>PUTNAM VOYAGER FUND </FONT></B></P>
<P align=center><FONT face=serif>(Name of Registrant as Specified in its Charter)</FONT><BR>
<BR>
<FONT face=serif>(Name of Person(s) Filing Proxy Statement,</FONT><BR>
<FONT face=serif>if Other Than the Registrant)</FONT></P>
<P align=left><FONT face=serif>Payment of Filing Fee (Check the appropriate box):</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=serif>/ X /</FONT>&nbsp; </TD>
     <TD noWrap align=left width="93%"><FONT face=serif>No fee required.</FONT>&nbsp; </TD></TR>
<TR>
     <TD align=left width="99%" colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=serif>/&nbsp;&nbsp;&nbsp; /</FONT>&nbsp; </TD>
     <TD noWrap align=left width="93%"><FONT face=serif>Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="93%"><FONT face=serif>(1)</FONT>&nbsp; <FONT face=serif>Title of each class of securities to which transaction applies:</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="93%"><FONT face=serif>(2)</FONT>&nbsp; <FONT face=serif>Aggregate number of securities to which transaction applies:</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="93%"><FONT face=serif>(3)</FONT>&nbsp; <FONT face=serif>Per unit price or other underlying value of transaction</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=center width="6%"></TD>
     <TD align=left width="93%" background="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; computed pursuant to Exchange Act Rule 0-11 (set forth the&nbsp;&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center width="6%"></TD>
     <TD align=left width="93%" background="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; amount on which the filing fee is calculated and state how it&nbsp;&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="93%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>was determined):</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="93%"><FONT face=serif>(4)</FONT>&nbsp; <FONT face=serif>Proposed maximum aggregate value of transaction:</FONT>&nbsp; </TD></TR></TABLE><BR>
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<A name="page_3"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="92%"><FONT face=serif>(5)</FONT>&nbsp; <FONT face=serif>Total fee paid:</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=serif>/&nbsp;&nbsp;&nbsp; /</FONT>&nbsp; </TD>
     <TD noWrap align=left width="92%"><FONT face=serif>Fee paid previously with preliminary materials.</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=serif>/&nbsp;&nbsp;&nbsp; /</FONT>&nbsp; </TD>
     <TD noWrap align=left width="92%"><FONT face=serif>Check box if any part of the fee is offset as provided by Exchange Act Rule</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="92%"><FONT face=serif>0-11(a)(2) and identify the filing for which the offsetting fee was paid</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="92%"><FONT face=serif>previously. Identify the previous filing by registration statement</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="92%"><FONT face=serif>number, or the form or schedule and the date of its filing.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="92%"><FONT face=serif>(1)</FONT>&nbsp; <FONT face=serif>Amount Previously Paid:</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="92%"><FONT face=serif>(2)</FONT>&nbsp; <FONT face=serif>Form, Schedule or Registration Statement No.:</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="92%"><FONT face=serif>(3)</FONT>&nbsp; <FONT face=serif>Filing Party:</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="92%"><FONT face=serif>(4)</FONT>&nbsp; <FONT face=serif>Date Filed:</FONT>&nbsp; </TD></TR></TABLE><BR>
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<A name="page_1"></A>
<P align=left><FONT face=serif size=7>Proxy statement</FONT></P>
<P align=left>
<IMG src="allfundproxxyx1x1.jpg" border=0>
</P>
<P align=left><FONT face=serif>March 9, 2007</FONT></P>
<P align=left><I><FONT face=serif size=4>A Message from the Chairman of the Putnam Funds</FONT></I></P>
<P align=left><FONT face=serif>Dear Fellow Shareholder:</FONT></P>
<P align=left><FONT face=serif>I am writing to ask you, as a shareholder of your Putnam fund, to vote on the sale of Putnam Investments to Great-West Lifeco Inc., a subsidiary of Power Financial Corporation, by approving new management contracts. This proposal will be considered at a special meeting of shareholders called for May 15, 2007. Great-West Lifeco has agreed to acquire Putnam Investments Trust, which owns your fund&#146;s investment adviser, Putnam Investment Management, LLC (&#147;Putnam Management&#148;). </FONT></P>
<P align=left><FONT face=serif>The Putnam funds&#146; Board of Trustees has been actively involved in the sale process, and will continue in its role of overseeing the Putnam funds on your behalf. We are asking you to approve a new management contract with Putnam Management that will become effective when the transaction with Great-West Lifeco is completed, so that there will not be any disruption in the investment management or in the services that your fund receives. The Trustees of the Putnam funds unanimously recommend that you vote FOR the approval of a new management contract.</FONT></P>
<P align=left><FONT face=serif>It is important for you, as a Putnam fund shareholder, to know that no changes to the Putnam funds, to the way Putnam manages money, or to the funds&#146; management teams are expected as a result of this transaction. Putnam will continue to operate as a separate company headquartered in Boston, and will retain its name. There will be no change in your fund&#146;s fee rates or in the services that your fund receives as a result of the transaction. In addition, the funds will not bear any of the costs associated with this proxy solicitation. </FONT></P>
<P align=left><FONT face=serif>Please vote promptly. When shareholders do not return their proxies in sufficient numbers, follow-up solicitations are required. You can vote by returning your proxy ballot in the envelope provided. Or you can call the toll-free number or visit the Web site address indicated on the ballot.</FONT></P>
<P align=left><FONT face=serif>Your vote is important to us. We appreciate the time and consideration I am sure you will give these important matters. If you have questions about the proposal, please call our proxy information line at 1-866-905-2396 or contact your financial representative.</FONT></P>
<P align=left><FONT face=serif>Sincerely yours,</FONT></P>
<IMG src="allfundproxxyx1x2.jpg" border=0>
<BR>
<P align=left><FONT face=serif>John A. Hill</FONT><BR>
<FONT face=serif>Chairman of the Trustees</FONT></P>
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<A name="page_3"></A>
<P align=left><FONT face=serif size=5>Table of contents</FONT></P>
<TABLE style="WIDTH: 537px; HEIGHT: 764px" cellSpacing=1 cellPadding=0 width=537 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="93%" colSpan=2><FONT face=serif size=2>Notice of a Special Meeting of Shareholders</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=serif size=2>1</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="93%" background="" colSpan=2>&nbsp;</TD>
     <TD noWrap align=right width="6%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="93%" colSpan=2><FONT face=serif size=2>Trustees&#146; Recommendations</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=serif size=2>4</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="93%" background="" colSpan=2>&nbsp;</TD>
     <TD noWrap align=right width="6%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="8%"><FONT face=serif size=2>The Proposal</FONT>&nbsp; </TD>
     <TD noWrap align=left width="85%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=serif size=2>4</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="93%" background="" colSpan=2>&nbsp;</TD>
     <TD noWrap align=left width="6%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="93%" colSpan=2><FONT face=serif size=2>Further Information About Voting and the</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="93%" colSpan=2><FONT face=serif size=2>Special Meeting</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=serif size=2>14</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="93%" background="" colSpan=2>&nbsp;</TD>
     <TD noWrap align=right width="6%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="93%" colSpan=2><FONT face=serif size=2>Fund Information</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=serif size=2>18</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="93%" background="" colSpan=2>&nbsp;</TD>
     <TD noWrap align=left width="6%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="8%"><FONT face=serif size=2>Appendix A &nbsp;&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="85%"><FONT face=serif size=2>Number of Shares Outstanding</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="85%"><FONT face=serif size=2>as of the Record Date</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=serif size=2>A-1</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="8%" background="">&nbsp;</TD>
     <TD noWrap align=left width="85%" background=""></TD>
     <TD noWrap align=left width="6%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="8%"><FONT face=serif size=2>Appendix B &nbsp;&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="85%"><FONT face=serif size=2>Form of New Management</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="85%"><FONT face=serif size=2>Contract</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=serif size=2>B-1</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="8%" background="">&nbsp;</TD>
     <TD noWrap align=left width="85%" background=""></TD>
     <TD noWrap align=left width="6%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="8%"><FONT face=serif size=2>Appendix C &nbsp;&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="85%"><FONT face=serif size=2>Comparison of Terms of</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="85%"><FONT face=serif size=2>Management Contracts</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=serif size=2>C-1</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="8%" background="">&nbsp;</TD>
     <TD noWrap align=left width="85%" background=""></TD>
     <TD noWrap align=left width="6%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="8%"><FONT face=serif size=2>Appendix D&nbsp; &#151;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="85%"><FONT face=serif size=2>Management Contracts:</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="85%"><FONT face=serif size=2>Dates and Approvals</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=serif size=2>D-1</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="8%" background="">&nbsp;</TD>
     <TD noWrap align=left width="85%" background=""></TD>
     <TD noWrap align=right width="6%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="8%"><FONT face=serif size=2>Appendix E &nbsp;&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="85%"><FONT face=serif size=2>Management Contracts: Fees</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=serif size=2>E-1</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="8%" background="">&nbsp;</TD>
     <TD noWrap align=left width="85%" background=""></TD>
     <TD noWrap align=left width="6%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="8%"><FONT face=serif size=2>Appendix F &nbsp;&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="85%"><FONT face=serif size=2>Current Sub-Management Contract</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="85%"><FONT face=serif size=2>and Sub-Advisory Contract</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=serif size=2>F-1</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="8%" background="">&nbsp;</TD>
     <TD noWrap align=left width="85%" background=""></TD>
     <TD noWrap align=left width="6%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="8%"><FONT face=serif size=2>Appendix G &nbsp;&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="85%"><FONT face=serif size=2>Description of Contract</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="85%"><FONT face=serif size=2>Approval Process</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=serif size=2>G-1</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="8%" background="">&nbsp;</TD>
     <TD noWrap align=left width="85%" background=""></TD>
     <TD noWrap align=left width="6%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="8%"><FONT face=serif size=2>Appendix H&nbsp; &#151; </FONT></TD>
     <TD noWrap align=left width="85%" background=""><FONT size=2>Other Similar Funds Advised</FONT>&nbsp;&nbsp;&nbsp;</TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="85%"><FONT face=serif size=2>by Putnam Management</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=serif size=2>H-1</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="8%" background="">&nbsp;</TD>
     <TD noWrap align=left width="85%" background=""></TD>
     <TD noWrap align=left width="6%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="8%"><FONT face=serif size=2>Appendix I&nbsp; &#151;</FONT></TD>
     <TD noWrap align=left width="85%"><FONT face=serif size=2>Payments to Putnam Management</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="85%"><FONT face=serif size=2>and its Affiliates</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=serif size=2>I-1</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="8%" background="">&nbsp;</TD>
     <TD noWrap align=left width="85%" background=""></TD>
     <TD noWrap align=right width="6%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="8%"><FONT face=serif size=2>Appendix J&nbsp; &#151;</FONT></TD>
     <TD noWrap align=left width="85%"><FONT face=serif size=2>5% Beneficial Ownership</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=serif size=2>J-1</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="8%" background="">&nbsp;</TD>
     <TD noWrap align=left width="85%" background=""></TD>
     <TD noWrap align=right width="6%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="8%"><FONT face=serif size=2>Appendix K &nbsp;&#151; </FONT></TD>
     <TD noWrap align=left width="85%" background=""><FONT size=2>Security Ownership</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=serif size=2>K-1</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>PROXY CARD(S) ENCLOSED</FONT></P>
<P align=left><FONT face=serif size=2>If you have any questions, please call our proxy information line at 1-866-905-2396 or call your financial advisor.</FONT></P>
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<A name="page_4"></A>
<P align=left><FONT face=serif size=5>Notice of a Special Meeting of Shareholders</FONT></P>
<P align=left><FONT face=serif size=2>To the Shareholders of:</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>PUTNAM AMERICAN GOVERNMENT</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>PUTNAM INVESTMENT GRADE MUNICIPAL</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>INCOME FUND</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>TRUST</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>PUTNAM AMT-FREE INSURED MUNICIPAL</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>PUTNAM INVESTORS FUND</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>FUND</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>PUTNAM LIMITED DURATION</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>PUTNAM ARIZONA TAX EXEMPT INCOME</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>GOVERNMENT INCOME FUND</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>FUND</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>PUTNAM MANAGED MUNICIPAL INCOME</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>PUTNAM ASSET ALLOCATION: BALANCED</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>TRUST</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>PORTFOLIO</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>PUTNAM MASSACHUSETTS TAX EXEMPT</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>PUTNAM ASSET ALLOCATION:</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>INCOME FUND</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>CONSERVATIVE PORTFOLIO</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>PUTNAM MASTER INTERMEDIATE INCOME</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>PUTNAM ASSET ALLOCATION: GROWTH</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>TRUST</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>PORTFOLIO</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>PUTNAM MICHIGAN TAX EXEMPT INCOME</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>PUTNAM CALIFORNIA INVESTMENT</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>FUND</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>GRADE MUNICIPAL TRUST</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>PUTNAM MID CAP VALUE FUND</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>PUTNAM CALIFORNIA TAX EXEMPT</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>PUTNAM MINNESOTA TAX EXEMPT</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>INCOME FUND</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>INCOME FUND</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>PUTNAM CAPITAL APPRECIATION FUND</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>PUTNAM MONEY MARKET FUND</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>PUTNAM CAPITAL OPPORTUNITIES FUND</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>PUTNAM MUNICIPAL BOND FUND</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>PUTNAM CLASSIC EQUITY FUND</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>PUTNAM MUNICIPAL OPPORTUNITIES</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>PUTNAM CONVERTIBLE INCOME-</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>TRUST</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>GROWTH TRUST</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>PUTNAM NEW JERSEY TAX EXEMPT</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>PUTNAM DISCOVERY GROWTH FUND</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>INCOME FUND</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>PUTNAM DIVERSIFIED INCOME TRUST</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>PUTNAM NEW OPPORTUNITIES FUND</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>PUTNAM EQUITY INCOME FUND</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>PUTNAM NEW VALUE FUND</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>PUTNAM EUROPE EQUITY FUND</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>PUTNAM NEW YORK INVESTMENT GRADE</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>PUTNAM FLOATING RATE INCOME FUND</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>MUNICIPAL TRUST</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>THE PUTNAM FUND FOR GROWTH AND</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>PUTNAM NEW YORK TAX EXEMPT INCOME</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>INCOME</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>FUND</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>THE GEORGE PUTNAM FUND OF BOSTON</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>PUTNAM OHIO TAX EXEMPT INCOME</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>PUTNAM GLOBAL EQUITY FUND</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>FUND</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>PUTNAM GLOBAL INCOME TRUST</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>PUTNAM OTC &amp; EMERGING GROWTH</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>PUTNAM GLOBAL NATURAL RESOURCES</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>FUND</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>FUND</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>PUTNAM PENNSYLVANIA TAX EXEMPT</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>PUTNAM GROWTH OPPORTUNITIES</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>INCOME FUND</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>FUND</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>PUTNAM PREMIER INCOME TRUST</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>PUTNAM HEALTH SCIENCES TRUST</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>PUTNAM PRIME MONEY MARKET FUND</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>PUTNAM HIGH INCOME SECURITIES FUND</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>PUTNAM RESEARCH FUND</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>PUTNAM HIGH YIELD ADVANTAGE FUND</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>PUTNAM RETIREMENTREADY 2050 FUND</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>PUTNAM HIGH YIELD MUNICIPAL TRUST</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>PUTNAM RETIREMENTREADY 2045 FUND</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>PUTNAM HIGH YIELD TRUST</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>PUTNAM RETIREMENTREADY 2040 FUND</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>PUTNAM INCOME FUND</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>PUTNAM RETIREMENTREADY 2035 FUND</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>PUTNAM INCOME STRATEGIES FUND</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>PUTNAM RETIREMENTREADY 2030 FUND</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>PUTNAM INTERNATIONAL CAPITAL</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>PUTNAM RETIREMENTREADY 2025 FUND</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>OPPORTUNITIES FUND</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>PUTNAM RETIREMENTREADY 2020 FUND</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>PUTNAM INTERNATIONAL EQUITY FUND</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>PUTNAM RETIREMENTREADY 2015 FUND</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>PUTNAM INTERNATIONAL GROWTH AND</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>PUTNAM RETIREMENTREADY 2010 FUND</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>INCOME FUND</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>PUTNAM RETIREMENTREADY MATURITY</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>PUTNAM INTERNATIONAL NEW</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>FUND</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>OPPORTUNITIES FUND</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>PUTNAM SMALL CAP GROWTH FUND</FONT></B>&nbsp; </TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>1</FONT></P>
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<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>PUTNAM SMALL CAP VALUE FUND</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>PUTNAM VT GLOBAL EQUITY FUND</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>PUTNAM TAX EXEMPT INCOME FUND</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>PUTNAM VT GROWTH AND INCOME FUND</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>PUTNAM TAX EXEMPT MONEY MARKET</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>PUTNAM VT GROWTH OPPORTUNITIES</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>FUND</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>FUND</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>PUTNAM TAX-FREE HEALTH CARE FUND</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>PUTNAM VT HEALTH SCIENCES FUND</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>PUTNAM TAX-FREE HIGH YIELD FUND</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>PUTNAM VT HIGH YIELD FUND</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>PUTNAM TAX SMART EQUITY FUND&#174;</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>PUTNAM VT INCOME FUND</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>PUTNAM U.S. GOVERNMENT INCOME</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>PUTNAM VT INTERNATIONAL EQUITY</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>TRUST</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>FUND</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>PUTNAM UTILITIES GROWTH AND</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>PUTNAM VT INTERNATIONAL GROWTH</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>INCOME FUND</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>AND INCOME FUND</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>PUTNAM VISTA FUND</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>PUTNAM VT INTERNATIONAL NEW</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>PUTNAM VOYAGER FUND</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>OPPORTUNITIES FUND</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>PUTNAM VT AMERICAN GOVERNMENT</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>PUTNAM VT INVESTORS FUND</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>INCOME FUND</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>PUTNAM VT MID CAP VALUE FUND</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>PUTNAM VT CAPITAL APPRECIATION</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>PUTNAM VT MONEY MARKET FUND</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>FUND</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>PUTNAM VT NEW OPPORTUNITIES FUND</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>PUTNAM VT CAPITAL OPPORTUNITIES</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>PUTNAM VT NEW VALUE FUND</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>FUND</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>PUTNAM VT OTC &amp; EMERGING GROWTH</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>PUTNAM VT DISCOVERY GROWTH FUND</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>FUND</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>PUTNAM VT DIVERSIFIED INCOME FUND</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>PUTNAM VT RESEARCH FUND</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>PUTNAM VT EQUITY INCOME FUND</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>PUTNAM VT SMALL CAP VALUE FUND</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>PUTNAM VT THE GEORGE PUTNAM FUND</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>PUTNAM VT UTILITIES GROWTH AND</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>OF BOSTON</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>INCOME FUND</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>PUTNAM VT GLOBAL ASSET ALLOCATION</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>PUTNAM VT VISTA FUND</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=2>FUND</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=2>PUTNAM VT VOYAGER FUND</FONT></B>&nbsp; </TD></TR></TABLE><BR>
<P align=left><B><FONT face=serif size=2>* This is the formal notice for your fund&#146;s shareholder meeting. It tells you what proposal will be voted on and the time and place of the meeting, in case you wish to attend in person.</FONT></B></P>
<P align=left><FONT face=serif size=2>A Special Meeting of Shareholders of your fund will be held on Tuesday, May 15, 2007 at 11:00 a.m., Boston time, at the principal offices of the fund on the 8th floor of One Post Office Square, Boston, Massachusetts 02109, to consider the following:</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>1. Approving a new management contract for your fund. </FONT></B><BR>
<BR>
<FONT face=serif size=2>By Judith Cohen, Clerk, and by the Trustees</FONT><BR>
<BR>
<FONT face=serif size=2>John A. Hill, Chairman</FONT><BR>
<FONT face=serif size=2>Jameson A. Baxter, Vice Chairman</FONT><BR>
<FONT face=serif size=2>George Putnam, III, President</FONT><BR>
<BR>
<FONT face=serif size=2>Charles B. Curtis</FONT><BR>
<FONT face=serif size=2>Myra R. Drucker</FONT><BR>
<FONT face=serif size=2>Charles E. Haldeman, Jr.</FONT><BR>
<FONT face=serif size=2>Paul L. Joskow</FONT><BR>
<FONT face=serif size=2>Elizabeth T. Kennan</FONT><BR>
<FONT face=serif size=2>Kenneth R. Leibler</FONT><BR>
<FONT face=serif size=2>Robert E. Patterson</FONT><BR>
<FONT face=serif size=2>W. Thomas Stephens</FONT><BR>
<FONT face=serif size=2>Richard B. Worley</FONT></P>
<P align=left><B><FONT face=serif size=2>We urge you to mark, sign, date, and mail the enclosed proxy in the postage-paid envelope provided or to record your voting instructions by telephone or via the Internet so that you will be represented at the meeting.</FONT></B></P>
<P align=left><FONT face=serif size=2>March 9, 2007</FONT></P>
<P align=center><FONT face=sans-serif size=1>2</FONT></P>
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<P align=left><FONT face=serif size=5>Proxy Statement</FONT></P>
<P align=left><B><FONT face=serif size=2>This document gives you the information you need to vote on the proposal. Much of the information is required under rules of the Securities and Exchange Commission (&#147;SEC&#148;); some of it is technical. If there is anything you don&#146;t understand, please call our proxy information line at 1-866-905-2396 or call your financial representative.</FONT></B></P>
<P align=left><B><FONT face=sans-serif size=2>* Why has a special meeting of shareholders been called?</FONT></B></P>
<P align=left><FONT face=serif size=2>On January 31, 2007, Marsh &amp; McLennan Companies, Inc. (&#147;Marsh &amp; McLennan&#148;), the ultimate parent company of Putnam Investment Management, LLC (&#147;Putnam Management&#148;), your fund&#146;s investment adviser, entered into a Stock Purchase Agreement with Great-West Lifeco Inc. (&#147;Lifeco&#148;). Lifeco is a financial services holding company with operations in Canada, the United States and Europe and is a member of the Power Financial Corporation group of companies. Under the Stock Purchase Agreement, Lifeco will, through a direct or indirect wholly owned subsidiary (&#147;Great-West&#148;), acquire 100% of Putnam Investments Trust, which owns Putnam, LLC (Putnam Investments), the parent company of Putnam Management and the other Putnam companies.</FONT></P>
<P align=left><FONT face=serif size=2>As a result of this transaction, your fund&#146;s management contract with Putnam Management will terminate. This is because the Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;), which regulates investment companies such as your fund, requires management contracts to terminate automatically when there is a &#147;change of control&#148; of a fund&#146;s investment adviser. The transaction with Lifeco will result in a &#147;change of control&#148; of Putnam Management, your fund&#146;s investment adviser. Thus, your fund&#146;s management contract with Putnam Management will automatically terminate when the transaction closes, and your fund&#146;s shareholders must approve a new management contract. We are recommending that you approve a new management contract with Putnam Management so that Putnam Management can continue as your fund&#146;s investment adviser after the transaction. This proxy statement describes Lifeco, the transaction, and the new ma
nagement contract proposed for your fund. </FONT></P>
<P align=left><FONT face=serif size=2>* </FONT><B><FONT face=sans-serif size=2>How will the change of control affect Putnam Management?</FONT></B></P>
<P align=left><FONT face=serif size=2>The change of control is not expected to have a material effect on Putnam Management. Putnam Management will operate as a stand-alone subsidiary of Lifeco and is expected to retain its brand and its existing management, investment and other service teams.</FONT></P>
<P align=left><FONT face=serif size=2>* </FONT><B><FONT face=sans-serif size=2>How does the proposed new management contract differ from your fund&#146;s current management contract?</FONT></B></P>
<P align=left><FONT face=serif size=2>The proposed new management contract is substantially identical to the current contract. Although there are some differences between your fund&#146;s current management contract and the proposed new management contract, which are described in this proxy statement, there will be no change in the services that your fund will receive. </FONT></P>
<P align=left><FONT face=serif size=2>* </FONT><B><FONT face=sans-serif size=2>Will your fund&#146;s total fees for advisory and administrative services change?</FONT></B></P>
<P align=left><FONT face=serif size=2>No, there will be no change in your fund&#146;s total fees for investment management and administrative services. For the two funds mentioned above that currently have separate management and administrative services contracts, both sets of services are proposed to be covered by a single management contract with a single fee that will not exceed the sum of the current investment management and administrative services fee.</FONT></P>
<P align=left><FONT face=serif size=2>* </FONT><B><FONT face=sans-serif size=2>Who is asking for your vote?</FONT></B></P>
<P align=left><FONT face=serif size=2>The enclosed proxy is solicited by the Trustees of the Putnam funds for use at the special meeting of shareholders of each fund to be held on Tuesday, May 15, 2007 and, if your fund&#146;s meeting is adjourned, at any later meetings, for the purposes stated in the Notice of a Special Meeting (see previous pages). The Notice of a Special Meeting, the proxy and the Proxy Statement are being mailed beginning on or about March 14, 2007.</FONT></P>
<P align=center><FONT face=sans-serif size=1>3</FONT></P>
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<P align=left><FONT face=serif size=2>* </FONT><B><FONT face=sans-serif size=2>How do your fund&#146;s Trustees recommend that shareholders vote on the proposal?</FONT></B></P>
<P align=left><FONT face=serif size=2>The Trustees unanimously recommend that you vote FOR the proposal.</FONT></P>
<P align=left><FONT face=serif size=2>* </FONT><B><FONT face=sans-serif size=2>Who is eligible to vote?</FONT></B></P>
<P align=left><FONT face=serif size=2>Shareholders of record of each fund at the close of business on Thursday, February 15, 2007 (the &#147;Record Date&#148;) are entitled to be present and to vote at the special meeting or any adjourned meeting. </FONT></P>
<P align=left><FONT face=serif size=2>The number of shares of each fund outstanding on the Record Date is shown in </FONT><B><FONT face=serif size=2>Appendix A</FONT></B><FONT face=serif size=2>. Each share is entitled to one vote, with fractional shares voting proportionately. Shares represented by your duly executed proxy will be voted in accordance with your instructions. If you sign the proxy card but don&#146;t fill in a vote, your shares will be voted in accordance with the Trustees&#146; recommendation. If any other business is brought before your fund&#146;s special meeting, your shares will be voted at the discretion of the persons designated on the proxy card.</FONT></P>
<P align=left><FONT face=serif size=2>Shareholders of each fund vote separately with respect to the proposal. The outcome of a vote affecting one fund does not affect any other fund.</FONT></P>
<P align=left><FONT face=serif size=5>The Proposal</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>1. APPROVING A NEW MANAGEMENT </FONT></B><B><FONT face=sans-serif size=2>CONTRACT FOR YOUR FUND</FONT></B></P>
<P align=left><FONT face=serif size=2>* </FONT><B><FONT face=sans-serif size=2>Background Information about the Transaction</FONT></B></P>
<P align=left><FONT face=serif size=2>On January 31, 2007, Marsh &amp; McLennan, the ultimate parent company of Putnam Management, your fund&#146;s investment adviser, entered into a Stock Purchase Agreement with Lifeco. Under the Stock Purchase Agreement, Lifeco will, through Great-West, its direct or indirect wholly owned subsidiary, acquire 100% of Putnam Investments Trust, a holding company that, except for a minority stake owned by employees, is owned by Marsh &amp; McLennan. Putnam Investments Trust owns Putnam, LLC (Putnam Investments), which in turn owns Putnam Management and the other Putnam companies.</FONT></P>
<P align=left><FONT face=serif size=2>After the transaction, Putnam Management will continue to be a wholly owned subsidiary of Putnam Investments. Putnam Investments will continue to be a wholly owned subsidiary of Putnam Investments Trust. Putnam Investments Trust will become a wholly owned subsidiary of Great-West, which will be a wholly owned holding company subsidiary of Lifeco. Lifeco is a Canadian financial services holding company with interests in the life insurance, health insurance, retirement, savings, and reinsurance businesses. Its businesses have operations in Canada, the United States and Europe. Power Financial Corporation (&#147;Power Financial&#148;), an international management and holding company of financial services businesses, owns approximately 70.6% of the voting shares of Lifeco. Power Corporation of Canada, a diversified international management and holding company, owns approximately 66.4% of the voting securities of Power Financial. The Honorable Paul Desmarais, Sr., through a g
roup of private holding companies which he controls, has voting control of Power Corporation of Canada.</FONT></P>
<P align=left><FONT face=serif size=2>The address of Mr. Desmarais, Power Corporation of Canada, and Power Financial is 751 Victoria Square, Montreal, Quebec H2Y 2J3. The address of Lifeco is 100 Osborne Street North, Winnipeg, Manitoba, R3C 3A5. The address of Great-West will be 8515 East Orchard Road, Greenwood Village, Colorado 80111. <BR>
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The funds have been informed that Lifeco&#146;s strategic purpose for acquiring Putnam Investments is to establish a strong presence in the United States asset management business. Lifeco values Putnam</FONT></P>
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<P align=left><FONT face=serif size=2>Investments&#146; focus on the advice segment of the U.S. market, its significant investment management capabilities and diversified range of investment products, its high quality wholesaling organization with strong relationships with financial advisers, its distribution capabilities in Japan and Europe, and its experienced management team. Lifeco has said that it intends to operate Putnam Investments as a separate business unit, retaining Putnam Investments&#146; and Putnam Management&#146;s existing management team and other key professionals. Although Lifeco may pursue sub-advisory and other synergistic opportunities for Putnam Investments within the Power Financial group of companies, it does not anticipate significant integration issues or other disruption, in light of its intent to continue to operate Putnam Investments, Putnam Management and the other Putnam companies on a stand-alone basis and its experience in operating other companies that it has acquired as s
tand-alone businesses. Lifeco has advised the funds that it has no current plans to make any changes to the operations of the funds. In particular, it has advised that it has no current plans to make changes with respect to existing management fees, expense limitations, distribution arrangements, or quality of services provided to shareholders. In addition, Lifeco has advised that it intends to retain the Putnam brand and to support Putnam Investments&#146; current business strategy and Putnam Management&#146;s investment management philosophy so as to minimize disruption and change for fund shareholders and the Putnam organization. Lifeco does not plan to consolidate any Putnam fund with any other company in the Power Financial group of companies. Putnam Management has been advised that, following the transaction, it is contemplated that its organizational form will be converted from a Delaware limited liability company to a Delaware limited partnership. The General Partner will be Putnam Investments LP. Th
is will not have any effect on Putnam Management&#146;s operations or the services provided to your fund. <BR>
<BR>
Although the transaction is not expected to result in significant change in the operations of Putnam Management or its management of the funds, as a result of this transaction, which is expected to close in the middle of 2007, your fund&#146;s management contract with Putnam Management will terminate. This is because the 1940 Act, which regulates investment companies such as your fund, requires management contracts to terminate automatically when there is a &#147;change of control&#148; of the investment adviser. The transaction with Lifeco will result in a &#147;change of </FONT><FONT face=serif size=2>control&#148; of Putnam Management, your fund&#146;s investment adviser. Thus, your fund&#146;s shareholders must approve a new management contract. The Trustees are recommending that you approve a new management contract with Putnam Management so that Putnam Management can continue as your fund&#146;s investment adviser.</FONT></P>
<P align=left><FONT face=serif size=2>* </FONT><B><FONT face=sans-serif size=2>The Stock Purchase Agreement </FONT></B></P>
<P align=left><FONT face=serif size=2>Under the Stock Purchase Agreement, Lifeco will acquire 100% of the ownership interests of Putnam Investments Trust, which owns Putnam Investments, the owner of Putnam Management, your fund&#146;s current investment adviser. These Putnam Investments Trust ownership interests are in the form of class A shares, all of which are owned by Marsh &amp; McLennan, and class B shares and options to purchase class B shares, all of which are held by Putnam employees. The estimated total value of the transaction is approximately $3.9 billion (based on the estimated value of Putnam Investments Trust&#146;s equity interests on September 30, 2006). The final price is subject to certain adjustments at closing. </FONT></P>
<P align=left><FONT face=serif size=2>The Stock Purchase Agreement requires Lifeco, or its permitted assignee, at the closing of the transaction, to purchase all of the issued and outstanding class A common shares of Putnam Investments Trust currently held by Marsh &amp; McLennan. Lifeco will assign its right to purchase the class A shares of Putnam Investments Trust to Great-West. Lifeco remains fully liable for its obligations under the Stock Purchase Agreement. Also at the closing, all of the issued and outstanding class B common shares and options currently held by Putnam employees under Putnam Investments Trust&#146;s Equity Partnership Plan will be cancelled according to the terms of the Equity Partnership Plan, and each Putnam employee will receive cash payments for these shares and options, a portion of which will be paid at the closing and the remainder of which will, subject to the satisfaction of certain conditions, be paid over a three-year period, provided generally that the employee is still em
ployed by Putnam on the date of payment. These deferred payments to employees may increase or decrease based upon, among other things, the performance of the Putnam funds. The transaction structure is subject to modification by Marsh &amp; McLennan and Lifeco before closing to improve the tax efficiency of the transaction for Lifeco and to limit the extent to which the transaction consideration is subject to withholding requirements. It is not expected that any modification would result in any significant change in</FONT></P>
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<P align=left><FONT face=serif size=2>Putnam Management&#146;s operations or its management of the funds.</FONT></P>
<P align=left><FONT face=serif size=2>Consummation of the transaction is subject to customary terms and conditions, including, among others, Marsh &amp; McLennan and Lifeco obtaining certain regulatory approvals and the approval of new management contracts by shareholders of a substantial number of the Putnam funds. Although there is no assurance that the transaction will be completed, if each of the terms and conditions is satisfied or waived, the parties to the transaction anticipate that the closing will take place in the middle of 2007. If the transaction is not completed, your fund&#146;s current management contract with Putnam Management will not terminate because there will be no change of control. Putnam Management would continue to serve as your fund&#146;s investment adviser under the current management contract or, if approved at the shareholder meeting, under the proposed new management contract described in this proxy statement, effective as of January 1, 2008 or such other date as the Trustees 
may establish.</FONT></P>
<P align=left><FONT face=serif size=2>* </FONT><B><FONT face=sans-serif size=2>Section 15(f) of the 1940 Act</FONT></B></P>
<P align=left><FONT face=serif size=2>Lifeco has agreed to comply with Section 15(f) of the 1940 Act. Section 15(f) provides a non-exclusive &#147;safe harbor&#148; for an investment company&#146;s adviser or any affiliated persons of the adviser to receive any amount or benefit in connection with a change of control of the investment adviser as long as two conditions are met. First, for a period of three years after the change of control, at least 75% of the directors of the investment company must not be interested persons of the adviser or the predecessor adviser. Second, there must not be any &#147;unfair burden&#148; imposed on the investment company as a result of the transaction or any express or implied terms, conditions or understandings relating to the transaction. Section 15(f) defines &#147;unfair burden&#148; to include any arrangement during the two-year period after the transaction in which the adviser or predecessor adviser, or any interested person of the adviser or predecessor adviser, rece
ives or is entitled to receive any compensation, directly or indirectly, from the investment company or its security holders (other than fees for </FONT><I><FONT face=serif size=2>bona fide </FONT></I><FONT face=serif size=2>investment advisory or other services) or from any person in connection with the purchase or sale of securities or other property to, from or on behalf of the investment company (other than </FONT><I><FONT face=serif size=2>bona fide </FONT></I><FONT face=serif size=2>ordinary compensation as principal underwriter for the investment company). Putnam Management has advised the funds that neither it, Marsh &amp; McLennan nor Lifeco, after reasonable </FONT><FONT face=serif size=2>inquiry, is aware of any express or implied term, condition, arrangement or understanding that would impose an &#147;unfair burden&#148; on the funds as a result of the transaction. Marsh &amp; McLennan and Lifeco have agreed to pay all costs incurred by the funds in connection with this transaction, including all
 costs of this proxy solicitation. </FONT></P>
<P align=left><FONT face=serif size=2>* </FONT><B><FONT face=sans-serif size=2>The Proposed New Management Contract; Comparison with the Funds&#146; Current Management Contracts</FONT></B></P>
<P align=left><FONT face=serif size=2>The Trustees have unanimously approved, and recommend to the shareholders of each fund that they approve, a new management contract between each fund and Putnam Management. The form of the proposed new management contract is attached at </FONT><B><FONT face=serif size=2>Appendix B</FONT></B><FONT face=serif size=2>. You should refer to </FONT><B><FONT face=serif size=2>Appendix B </FONT></B><FONT face=serif size=2>for the complete terms of your fund&#146;s proposed management contract.</FONT></P>
<P align=left><FONT face=serif size=2>On being presented with the need to approve new management contracts, the Trustees decided to take the opportunity to standardize, clarify and modernize various provisions of the current contracts. Because they were implemented at different times, the funds&#146; current management contracts differ in some cases from fund to fund, and some contain outdated provisions. The Trustees believe that this standardization will benefit shareholders by making the administration of the funds&#146; management contracts more efficient. In addition, Putnam Municipal Opportunities Trust and Putnam Prime Money Market Fund, which currently have both a management contract and an administrative services contract, will each combine those two contracts into a single management contract. All of the other Putnam funds receive investment management and administrative services under their current management contracts.</FONT></P>
<P align=left><FONT face=serif size=2>Except as described below, the terms of the proposed new management contracts are substantially identical to those of the current contracts. The terms of the proposed new management contracts, and certain differences between the proposed new management contracts and the current contracts, are described generally below. A more detailed description of certain differences between the proposed and current management (and administrative services, as applicable) contracts is attached at </FONT><B><FONT face=serif size=2>Appendix C</FONT></B><FONT face=serif size=2>. The date of each fund&#146;s current management contract, the date on which it was last approved by shareholders, and the date on which its continuance was last approved by the Board of Trustees is set forth in </FONT><B><FONT face=serif size=2>Appendix D</FONT></B><FONT face=serif size=2>.</FONT></P>
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<P align=left><I><FONT face=serif size=2>Fees. </FONT></I><FONT face=serif size=2>There is no change in the rate of the fees that the funds will pay Putnam Management under the proposed new management contract, except in the case of Putnam Municipal Opportunities Trust and Putnam Prime Money Market Fund (see below). The current fee schedule for investment management services and, if applicable, administrative services, for each fund is set forth in </FONT><B><FONT face=serif size=2>Appendix E. </FONT></B><FONT face=serif size=2>The actual fees paid by some funds are subject to expense limitations to which Putnam Management has agreed. It is not anticipated that any existing expense limitation commitment will change as a result of the transaction.</FONT></P>
<P align=left><FONT face=serif size=2>Putnam Municipal Opportunities Trust and Putnam Prime Money Market Fund currently have separate investment management and administrative services contracts with Putnam Management. However, the proposed new management contract for each fund, including Putnam Municipal Opportunities Trust and Putnam Prime Money Market Fund, addresses the provision of both investment management and administrative services and includes a single fee for both of these services. There is no change in the aggregate rate that Putnam Municipal Opportunities Trust and Putnam Prime Money Market Fund will pay to Putnam Management for investment management and administrative services. </FONT></P>
<P align=left><I><FONT face=serif size=2>Investment Management Services. </FONT></I><FONT face=serif size=2>The proposed new management contract for your fund provides that Putnam Management will furnish continuously an investment program for the fund, determining what investments to purchase, hold, sell or exchange and what portion of the fund&#146;s assets will be held uninvested, in compliance with the fund&#146;s governing documents, investment objectives, policies and restrictions, and subject to the oversight and control of the Trustees. Putnam Management has assured the funds and the Trustees that after the transaction it will continue to provide the same level of services to each fund and that the transaction will not have an adverse impact on the scope or nature of the services that each fund receives.</FONT></P>
<P align=left><FONT face=serif size=2>Putnam Management is authorized under the proposed new management contract to place orders for the purchase and sale of portfolio investments for your fund with brokers or dealers that Putnam Management selects. Putnam Management must select brokers and dealers, and place orders, using its best efforts to obtain for the funds the most favorable price and execution available, except that Putnam Management may pay higher brokerage commissions if it determines in </FONT><FONT face=serif size=2>good faith that the commission is reasonable in relation to the value of brokerage and research services provided by the broker or dealer (a practice commonly known as &#147;soft dollars&#148;). Putnam Management may make this determination in terms of either the particular transaction or Putnam Management&#146;s overall responsibilities with respect to a fund and to other clients of Putnam Management as to which Putnam Management exercises investment discretion. Putnam Management&#14
6;s use of soft dollars is subject to policies established by the SEC and by the Trustees from time to time.</FONT></P>
<P align=left><FONT face=serif size=2>Each of the funds&#146; current management contracts contains similar provisions relating to the provision of investment management services.</FONT></P>
<P align=left><I><FONT face=serif size=2>Delegation of Responsibilities. </FONT></I><FONT face=serif size=2>The proposed new management contract for your fund expressly provides that Putnam Management may, in its discretion and with the approval of the Trustees (including a majority of the Trustees who are not &#147;interested persons&#148;) and, if required, the approval of shareholders, delegate responsibilities under the contract to one or more sub-advisers or sub-administrators. The separate costs of employing any sub-adviser or sub-administrator must be borne by Putnam Management or the sub-adviser or sub-administrator, not by the fund. Putnam Management is responsible for overseeing the performance of any sub-adviser or sub-administrator and remains fully responsible to the fund under the proposed new management contract regardless of whether it delegates any responsibilities.</FONT></P>
<P align=left><FONT face=serif size=2>None of the current management contracts addresses delegation of responsibilities. Putnam Management has no plans to delegate services except as described below. <BR>
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At present, Putnam Management has delegated certain responsibilities to sub-advisers, as described below under the heading &#147;Sub-Adviser Arrangements.&#148; The sub-management contracts governing these arrangements will terminate at the same time as the current management contracts of these funds. Pursuant to the proposed new management contract (and as otherwise permitted by law), Putnam Management will enter into equivalent sub-management contracts with these sub-advisers, effective at the time the proposed new management contracts become effective, with respect to these funds. See &#147;Sub-Adviser Arrangements&#148; below for a description of the sub-advisers, and see </FONT><B><FONT face=serif size=2>Appendix F </FONT></B><FONT face=serif size=2>for copies of the current sub-management contracts. The new sub-management contracts will be identical to the </FONT></P>
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<P align=left><FONT face=serif size=2>current sub-management contracts except for the effective dates. Shareholders should be aware that a vote to approve your fund&#146;s new contract will have the effect of voting for the continuation of these arrangements.</FONT></P>
<P align=left><FONT face=serif size=2>In addition, Putnam Management has delegated certain administrative, pricing and bookkeeping services to State Street Bank and Trust Company. This delegation will not be affected by the transaction.</FONT></P>
<P align=left><I><FONT face=serif size=2>Administrative Services. </FONT></I><FONT face=serif size=2>The proposed new management contracts, and all of the current management contracts with the exception of those applying to Putnam Municipal Opportunities Trust and Putnam Prime Money Market Fund, provide that Putnam Management will manage, supervise and conduct the other (i.e., non-investment) affairs and business of the fund and incidental matters. These administrative services include providing suitable office space for the fund and administrative facilities, such as bookkeeping, clerical personnel and equipment necessary for the efficient conduct of the fund&#146;s affairs, including determination of the net asset value of the fund, but excluding shareholder accounting services.<BR>
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</FONT><I><FONT face=serif size=2>Expenses. </FONT></I><FONT face=serif size=2>The proposed new management contracts require Putnam Management to bear the expenses associated with (i) furnishing all necessary investment and management facilities, including salaries of personnel, required for it to execute its duties faithfully, (ii) providing suitable office space for the fund and (iii) providing administrative services. The proposed new management contracts also provide that the fund will pay the fees of its Trustees and will reimburse Putnam Management for compensation paid to officers and persons assisting officers of the fund, and all or part of the cost of suitable office space, utilities, support services and equipment used by such officers and persons, as the Trustees may determine. Under this provision, the fund will bear the costs of the Trustees&#146; independent staff, which assists the Trustees in overseeing each of the funds.</FONT></P>
<P align=left><FONT face=serif size=2>The current management contracts contain similar expense and reimbursement provisions.</FONT></P>
<P align=left><I><FONT face=serif size=2>Term and Termination. </FONT></I><FONT face=serif size=2>If approved by shareholders of your fund, the proposed new management contract will become effective upon its execution and will remain in effect continuously, unless terminated under the termination provisions of the contract. The proposed new management contract provides that the management contract may be terminated at any time, without the payment of any penalty by the fund, by either Putnam Management or the fund by not less than 60 days&#146; </FONT><FONT face=serif size=2>written notice to the other party. A fund may effect termination by vote of a majority of its Trustees or by the affirmative vote of a &#147;majority of the outstanding shares&#148; of the fund, as defined in the 1940 Act. The proposed new management contracts will also terminate automatically in the event of their &#147;assignment.&#148; <BR>
<BR>
The proposed new management contract will, unless terminated as described above, continue until June 30, 2008 and will continue in effect from year to year thereafter so long as its continuance is approved at least annually by (i) the Trustees of the fund or the shareholders by the affirmative vote of a majority of the outstanding shares of the fund and (ii) a majority of the Trustees who are not &#147;interested persons&#148; of the fund or of Putnam Management, by vote cast in person at a meeting called for the purpose of voting on such approval. </FONT></P>
<P align=left><FONT face=serif size=2>All of the current management contracts have similar provisions for their term and termination, except that the initial terms of the contracts differ and the current management contracts require that written notice be given not more than 60 nor less than 30 days before termination. </FONT></P>
<P align=left><I><FONT face=serif size=2>Limitation of Liability. </FONT></I><FONT face=serif size=2>Under the proposed new management contract, Putnam Management is not liable to a fund or to any shareholder of the fund for any act or omission in the course of, or connected with, rendering services under the proposed management contract, unless there is willful misfeasance, bad faith or gross negligence on the part of Putnam Management or reckless disregard of its obligations and duties under the proposed management contract. Each current management contract contains substantially identical provisions. </FONT></P>
<P align=left><FONT face=serif size=2>As required under each fund&#146;s Declaration of Trust, the proposed management contract contains a notice provision stating that the fund&#146;s Declaration of Trust is on file with the Secretary of The Commonwealth of Massachusetts and that the proposed management contract is executed on behalf of the Trustees as Trustees of the fund and not individually. Also, the obligations arising out of the proposed management contract are limited only to the assets and property of the fund and are not binding on any of the Trustees, officers or shareholders individually. Each current management contract contains a substantially identical notice.</FONT></P>
<P align=left><I><FONT face=serif size=2>Amendments; Defined Terms. </FONT></I><FONT face=serif size=2>The proposed new management contract may only be amended in writing, and any amendments must be approved in a manner consistent with the 1940 Act, the rules and regulations under the 1940 Act and any applicable guidance or</FONT></P>
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<P align=left><FONT face=serif size=2>interpretations of the SEC or its staff. Similarly, certain terms used in the proposed management contract are used as defined in the 1940 Act, the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the SEC or its staff. The current management contracts contain similar terms, except that they generally do not make reference to guidance or interpretation of the SEC or its staff. Thus, the proposed new management contracts explicitly permit the funds and Manager to operate in a manner consistent with regulatory guidance and interpretations, which may provide advantages and operational flexibility from time to time.</FONT></P>
<P align=left><FONT face=serif size=2>* </FONT><B><FONT face=sans-serif size=2>Sub-Adviser Arrangements</FONT></B></P>
<P align=left><FONT face=serif size=2>For certain funds listed below, Putnam Management has retained an affiliate to provide sub-management services. Putnam Management has retained Putnam Investments Limited (&#147;PIL&#148;), a wholly owned subsidiary of The Putnam Advisory Company, LLC (&#147;PAC,&#148; which is itself a subsidiary of Putnam Investments) and an affiliate of Putnam Management, as the sub-adviser for a portion of certain funds&#146; assets as determined by Putnam Management from time to time. PIL is currently authorized to serve as the sub-adviser, to the extent determined by Putnam Management from time to time, for the following funds: Putnam Diversified Income Trust, Putnam VT Diversified Income Fund, Putnam Europe Equity Fund, Putnam Global Equity Fund, Putnam VT Global Equity Fund, Putnam Global Income Trust, Putnam Global Natural Resources Fund, Putnam High Income Securities Fund, Putnam High Yield Advantage Fund, Putnam High Yield Trust, Putnam VT High Yield Fund, Putnam International 
Capital Opportunities Fund, Putnam International Equity Fund, Putnam VT International Equity Fund, Putnam International Growth and Income Fund, Putnam VT International Growth and Income Fund, Putnam International New Opportunities Fund, Putnam VT International New Opportunities Fund, Putnam Master Intermediate Income Trust, Putnam Premier Income Trust, Putnam Research Fund, Putnam VT Research Fund, Putnam Utilities Growth and Income Fund, and Putnam VT Utilities Growth and Income Fund.</FONT></P>
<P align=left><FONT face=serif size=2>PIL serves as sub-adviser for those funds under a sub-management agreement between Putnam Management and PIL. Pursuant to the terms of the sub-management agreement, Putnam Management (and not the fund) pays a quarterly sub-management fee to PIL for its services at the annual rate of 0.35% of the average aggregate net asset value of the portion of a fund&#146;s </FONT><FONT face=serif size=2>assets invested in equity securities and 0.40% of the portion of a fund&#146;s assets invested in fixed-income securities, if any, that PIL manages from time to time except that, in the case of Putnam High Income Securities Fund, Putnam Master Intermediate Income Trust and Putnam Premier Income Trust, Putnam Management (and not the fund) pays PIL a quarterly sub-management fee for its services at the annual rate of 0.40% of the funds&#146; average weekly assets, if any, that PIL manages from time to time. </FONT></P>
<P align=left><FONT face=serif size=2>Under the terms of the sub-management contract, PIL, at its own expense, furnishes continuously an investment program for the portion of each fund that Putnam Management allocates to PIL from time to time and makes investment decisions on behalf of these portions of the fund, subject to Putnam Management&#146;s supervision. Putnam Management may also, at its discretion, request PIL to provide assistance with purchasing and selling securities for the fund, including order placement with certain broker-dealers. PIL, at its expense, furnishes all necessary investment and management facilities, including salaries of personnel, required for it to execute its duties.</FONT></P>
<P align=left><FONT face=serif size=2>The sub-management contract provides that PIL is not subject to any liability to Putnam Management, the fund or any shareholder of the fund for any act or omission in the course of or connected with rendering services to the fund in the absence of PIL&#146;s willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations and duties.</FONT></P>
<P align=left><FONT face=serif size=2>The sub-management contract may be terminated with respect to a fund without penalty by vote of the Trustees or the shareholders of the fund, or by PIL or Putnam Management, on 30 days&#146; written notice. The sub-management contract also terminates without payment of any penalty in the event of its assignment. Subject to applicable law, it may be amended by a majority of the Trustees who are not &#147;interested persons&#148; of Putnam Management or the fund. The sub-management contract provides that it will continue in effect only so long as such continuance is approved at least annually by vote of either the Trustees or the shareholders and, in either case, by a majority of the Trustees who are not &#147;interested persons&#148; of Putnam Management or the fund. In each of the foregoing cases, the vote of the shareholders is the affirmative vote of a &#147;majority of the outstanding voting securities&#148; as defined in the 1940 Act.</FONT></P>
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<P align=left><FONT face=serif size=2>PAC has been retained as a sub-adviser for a portion of the assets of Putnam International Equity Fund as determined from time to time by Putnam Management or, with respect to portions of that fund&#146;s assets for which PIL acts as sub-adviser as described above, by PIL. PAC serves as sub-adviser under a sub-advisory agreement among Putnam Management, PIL and PAC. <BR>
<BR>
Pursuant to the terms of the sub-advisory agreement, Putnam Management or, with respect to portions of Putnam International Equity Fund&#146;s assets for which PIL acts as sub-adviser, PIL (and not the fund) pays a quarterly sub-advisory fee to PAC for its services at the annual rate of 0.10% of the average aggregate net asset value of the portion of the fund with respect to which PAC acts as sub-adviser.</FONT></P>
<P align=left><FONT face=serif size=2>Under the terms of the sub-advisory contract, PAC, at its own expense, furnishes recommendations to purchase, hold, sell or exchange investments, securities and assets for that portion of Putnam International Equity Fund that is allocated to PAC from time to time by Putnam Management or PIL. Putnam Management or PIL, as applicable, determines whether to execute each such recommendation by PAC, whose activities as sub-adviser are subject to the supervision of Putnam Management and PIL, as applicable. PAC, at its expense, furnishes all necessary investment and management facilities, including salaries of personnel, required for it to execute its duties. </FONT></P>
<P align=left><FONT face=serif size=2>The sub-advisory contract provides that PAC is not subject to any liability to Putnam Management, PIL, Putnam International Equity Fund or any shareholder of the fund for any act or omission in the course of or connected with rendering services to the fund in the absence of PAC&#146;s willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations and duties.</FONT></P>
<P align=left><FONT face=serif size=2>The sub-advisory contract may be terminated without penalty by vote of the Trustees or the shareholders of Putnam International Equity Fund, or by PAC, PIL or Putnam Management, on 30 days&#146; written notice. The sub-advisory contract also terminates without payment of any penalty in the event of its assignment. Subject to applicable law, it may be amended by a majority of the Trustees who are not &#147;interested persons&#148; of Putnam Management or the fund. The sub-advisory contract provides that it will continue in effect only so long as its continuance is approved at least annually by vote of either the Trustees or the shareholders and, in either case, by a majority of the Trustees who are not &#147;interested persons&#148; of Putnam Management or the fund. In each of the foregoing cases, the vote of the shareholders </FONT><FONT face=serif size=2>is the affirmative vote of a &#147;majority of the outstanding voting securities&#148; as defined in the 1940 Act.</F
ONT></P>
<P align=left><FONT face=serif size=2>A &#147;change of control&#148; that constitutes an assignment terminating automatically the funds&#146; management contracts will also terminate automatically the sub-management contract with PIL and the sub-advisory contract with PIL and PAC. So that your fund will not lose the benefit of PIL&#146;s or PAC&#146;s services, Putnam Management intends to enter into a new sub-management contract with PIL and a new sub-advisory contract with PIL and PAC, each identical to the current contract except for the effective date. The Trustees have unanimously approved these new contracts. See </FONT><B><FONT face=serif size=2>Appendix F </FONT></B><FONT face=serif size=2>for copies of the current contracts.</FONT></P>
<P align=left><FONT face=serif size=2>* </FONT><B><FONT face=sans-serif size=2>What did the Trustees consider in evaluating the proposal?</FONT></B></P>
<P align=left><FONT face=serif size=2>The Trustees met in person on October 12 and 13, 2006 to discuss the implications of a possible sale of Putnam Investments in light of a decision made by its parent company, Marsh &amp; McLennan, to explore the possibility of a sale. At this meeting, the Trustees considered information relating to the operations, competitive position in the mutual fund industry and recent history of a number of firms that had indicated to Marsh &amp; McLennan a preliminary interest in acquiring Putnam Investments. During the course of this meeting, the Trustees received presentations on these matters from two consultants with recognized expertise in the mutual fund industry. In addition, the Trustees reviewed information about recent significant acquisitions in the mutual fund industry and considered the possible effects of a sale transaction on Putnam Management and the rest of the Putnam organization. The Trustees received a report from the chief executive officer of Marsh &amp; McLenn
an and considered analyst reports relating to Marsh &amp; McLennan and its ownership of Putnam Investments. The Trustees also received advice from their independent legal counsel regarding their responsibilities in evaluating a possible sale transaction.</FONT></P>
<P align=left><FONT face=serif size=2>The Trustees actively monitored the sale process throughout the period leading up to the public announcement of a final sale agreement on February 1, 2007. The Trustees discussed developments at telephone meetings on October 18, October 25, November 1, November 29, December 20, January 12, January 18, and February 5, and at their regular in-person meetings on November 9-10, December 14-15, January 11-12, February 8-9, and March 8-9. The Trustees who are not affiliated with Putnam Investments met separately to discuss these matters during most of these meetings.</FONT></P>
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<P align=left><FONT face=serif size=2>Mr. Haldeman, the only Trustee affiliated with Putnam Investments, participated in portions of these meetings to provide the perspective of the Putnam organization, but did not otherwise participate in the deliberations of the Trustees regarding a possible sale. </FONT></P>
<P align=left><FONT face=serif size=2>Over the course of these meetings, the Trustees discussed and developed general principles to guide their evaluation of a possible sale transaction. Following the emergence of a number of interested bidders by early November 2006, the Trustees conducted due diligence on these bidders with the assistance of their independent legal counsel. The Trustees communicated their perspectives on these bidders to Marsh &amp; McLennan and also submitted specific requests for information to be provided by bidders. After learning in December 2006 that Marsh &amp; McLennan was negotiating exclusively with Power Financial and Lifeco, the Trustees focused their diligence efforts on Power Financial and Lifeco. <BR>
<BR>
On January 2, 2007, a committee of the Trustees, together with their independent legal counsel, met with representatives of Power Financial and Lifeco to discuss the proposal to acquire Putnam Investments and responses to the Trustees&#146; diligence requests. The Trustees were advised in this meeting that Power Financial and Lifeco intended to maintain Putnam Investments as a separate, stand-alone organization under the Putnam brand and to retain Putnam Investments&#146; current management team. Power Financial and Lifeco expressed their intention to maintain the quality of services that the Putnam organization currently provides to the funds and the funds&#146; current cost structure. At the same time, they indicated their intention, consistent with this commitment, to pursue opportunities for improving the profitability of the Putnam organization. Power Financial and Lifeco indicated interest in pursuing the possibility of making the Putnam funds and other Putnam Investments products available through cer
tain of their distribution channels, but indicated that no significant operational changes were envisioned. Power Financial and Lifeco also raised the possibility of using Putnam Investments&#146; distribution network to distribute certain of the products of one or more of the Power Financial or Lifeco companies. The Trustees noted that these proposals may benefit Lifeco and may also enable Putnam Investments to allocate the costs of its distribution network across a greater number of products. At this meeting, the Trustees reviewed with Power Financial and Lifeco the role and operation of the Board of Trustees, emphasizing its historical independence and activism in such areas as fees and </FONT><FONT face=serif size=2>expenses, regulatory issues, quality of service provided by Putnam to the funds, soft dollars and proxy voting. On January 10, 2007, Ms. Baxter, Vice Chairman of the Trustees and the Chairman of the Contract Committee, also met with a representative of Power Financial and Lifeco for further d
iscussion of these matters. At a telephonic meeting on January 18, 2007, the Trustees received a presentation on the terms of the proposed sale and unanimously expressed their support for the proposed sale, subject to their review of final agreements. <BR>
<BR>
Mr. Hill, Chairman of the Board of Trustees, met with the Chairman and Co-Chief Executive Officer and the President and Co-Chief Executive Officer of Power Corporation of Canada and the Chairman of the Board and the President and Chief Executive Officer of Power Financial on January 28, 2007 to further discuss the role of the Board of Trustees in overseeing the funds and Power Financial&#146;s and Lifeco&#146;s commitment to the Putnam brand, to Putnam Investments&#146; management team, and to support Putnam Investments&#146; management team and the team&#146;s strategy following the transaction with the aim of minimizing disruption and change for the Putnam shareholders. Following the public announcement of the transaction on February 1, 2007, the Trustees received a report from Putnam Investments on the final terms of the transaction at a telephonic meeting on February 5, 2007.</FONT></P>
<P align=left><FONT face=serif size=2>At an in-person meeting on February 8-9, 2007, the Trustees received further presentations regarding the final terms of the transaction. At this meeting, the Trustees considered the approval of new management contracts for each fund proposed to become effective upon the closing of the sale, and the filing of a preliminary proxy statement. At an in-person meeting on March 8-9, 2007, the Trustees considered the approval of the final forms of the proposed new management contracts for each fund and the proxy statement. They reviewed the terms of the proposed new management contracts and the differences between the proposed new management contracts and the current management contracts (and administrative services contracts, in the case of Putnam Municipal Opportunities Trust and Putnam Prime Money Market Fund). They noted that the terms of the proposed new management contracts were substantially identical to the current management contracts, except for certain changes develop
ed at the initiative of the Trustees and designed largely to address inconsistencies among various of the existing contracts, which had been developed and implemented at different times in the past. (These differences are described elsewhere in this proxy statement.) </FONT></P>
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<P align=left><FONT face=serif size=2>In considering the approval of the proposed new management contracts, the Trustees also considered the following matters: <BR>
<BR>
(i) their belief that the transaction will not adversely affect the Putnam funds, and by addressing uncertainty regarding the ownership of Putnam Investments, should enhance the ability of Putnam Management and its affiliates to continue to provide high quality investment advisory and other services to the funds;<BR>
<BR>
(ii) the intention expressed by representatives of Power Financial and Lifeco to retain the existing Putnam Investments&#146; management team and other key professionals and that Putnam Investments would be operated as a separate business unit; <BR>
<BR>
(iii) Power Financial&#146;s and Lifeco&#146;s commitment to support the continued effort of Putnam Management&#146;s current management team to rebuild Putnam&#146;s reputation and enhance the investment process; <BR>
<BR>
(iv) that representatives of Power Financial, Lifeco and Putnam Management advised that they have no current plans to make changes with respect to existing management fees, expense limitations, distribution arrangements or quality of services provided to fund shareholders and committed to maintain the current program of fund expense limitations, at least through June 30, 2009, which ensures that all Putnam funds will have expense levels at or below competitive industry averages; <BR>
<BR>
(v) the financial condition and reputation of Power Financial and Lifeco, their record of operating acquired companies with minimal disruption to their businesses, their high level of respect for the mutual fund governance process and the independence of the Trustees and their decisions, and their commitment to maintain the high level of cooperation and support that the Putnam organization has historically provided; <BR>
<BR>
(vi) the possible benefits that the funds may receive as a result of Putnam Management joining the Power Financial group of companies, which is expected to promote stability of the Putnam organization and eliminate the previous uncertainty with respect to the future ownership of Putnam Investments; <BR>
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(vii) Power Financial&#146;s and Lifeco&#146;s commitment to maintaining competitive compensation arrangements to allow the Putnam organization to attract and retain highly qualified personnel; <BR>
<BR>
</FONT><FONT face=serif size=2>(viii) that the current senior management team at Putnam Investments has indicated its strong support of the transaction; and <BR>
<BR>
(ix) the commitments of Marsh &amp; McLennan and Lifeco to bear all expenses incurred by the Putnam funds in connection with the transaction, including all costs associated with this proxy solicitation. <BR>
<BR>
Finally, in considering the proposed new management contracts, the Trustees also took into account their deliberations and conclusions in connection with their most recent annual approval of the continuance of the funds&#146; management contracts effective July 1, 2006, and the extensive materials that they had reviewed in connection with that approval process.&nbsp; </FONT><FONT face=serif size=2><STRONG>Appendix G </STRONG></FONT><FONT face=serif size=2>contains a summary description of the matters considered by the Trustees in connection with that approval.</FONT></P>
<P align=left><FONT face=serif size=2>Based upon the foregoing considerations, on March 9, 2007, the Trustees, including all of the Trustees present who are not &#147;interested persons&#148; of the funds or Putnam Investments, unanimously approved the proposed new management contracts and determined to recommend their approval to the shareholders of the Putnam funds.</FONT></P>
<P align=left><FONT face=serif size=2>* </FONT><B><FONT face=sans-serif size=2>Additional Information Regarding Potential Interests of Certain Trustees in the Transaction</FONT></B></P>
<P align=left><FONT face=serif size=2>Charles E. Haldeman, Jr., a Trustee of the funds, serves as the President and Chief Executive Officer of Putnam Investments. Mr. Haldeman is also a stockholder of Putnam Investments Trust as a result of various equity compensation grants made to him in recent years. On March 15, 2005, Putnam Investments Trust granted Mr. Haldeman 210,635 shares of class B common stock pursuant to the Putnam Investments Trust Equity Partnership Plan. With respect to this grant, Mr. Haldeman&#146;s shares vest over a four-year period, with 25% of the shares vesting on each anniversary of the grant, although vesting may be accelerated under certain circumstances if Mr. Haldeman&#146;s employment with Putnam terminates. On September 29, 2005, Mr. Haldeman participated in the Putnam Option Exchange Program, in which holders of eligible options to purchase class B common stock were permitted to elect to exchange their options for restricted shares of class B common stock with a value equal to 
the value of the exchanged options. Mr. Haldeman was granted 14,226 restricted shares of class B common stock in exchange for an option to purchase 99,200 shares of</FONT></P>
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<P align=left><FONT face=serif size=2>class B common stock. On March 15, 2006, Putnam Investments Trust granted Mr. Haldeman 111,693 restricted shares of class B common stock for his performance in 2005. With respect to such grant, Mr. Haldeman&#146;s shares vest over a four-year period, with 25% of the shares vesting on each anniversary of the grant. On March 15, 2006, Mr. Haldeman received an additional grant of 314,136 restricted shares of class B common stock and an option to purchase 510,638 shares as a special grant as a result of his employment contract with Marsh &amp; McLennan. With respect to each such grant, Mr. Haldeman&#146;s shares vest 10%, 20%, 30% and 40% over the next four years, subject to acceleration provisions based on investment performance. Mr. Haldeman also holds other restricted shares of class B common stock from grants in years prior to 2005, and it is expected that an additional grant of such restricted shares will be made in March 2007. <BR>
<BR>
As a result of his interests in the stock of Putnam Investments Trust as described above, Mr. Haldeman will benefit directly from the sale of your fund&#146;s investment adviser to Lifeco in an estimated amount of approximately $54 million, which is the value of his holdings in Putnam Investments Trust stock and stock options. Approximately 37% of this amount will be paid at the closing of the transaction and the remainder will be paid, subject to the satisfaction of certain conditions, over a three-year period. In addition, Mr. Haldeman has agreed to amend his employment agreement with Putnam Investments, which will remain in effect following the transaction with Lifeco, among other things, to defer his right to terminate his employment as a result of the transaction and receive severance payments (equal to two times his 2006 total compensation, or approximately $26 million), and Putnam Investments Trust has agreed to pay Mr. Haldeman additional incentive compensation of $8.5 million in the future, continge
nt upon the achievement of certain specified business objectives.</FONT></P>
<P align=left><FONT face=serif size=2>In addition to the interests described above, Mr. Haldeman currently owns 33,334 vested shares and 42,554 unvested shares, which will vest when the transaction with Lifeco closes, of stock and options to purchase 89,350 shares of stock of Marsh &amp; McLennan and may benefit indirectly from the sale of your fund&#146;s investment adviser to Lifeco to the extent of his interests in Marsh &amp; McLennan.</FONT></P>
<P align=left><FONT face=serif size=2>George Putnam, III, is the President of your fund as well as a Trustee. Mr. Putnam is also a stockholder of Marsh &amp; McLennan. As of December 31, 2006, he and his children own in the aggregate 12,110 shares of Marsh &amp; McLennan. In addition, Mr. Putnam serves as a trustee of trusts holding in the aggregate 102,317 shares of Marsh &amp; McLennan; Mr. Putnam is a likely beneficiary of these trusts. Mr. Putnam is also a director of a charitable organization that owns 12,000 shares of Marsh &amp; McLennan in which Mr. Putnam has no economic interest. In addition, certain other members of Mr. Putnam&#146;s family own in the aggregate 518,846 shares of Marsh &amp; McLennan in which Mr. Putnam has no current economic interest. Mr. Putnam may benefit indirectly from the sale of your fund&#146;s investment adviser to Lifeco to the extent of his interests in shares of Marsh &amp; McLennan.</FONT></P>
<P align=left><FONT face=serif size=2>* </FONT><B><FONT face=sans-serif size=2>What is the voting requirement for approving the proposal?</FONT></B></P>
<P align=left><FONT face=serif size=2>Approval of your fund&#146;s proposed new management contract requires the affirmative vote of the lesser of (a) more than 50% of the outstanding shares of the fund, or (b) 67% or more of the shares of the fund present (in person or by proxy) at the meeting if more than 50% of the outstanding shares of the fund are present at the meeting in person or by proxy. </FONT><B><FONT face=serif size=2>The Trustees, including a majority of the Trustees who are not &#147;interested persons&#148; of Putnam Management or the funds, recommend that shareholders approve the proposed new management contracts.</FONT></B></P>
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<P align=left><FONT face=serif size=5>Further Information About Voting&nbsp;</FONT><FONT face=serif size=5>and the Special Meeting</FONT></P>
<P align=left><B><FONT face=serif size=2>Quorum and Methods of Tabulation. </FONT></B><FONT face=serif size=2>The shareholders of each fund vote separately with respect to the proposal. In the case of all closed-end funds, a majority of the shares entitled to vote constitutes a quorum for the transaction of business with respect to any proposal at the meeting. In the case of each other fund, 30% of the shares entitled to vote constitutes a quorum. Shares of all classes of each fund vote together as a single class. Votes cast by proxy or in person at the meeting will be counted by persons appointed by your fund as tellers for the meeting. The tellers will count the total number of votes cast &#147;for&#148; approval of the proposal for purposes of determining whether sufficient affirmative votes have been cast. Shares represented by proxies that reflect abstentions and &#147;broker non-votes&#148; (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.</FONT></P>
<P align=left><FONT face=serif size=2>The documents that authorize Putnam Fiduciary Trust Company to act as Trustee for certain individual retirement accounts (including traditional, Roth and SEP IRAs, 403(b)(7) accounts and Coverdell Education Savings Accounts) provide that if an account owner does not submit voting instructions for his or her shares, Putnam Fiduciary Trust Company will vote such shares in the same proportions as other shareholders with similar accounts have submitted voting instructions for their shares. Shareholders should be aware that this practice, known as &#147;echo-voting,&#148; may have the effect of increasing the number of shares voted in favor of the proposal (possibly increasing the likelihood that the proposal will be approved) and that Putnam Fiduciary Trust Company, which is an affiliate of Putnam Management, may benefit indirectly from the approval of the proposed new management contracts. <BR>
<BR>
Abstentions and broker non-votes have the effect of a negative vote on the proposal. Treating broker non-votes as negative votes may result in a proposal not being approved, even though the votes cast in favor would have been sufficient to approve the proposal if some or all of the broker non-votes had been withheld. In certain circumstances in which a fund has received </FONT><FONT face=serif size=2>sufficient votes to approve a matter being recommended for approval by the fund&#146;s Trustees, the fund may request that brokers and nominees, in their discretion, withhold submission of broker non-votes in order to avoid the need for solicitation of additional votes in favor of the proposal. A fund may also request that selected brokers and nominees, in their discretion, submit broker non-votes, if doing so is necessary to obtain a quorum. <BR>
<BR>
</FONT><FONT face=serif size=2>Shareholders who object to any proposal in this Proxy Statement will not be entitled under Massachusetts law or the Agreement and Declaration of Trust of the particular Putnam fund to demand payment for, or an appraisal of, their shares.</FONT></P>
<P align=left><B><FONT face=serif size=2>Special Rule for Proportional Voting </FONT></B><FONT face=serif size=2>(</FONT><B><I><FONT face=serif size=2>for Putnam High Yield Municipal Trust, Putnam Investment Grade Municipal Trust, Putnam Managed Municipal Income Trust, Putnam Municipal Bond Fund and Putnam Municipal Opportunities Trust). </FONT></I></B><FONT face=serif size=2>For funds listed on the New York Stock Exchange that have outstanding preferred shares, in accordance with the rules of the New York Stock Exchange, brokerage firms may vote for or against a proposal, on behalf of their clients who beneficially own the remarketed or auction rate preferred shares and from whom they have not received voting instructions, in the same proportion as votes for and against such proposal have been received from holders of preferred shares if (i) a minimum of 30% of the outstanding preferred shares have been voted by the holders of preferred shares, (ii) holders of less than 10% of the outstanding preferred shar
es have voted against the proposal and (iii) the holders of the common shares have approved the proposal.</FONT></P>
<P align=left><B><FONT face=serif size=2>Other business. </FONT></B><FONT face=serif size=2>The Trustees know of no matters other than those described in this proxy statement to be brought before the meeting. If, however, any other matters properly come before the meeting, proxies will be voted on such matters in accordance with the judgment of the persons named in the enclosed form of proxy. <BR>
<BR>
</FONT><B><FONT face=serif size=2>Simultaneous meetings. </FONT></B><FONT face=serif size=2>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. </FONT></P>
<P align=left><FONT face=serif size=2>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. </FONT></P>
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<P align=left><B><I><FONT face=serif size=2>Information for all Putnam funds </FONT></I></B><B><I><U><FONT face=serif size=2>except </FONT></U></I></B><B><I><FONT face=serif size=2>funds that are series of Putnam Variable Trust</FONT></I></B></P>
<P align=left><B><FONT face=serif size=2>Solicitation of proxies. </FONT></B><FONT face=serif size=2>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&#146; identities, to allow them to authorize the voting of their shares in accordance with their instructions and to confirm that their instructions have been properly recorded. Your fund has been advised by counsel that these procedures are consistent with the requirements of applicable law. If these procedures were subject to a successful legal challenge, such votes would not be counted at the meeting. Your fund is unaware of any such challenge at this time. Shareholders would be called at the phone numb
er Putnam Management has in its records for their accounts, and would be asked for their Social Security number or other identifying information. The shareholders would then be given an opportunity to authorize the proxies to vote their shares at the meeting in accordance with their instructions. To ensure that the shareholders&#146; 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.</FONT></P>
<P align=left><FONT face=serif size=2>Common shareholders have the opportunity to submit their voting instructions via the Internet by using a program provided by a third-party vendor hired by Putnam Management or by automated telephone service. The giving of a proxy will not affect your right to vote in person should you decide to attend the meeting. To use the Internet, please access the Internet address listed on your proxy card and follow the instructions on the Internet site. To record your voting instructions via automated telephone service, use the toll-free number listed on your proxy card. The Internet and telephone voting procedures are designed to authenticate shareholder identities, to allow shareholders to give their voting instructions, and to confirm that shareholders&#146; 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.</FONT></P>
<P align=left><FONT face=serif size=2>Your fund&#146;s Trustees have adopted a general policy of maintaining confidentiality in the voting of proxies. Consistent with this policy, your fund may solicit proxies from shareholders who have not voted their shares or who have abstained from voting, including brokers and nominees. </FONT></P>
<P align=left><B><FONT face=serif size=2>Revocation of proxies. </FONT></B><FONT face=serif size=2>Proxies, including proxies given by telephone or over the Internet, may be revoked at any time before they are voted either (i) by a written revocation received by the Clerk of your fund, (ii) by properly executing a later-dated proxy, (iii) by recording later-dated voting instructions by telephone or via the Internet, (iv) in the case of brokers and nominees, by submitting written instructions to your fund&#146;s solicitation agent or the applicable record shareholders, or (v) by attending the meeting and voting in person.</FONT></P>
<P align=left><B><I><FONT face=serif size=2>Information for funds that are series of Putnam Variable Trust</FONT></I></B></P>
<P align=left><B><FONT face=serif size=2>Voting Process. </FONT></B><FONT face=serif size=2>With respect to funds that are series of Putnam Variable Trust only, as of the Record Date, certain insurance companies (each, an &#147;Insurance Company&#148;) were shareholders of record of each fund that is a series of Putnam Variable Trust. Each Insurance Company will vote shares of the fund or funds held by it in accordance with voting instructions received from variable annuity contract and variable life insurance policy owners (collectively, the &#147;Contract Owners&#148;) for whose accounts the shares are held. Accordingly, with respect to funds that are series of Putnam Variable Trust, this proxy statement is also intended to be used by each Insurance Company in obtaining these voting instructions from Contract Owners. In the event that a Contract Owner gives no instructions, the relevant Insurance Company will vote the shares of the appropriate fund attributable to the Contract Owner in the same proportion 
as shares of that fund for which it has received instructions. One effect of this system of proportional voting is that, if only a small number of Contract Owners provide voting instructions, this small number of Contract Owners may determine the outcome of a vote for a fund. </FONT><B><FONT face=serif size=2><BR>
<BR>
Solicitation of proxies. </FONT></B><FONT face=serif size=2>In addition to soliciting proxies and voting instructions by mail, the Trustees of your fund and employees of Putnam Management, Putnam Fiduciary Trust Company, Putnam Retail Management and the Insurance Companies may solicit voting instructions from Contract Owners in person or by telephone. Your fund may arrange to have a proxy solicitation firm call you to record your voting instructions by telephone. The procedures for solicitation of proxies and voting</FONT></P>
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<P align=left><FONT face=serif size=2>instructions by telephone are designed to authenticate Contract Owners&#146; identities, to allow them to authorize the voting of their units in accordance with their instructions and to confirm that their instructions have been properly recorded. Your fund has been advised by counsel that these procedures are consistent with the requirements of applicable law. If these procedures were subject to a successful legal challenge, such votes would not be counted at the meeting. Your fund is unaware of any such challenge at this time. Contract Owners would be called at the phone number Putnam Management has in its records for their accounts (or that Putnam Management obtains from the Insurance Companies), and would be asked for their Social Security number or other identifying information. The Contract Owners would then be given an opportunity to give their instructions. To ensure that the Contract Owners&#146; 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.</FONT></P>
<P align=left><B><FONT face=serif size=2>Contract Owner Instructions. </FONT></B><FONT face=serif size=2>Each Contract Owner is entitled to instruct his or her insurance company as to how to vote its shares and can do so by marking voting instructions on the ballot enclosed with this proxy statement and then signing, dating and mailing the ballot in the envelope provided. If a ballot is not marked to indicate voting instructions, but is signed, dated and returned, it will be treated as an instruction to vote the shares in favor of the proposal. Each Insurance Company will vote the shares for which it receives timely voting instructions from Contract Owners in accordance with those instructions and will vote those shares for which it receives no timely voting instructions for and against approval of a proposal, and as an abstention, in the same proportion as the shares for which it receives voting instructions. Shares attributable to accounts retained by each Insurance Company will be voted in the same propor
tion as votes cast by Contract Owners. Accordingly, there are not expected to be any &#147;broker non-votes.&#148; <BR>
<BR>
Contract Owners have the opportunity to submit their voting instructions via the Internet by utilizing a program provided by a third party vendor hired by Putnam Management or by automated telephone service. The giving of such voting instructions will not affect your right to vote in person should you decide to attend the meeting. To use the Internet, please access the Internet address listed on your proxy card, and follow the instructions on the Internet site. The Internet voting procedures are designed to authenticate Contract </FONT><FONT face=serif size=2>Owners&#146; identities, to allow Contract Owners to give their voting instructions and to confirm that their instructions have been recorded properly. Contract Owners voting via the Internet should understand that there may be costs associated with electronic access, such as usage charges from Internet access providers and telephone companies, that must be borne by the Contract Owners.</FONT></P>
<P align=left><FONT face=serif size=2>Your fund&#146;s Trustees have adopted a general policy of maintaining confidentiality in the voting of proxies and the giving of voting instructions. Consistent with this policy, your fund may solicit proxies from Contract Owners who have not voted their shares or who have abstained from voting.</FONT></P>
<P align=left><B><FONT face=serif size=2>Revocation of instructions. </FONT></B><FONT face=serif size=2>Any Contract Owner giving instructions to an Insurance Company has the power to revoke such instructions by mail by providing superseding instructions. All properly executed instructions received in time for the meeting will be voted as specified in the instructions.</FONT></P>
<P align=left><B><FONT face=serif size=2>Revocation of proxies. </FONT></B><FONT face=serif size=2>Proxies, including proxies given by telephone or over the Internet, may be revoked at any time before they are voted either (i) by a written revocation received by the Clerk of your fund, (ii) by properly executing a later-dated proxy, (iii) by recording later-dated voting instructions by telephone or via the Internet, or (iv) by attending the meeting and voting in person.</FONT></P>
<P align=left><B><I><FONT face=serif size=2>Information for all Putnam funds other than the closed-end funds</FONT></I></B></P>
<P align=left><B><FONT face=serif size=2>Date for receipt of shareholders&#146; proposals for subsequent meetings of shareholders. </FONT></B><FONT face=serif size=2>Your fund does not regularly hold annual shareholder meetings, but may from time to time schedule special meetings. In addition, your fund has voluntarily undertaken to hold shareholder meetings at least every five years for the purpose of electing your fund&#146;s Trustees; the last such meeting was held in 2004. In accordance with the regulations of the SEC, in order to be eligible for inclusion in the fund&#146;s proxy statement for such a meeting, a shareholder or Contract Owner proposal must be received a reasonable time before the fund prints and mails its proxy statement.</FONT></P>
<P align=left><FONT face=serif size=2>The Board Policy and Nominating Committee of the Board of Trustees, which consists of Independent Trustees only, will also consider nominees recommended by shareholders of the fund to serve as Trustees. A shareholder or Contract Owner must submit the names of any such nominees in writing to</FONT></P>
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<P align=left><FONT face=serif size=2>the fund, to the attention of the Clerk, at the address of the principal offices of the fund.</FONT></P>
<P align=left><FONT face=serif size=2>If a shareholder who wishes to present a proposal at a special shareholder meeting fails to notify the fund within a reasonable time before the fund mails its proxy statement, the persons named as proxies will have discretionary authority to vote on the shareholder&#146;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&#146;s proxy rules. All shareholder proposals must also comply with other requirements of the SEC&#146;s rules and the fund&#146;s Agreement and Declaration of Trust.</FONT></P>
<P align=left><B><I><FONT face=serif size=2>Information for all Putnam closed-end funds</FONT></I></B></P>
<P align=left><B><FONT face=serif size=2>Date for receipt of shareholders&#146; proposals for the next annual meeting. </FONT></B><FONT face=serif size=2>It is currently anticipated that your fund&#146;s next annual meeting of shareholders will be held in the month/year indicated below:</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="73%"><FONT face=sans-serif size=2>Putnam California Investment Grade</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="73%"><FONT face=sans-serif size=2>&nbsp; Municipal Trust</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=2>October 2007</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="73%"><FONT face=sans-serif size=2>Putnam High Income Securities Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=2>January 2008</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="73%"><FONT face=sans-serif size=2>Putnam High Yield Municipal Trust</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=2>October 2007</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="73%"><FONT face=sans-serif size=2>Putnam Investment Grade Municipal Trust</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=2>October 2007</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="73%"><FONT face=sans-serif size=2>Putnam Managed Municipal Income Trust</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=2>October 2007</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="73%"><FONT face=sans-serif size=2>Putnam Master Intermediate Income Trust</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=2>January 2008</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="73%"><FONT face=sans-serif size=2>Putnam Municipal Bond Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=2>October 2007</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="73%"><FONT face=sans-serif size=2>Putnam Municipal Opportunities Trust</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=2>October 2007</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="73%"><FONT face=sans-serif size=2>Putnam New York Investment Grade</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="73%"><FONT face=sans-serif size=2>&nbsp; Municipal Trust</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=2>October 2007</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="73%"><FONT face=sans-serif size=2>Putnam Premier Income Trust</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=2>January 2008</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="73%"><FONT face=sans-serif size=2>Putnam Tax-Free Health Care Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=2>October 2007</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=serif size=2>The Trustees of your fund reserve the right to set an earlier or later date for the next meeting. Shareholder proposals to be included in the proxy statement for that meeting must be received by your fund on or before July 23, 2007 for Putnam High Income Securities Fund, Putnam Master Intermediate Income Trust and Putnam Premier Income Trust and May 18, 2007 for the other closed-end funds identified above. In order for a shareholder proposal to be included in the proxy statement, both the submitting shareholder and the proposal itself must satisfy the requirements set forth in Rule 14a-8 under the Securities Exchange Act of 1934, as amended. Shareholders who wish to make a proposal at the next annual meeting &#151; other than one that will be included in the fund&#146;s proxy materials &#151;should notify the fund no later than October 6, 2007 for Putnam High Income Securities Fund, Putnam Master Intermediate Income Trust and Putnam Premier Income Trust and August 1, 200
7 for the other closed-end funds identified above. Shareholders who </FONT><FONT face=serif size=2>wish to propose one or more nominees for election as Trustees, or to make a proposal fixing the number of Trustees, at the next annual meeting must provide written notice to the fund (including all required information) so that such notice is received in good order by the fund no earlier than October 13, 2007 and no later than November 12, 2007 for Putnam High Income Securities Fund, Putnam Master Intermediate Income Trust and Putnam Premier Income Trust and no earlier than August 1, 2007 and no later than August 31, 2007 for the other closed-end funds identified above.</FONT></P>
<P align=left><FONT face=serif size=2>The Board Policy and Nominating Committee will also consider nominees recommended by shareholders of each fund to serve as Trustees. A shareholder must submit the names of any such nominees in writing to the fund, to the attention of the Clerk, at the address of the principal offices of the fund.</FONT></P>
<P align=left><FONT face=serif size=2>If a shareholder who wishes to present a proposal fails to notify the fund by the dates specified above, the proxies solicited for the meeting will have discretionary authority to vote on the shareholder&#146;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&#146;s proxy rules. All shareholder proposals must also comply with other requirements of the SEC&#146;s rules and the fund&#146;s Agreement and Declaration of Trust.</FONT></P>
<P align=left><B><I><FONT face=serif size=2>Information for all Putnam funds</FONT></I></B></P>
<P align=left><B><FONT face=serif size=2>Expenses of Solicitation. </FONT></B><FONT face=serif size=2>Persons holding shares as nominees will, upon request, be reimbursed for their reasonable expenses in soliciting instructions from their principals. The Putnam funds have retained Computershare Fund Services to aid in the solicitation of instructions for registered and nominee accounts. Computershare Fund Services&#146; fee (estimated to be approximately $3 million), as well as the other expenses of the preparation of proxy statements and related materials, including printing and delivery costs and the proxy solicitation expenses, are borne by Marsh &amp; McLennan and Lifeco.</FONT></P>
<P align=left><B><FONT face=serif size=2>Adjournment. </FONT></B><FONT face=serif size=2>If sufficient votes in favor the proposal set forth in the Notice of a Special Meeting of Shareholders are not received by the time scheduled for the meeting or if the quorum required for the proposal has not been met, the persons named as proxies may propose adjournments of the special meeting for a period or periods of not more than 60 days in the aggregate to permit further solicitation of proxies. Any</FONT></P>
<P align=center><FONT face=sans-serif size=1>17</FONT></P>
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<P align=left><FONT face=serif size=2>adjournment will require the affirmative vote of a majority of the votes cast on the question in person or by proxy at the session of the meeting to be adjourned. The persons named as proxies will vote in favor of adjournment those proxies that they are entitled to vote in favor of the proposal. They will vote against any such adjournment those proxies required to be voted against the proposal. Any proposal for which sufficient favorable votes have been received by the time of the meeting may be acted upon and considered final regardless of whether the meeting is adjourned to permit additional solicitation with respect to any other proposal. <BR>
<BR>
</FONT><B><FONT face=serif size=2>Duplicate mailings. </FONT></B><FONT face=serif size=2>As permitted by SEC rules, Putnam&#146;s policy is to send a single copy of the proxy statement to shareholders who share the same last name and address, unless a shareholder previously has requested otherwise. Separate proxy ballots will be included with the proxy statement for each account registered at that address. If you would prefer to receive your own copy of the proxy statement, please call our proxy information line at 1-866-905-2396.</FONT></P>
<P align=left><B><FONT face=serif size=2>Financial information. Your fund&#146;s Clerk will furnish to you, upon request and without charge, a copy of the fund&#146;s annual report for its most recent fiscal year, and a copy of its semiannual report for any subsequent semiannual period. You may direct such requests to Putnam Investor Services, P.O. Box 41203, Providence, RI 02940-1203 or 1-800-225-1581.</FONT></B></P>
<P align=left><FONT face=serif size=5>Fund Information</FONT></P>
<P align=left><B><FONT face=serif size=2>Putnam Investments. </FONT></B><FONT face=serif size=2>Putnam Investment Management, LLC, your fund&#146;s investment manager and administrator, is a subsidiary of Putnam, LLC (Putnam Investments). Putnam Investments is a wholly owned subsidiary of Putnam Investments Trust, a holding company that, except for a minority stake owned by employees, is in turn owned by Marsh &amp; McLennan, a leading professional services firm that includes risk and insurance services, investment management and consulting businesses. Following the transaction described in this Proxy Statement, Putnam Investments Trust will be a wholly owned subsidiary of Great-West, as described above, and Power Corporation of Canada will be the ultimate parent company of Putnam Investment Management, LLC. Effective January 1, 2007, Putnam Management has delegated responsibility for providing certain administrative, pricing and bookkeeping services for the funds to State Street Bank and Trust Company.</FON
T></P>
<P align=left><FONT face=serif size=2>The address of each of Putnam Investments Trust, Putnam Investments and Putnam Investment Management, LLC, is One Post Office Square, Boston, Massachusetts 02109. The address of the executive offices of Marsh &amp; McLennan is 1166 Avenue of the Americas, New York, New York 10036. Charles E. Haldeman, Jr. is the President and Chief Executive Officer of Putnam Investments. His address is One Post Office Square, Boston, Massachusetts 02109. The addresses of the Putnam companies and Mr. Haldeman are not expected to change following the completion of the transaction.</FONT></P>
<P align=left><FONT face=serif size=2>Putnam Management provides investment advisory services to other funds that may have investment objectives and policies similar to those of your fund. The table in </FONT><B><FONT face=serif size=2>Appendix H </FONT></B><FONT face=serif size=2>identifies these other funds and states their net assets and the management fees that they paid to Putnam Management during the fiscal years noted.</FONT></P>
<P align=left><B><FONT face=serif size=2>Putnam Investments Limited and The Putnam Advisory Company, LLC. </FONT></B><FONT face=serif size=2>Putnam Investments Limited, which has been retained by Putnam Investment Management, LLC as investment sub-adviser with respect to a portion of the assets of certain funds, is a subsidiary of The Putnam Advisory Company, LLC, which is owned by Putnam Advisory Company LP, a subsidiary of Putnam Investments. Simon Davis, Co-Chief Investment Officer of Putnam&#146;s</FONT></P>
<P align=center><FONT face=sans-serif size=1>18</FONT></P>
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<P align=left><FONT face=serif size=2>International Core Equity investment team, is a director and the Chief Executive Officer of Putnam Investments Limited. The other directors of Putnam Investments Limited, listed with their principal business occupations at Putnam Investments, are David Puddle (Senior International Account Manager), Joseph T. Phoenix (Head of European Distribution), Jeffrey R. Peters (Head of International Business), and Anton Simon (Team Leader, European High Yield investment team). Putnam Advisory Company LP&#146;s general partner is Putnam Advisory Company GP, Inc. Putnam Advisory Company GP, Inc. is a wholly owned subsidiary of Putnam Investments, which is also the sole limited partner of Putnam Advisory Company LP. The Putnam Advisory Company, LLC has also been retained to serve as a sub-adviser for a portion of the assets of Putnam International Equity Fund.</FONT></P>
<P align=left><FONT face=serif size=2>The address of Putnam Investments Limited, Mr. Davis, and each director of Putnam Investments Limited is Cassini House, 57-59 St. James&#146;s Street, London, England, SW1A 1LD. The address of each of The Putnam Advisory Company, LLC, Putnam Advisory Company LP, and Putnam Advisory Company GP, Inc. is One Post Office Square, Boston, Massachusetts 02109.</FONT></P>
<P align=left><B><FONT face=serif size=2>Putnam Fiduciary Trust Company. </FONT></B><FONT face=serif size=2>Putnam Fiduciary Trust Company, the fund&#146;s investor servicing agent and custodian, is a subsidiary of Putnam Investments. Its address is One Post Office Square, Boston, Massachusetts 02109. The funds have retained State Street Bank and Trust Company as custodian, and it is expected that Putnam Fiduciary Trust Company&#146;s service as custodian will terminate during the first half of 2007 when all of the funds&#146; assets in its custody or the custody of its sub-custodians have been transferred into State Street Bank and Trust Company&#146;s safekeeping.</FONT></P>
<P align=left><B><FONT face=serif size=2>Putnam Retail Management. </FONT></B><FONT face=serif size=2>Putnam Retail Management Limited Partnership, the fund&#146;s principal underwriter (&#147;PRM&#148;), is a subsidiary of Putnam Investments. Putnam Retail Management GP, Inc. is the general partner of PRM, and also owns a minority stake in PRM. Putnam Retail Management GP, Inc. is a wholly owned subsidiary of Putnam Investments. The address of PRM and Putnam Retail Management GP, Inc. is One Post Office Square, Boston, Massachusetts 02109.</FONT></P>
<P align=left><B><FONT face=serif size=2>Payments to Putnam Management or its affiliates. Appendix I </FONT></B><FONT face=serif size=2>shows amounts paid to Putnam Management or its affiliates during each fund&#146;s most recent fiscal year for the services noted. The funds made no other material payments to Putnam Management or its affiliates during the periods shown.</FONT></P>
<P align=left><B><FONT face=serif size=2>Limitation of Trustee liability. </FONT></B><FONT face=serif size=2>Your fund&#146;s Agreement and Declaration of Trust provides that the fund will indemnify its Trustees and officers against liabilities and expenses incurred in connection with litigation in which they may be involved because of their offices with the fund, except if it is determined in the manner specified in the Agreement and Declaration of Trust that they have not acted in good faith in the reasonable belief that their actions were in the best interests of the fund or that such indemnification would relieve any officer or Trustee of any liability to the fund or its shareholders arising by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of his or her duties. Your fund, at its expense, provides liability insurance for the benefit of its Trustees and officers.</FONT></P>
<P align=left><B><FONT face=serif size=2>Officers and other information. </FONT></B><FONT face=serif size=2>All of the officers of your fund, with the exception of George Putnam, III, the fund&#146;s President, are employees of Putnam Management or its affiliates or serve on the staff of the Office of the Trustees. Because of their positions with Putnam Management or its affiliates or their ownership of stock of Marsh &amp; McLennan, the parent corporation of Putnam Investments Trust and indirectly of Putnam Investments, Messrs. Haldeman and Putnam, as well as the other officers of your fund, except those who serve on the staff of the Office of the Trustees, will benefit from the management fees, distribution fees, custodian fees, and investor servicing fees paid or allowed by your fund. In addition to Mr. Haldeman, certain of your fund&#146;s executive officers (other than Mr. Putnam and those officers who are members of the Trustees&#146; independent administrative staff) own class B shares of Putnam Inves
tments Trust or options to purchase class B shares and, accordingly, will benefit, pro rata with other holders of class B shares and options, from the payments to be made with respect to class B shares and options in connection with the transaction, as described above under &#147;The Stock Purchase Agreement.&#148; In addition to Mr. Putnam, the other officers of your fund are as follows:</FONT></P>
<P align=center><FONT face=sans-serif size=1>19</FONT></P>
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<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%"><B><FONT face=sans-serif size=1>Name, Year of birth,</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="16%"><B><FONT face=sans-serif size=1>Year first elected</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="44%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%"><B><FONT face=sans-serif size=1>Office with the fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="16%"><B><FONT face=sans-serif size=1>to office</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="44%"><B><FONT face=sans-serif size=1>Business experience during past 5 years</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%" colSpan=3><FONT face=sans-serif size=1>
<HR noShade SIZE=1>
</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%"><FONT face=sans-serif size=2>Charles E. Porter (Born 1938)*</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>1989</FONT>&nbsp; </TD>
     <TD noWrap align=left width="44%"><FONT face=sans-serif size=2>Executive Vice President, Associate Treasurer,</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%"><FONT face=sans-serif size=2>Executive Vice President, Associate Treasurer,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=left width="44%"><FONT face=sans-serif size=2>Principal Executive Officer and Compliance Liaison,</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%"><FONT face=sans-serif size=2>Principal Executive Officer and Compliance Liaison</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=left width="44%"><FONT face=sans-serif size=2>The Putnam Funds</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%" colSpan=3><FONT face=sans-serif size=2>
<HR noShade SIZE=1>
</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%"><FONT face=sans-serif size=2>Jonathan S. Horwitz (Born 1955)*</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>2004</FONT>&nbsp; </TD>
     <TD noWrap align=left width="44%"><FONT face=sans-serif size=2>Senior Vice President and Treasurer, The Putnam Funds.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%"><FONT face=sans-serif size=2>Senior Vice President and Treasurer</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=left width="44%"><FONT face=sans-serif size=2>Prior to 2004, Mr. Horwitz was a Managing Director at</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=left width="44%"><FONT face=sans-serif size=2>Putnam Investments</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%" colSpan=3><FONT face=sans-serif size=2>
<HR noShade SIZE=1>
</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%"><FONT face=sans-serif size=2>Steven D. Krichmar (Born 1958)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>2002</FONT>&nbsp; </TD>
     <TD noWrap align=left width="44%"><FONT face=sans-serif size=2>Senior Managing Director, Putnam Investments</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%"><FONT face=sans-serif size=2>Vice President and Principal Financial Officer</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=left width="44%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%" colSpan=3><FONT face=sans-serif size=2>
<HR noShade SIZE=1>
</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%"><FONT face=sans-serif size=2>Janet C. Smith (Born 1965)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>2006</FONT>&nbsp; </TD>
     <TD noWrap align=left width="44%"><FONT face=sans-serif size=2>Managing Director, Putnam Investments</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%"><FONT face=sans-serif size=2>Vice President, Assistant Treasurer and</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=left width="44%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%"><FONT face=sans-serif size=2>Principal Accounting Officer</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=left width="44%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%" colSpan=3><FONT face=sans-serif size=2>
<HR noShade SIZE=1>
</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%"><FONT face=sans-serif size=2>Susan G. Malloy (Born 1957)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>2007</FONT>&nbsp; </TD>
     <TD noWrap align=left width="44%"><FONT face=sans-serif size=2>Managing Director, Putnam Investments</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%"><FONT face=sans-serif size=2>Vice President and Assistant Treasurer</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=left width="44%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%" colSpan=3><FONT face=sans-serif size=2>
<HR noShade SIZE=1>
</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%"><FONT face=sans-serif size=2>Beth Mazor (Born 1958)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>2002</FONT>&nbsp; </TD>
     <TD noWrap align=left width="44%"><FONT face=sans-serif size=2>Managing Director, Putnam Investments</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%"><FONT face=sans-serif size=2>Vice President</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=left width="44%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%" colSpan=3><FONT face=sans-serif size=2>
<HR noShade SIZE=1>
</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%"><FONT face=sans-serif size=2>Robert R. Leveille (Born 1969)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>2007</FONT>&nbsp; </TD>
     <TD noWrap align=left width="44%"><FONT face=sans-serif size=2>Managing Director, Putnam Investments.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%"><FONT face=sans-serif size=2>Chief Compliance Officer</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=left width="44%"><FONT face=sans-serif size=2>Prior to 2005, Mr. Leveille was a member of Bell Boyd &amp;</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=left width="44%"><FONT face=sans-serif size=2>Lloyd LLC, and prior to 2003 he was Vice President and</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=left width="44%"><FONT face=sans-serif size=2>Senior Counsel of Liberty Funds Group LLC</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%" colSpan=3><FONT face=sans-serif size=2>
<HR noShade SIZE=1>
</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%"><FONT face=sans-serif size=2>Mark C. Trenchard (Born 1962)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>2002</FONT>&nbsp; </TD>
     <TD noWrap align=left width="44%"><FONT face=sans-serif size=2>Managing Director, Putnam Investments</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%"><FONT face=sans-serif size=2>Vice President and BSA Compliance Officer</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=left width="44%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%" colSpan=3><FONT face=sans-serif size=2>
<HR noShade SIZE=1>
</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%"><FONT face=sans-serif size=2>Francis J. McNamara, III (Born 1955)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>2004</FONT>&nbsp; </TD>
     <TD noWrap align=left width="44%"><FONT face=sans-serif size=2>Senior Managing Director, Putnam Investments, Putnam</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%"><FONT face=sans-serif size=2>Vice President and Chief Legal Officer</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=left width="44%"><FONT face=sans-serif size=2>Management and Putnam Retail Management. Prior to</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=left width="44%"><FONT face=sans-serif size=2>2004, Mr. McNamara was General Counsel of State Street</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=left width="44%"><FONT face=sans-serif size=2>Research &amp; Management</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%" colSpan=3><FONT face=sans-serif size=2>
<HR noShade SIZE=1>
</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%"><FONT face=sans-serif size=2>James P. Pappas (Born 1953)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>2004</FONT>&nbsp; </TD>
     <TD noWrap align=left width="44%"><FONT face=sans-serif size=2>Managing Director, Putnam Investments and Putnam</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%"><FONT face=sans-serif size=2>Vice President</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=left width="44%"><FONT face=sans-serif size=2>Management. During 2002, Mr. Pappas was Chief Operating</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=left width="44%"><FONT face=sans-serif size=2>Officer of Atalanta/Sosnoff Management Corporation</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%" colSpan=3><FONT face=sans-serif size=2>
<HR noShade SIZE=1>
</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%"><FONT face=sans-serif size=2>Richard S. Robie III (Born 1960)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>2004</FONT>&nbsp; </TD>
     <TD noWrap align=left width="44%"><FONT face=sans-serif size=2>Senior Managing Director, Putnam Investments, Putnam</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%"><FONT face=sans-serif size=2>Vice President</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=left width="44%"><FONT face=sans-serif size=2>Management and Putnam Retail Management. Prior to</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=left width="44%"><FONT face=sans-serif size=2>2003, Mr. Robie was Senior Vice President of United Asset</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=left width="44%"><FONT face=sans-serif size=2>Management Corporation</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%" colSpan=3><FONT face=sans-serif size=2>
<HR noShade SIZE=1>
</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%"><FONT face=sans-serif size=2>Judith Cohen (Born 1945)*</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>1993</FONT>&nbsp; </TD>
     <TD noWrap align=left width="44%"><FONT face=sans-serif size=2>Clerk and Assistant Treasurer,</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%"><FONT face=sans-serif size=2>Vice President, Assistant Treasurer and Clerk</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=left width="44%"><FONT face=sans-serif size=2>The Putnam Funds</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%" colSpan=3><FONT face=sans-serif size=2>
<HR noShade SIZE=1>
</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%"><FONT face=sans-serif size=2>Wanda M. McManus (Born 1947)*</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>1993</FONT>&nbsp; </TD>
     <TD noWrap align=left width="44%"><FONT face=sans-serif size=2>Vice President, Senior Associate Treasurer and Assistant</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%"><FONT face=sans-serif size=2>Vice President, Senior Associate Treasurer and</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=left width="44%"><FONT face=sans-serif size=2>Clerk, The Putnam Funds</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%"><FONT face=sans-serif size=2>Assistant Clerk</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=left width="44%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%" colSpan=3><FONT face=sans-serif size=2>
<HR noShade SIZE=1>
</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%"><FONT face=sans-serif size=2>Nancy E. Florek (Born 1957)*</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>2000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="44%"><FONT face=sans-serif size=2>Vice President, Assistant Clerk, Assistant Treasurer and</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%"><FONT face=sans-serif size=2>Vice President, Assistant Clerk, Assistant Treasurer</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=left width="44%"><FONT face=sans-serif size=2>Proxy Manager, The Putnam Funds</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="38%"><FONT face=sans-serif size=2>and Proxy Manager</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=left width="44%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%" colSpan=3><FONT face=sans-serif size=2>
<HR noShade SIZE=1>
</FONT></TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>* Officers of each fund who are members of the Trustees&#146; independent administrative staff. Compensation for these individuals is fixed by the Trustees and reimbursed to Putnam Management.</FONT></P>
<P align=left><B><FONT face=serif size=2>5% Beneficial Ownership. </FONT></B><FONT face=serif size=2>As of February 9, 2007, to the knowledge of the funds, no person other than those listed on </FONT><B><FONT face=serif size=2>Appendix J </FONT></B><FONT face=serif size=2>owned beneficially or of record 5% or more of any class of shares of any Putnam fund.</FONT></P>
<P align=left><B><FONT face=serif size=2>Security Ownership. </FONT></B><FONT face=serif size=2>As of February 9, 2007, the Trustees, and the officers and Trustees of each fund as a group, owned less than 1% of the outstanding shares of each class of each fund except as listed on </FONT><B><FONT face=serif size=2>Appendix K. </FONT></B></P>
<P align=center><FONT face=sans-serif size=1>20</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><STRONG><FONT face=Arial size=2>APPENDIX A</FONT></STRONG>&nbsp;&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp;</TD></TR>
<TR>
     <TD width="99%" colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="63%" colSpan=7><FONT face=serif size=5>Number of Shares Outstanding as of the Record Date</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%" background="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam Asset</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam American</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam Asset</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Allocation:</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam Asset</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Government Income</FONT></TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Allocation:</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Conservative</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Allocation: Growth</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam Capital</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Balanced Portfolio</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Portfolio</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Portfolio</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Appreciation Fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class A</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>72,865,917.27</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>122,021,755.62</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>47,747,383.07</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>100,864,116.97</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>23,291,938.06</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class B</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>4,095,758.65</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>27,095,823.41</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>8,791,276.89</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>29,394,656.54</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>3,940,639.05</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class C</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>362,334.96</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>11,729,075.16</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>5,120,056.82</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>13,646,674.87</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>179,529.90</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class M</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>236,179.16</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>3,007,196.12</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>1,235,844.52</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>3,232,356.68</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>609,599.30</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class R</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>6,441.77</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>853,748.29</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>119,787.08</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>557,535.69</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>4,600.00</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class Y</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>1,063,530.67</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>15,411,460.24</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>42,115,185.82</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>13,223,656.09</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>315,127.63</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam Convertible</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam Capital</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam Classic</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Income-Growth</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam Discovery</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam Diversified</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Opportunities Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Equity Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Trust</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Growth Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Income Trust</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class A</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>41,144,555.26</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>40,595,267.65</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>31,968,799.11</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>25,551,820.26</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>139,369,157.64</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class B</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>16,110,795.73</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>6,418,041.89</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>2,367,171.39</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>12,721,621.79</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>24,961,695.71</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class C</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>2,973,737.56</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>958,815.98</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>1,299,400.49</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>1,681,471.19</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>11,650,294.58</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class M</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>1,398,979.57</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>1,797,409.53</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>299,922.75</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>1,033,939.84</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>92,776,999.34</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class R</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>168,102.38</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>2,505.14</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>60,139.09</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>4,130.84</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>88,080.49</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class Y</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>35,099,403.26</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>363,824.44</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>1,250,837.29</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>503,794.69</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>1,672,006.89</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>The Putnam Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>The George</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam Equity</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam Europe</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam Floating</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>for Growth and</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam Fund</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Equity Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Rate Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Income</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>of Boston</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class A</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>157,072,443.43</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>14,295,888.85</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>34,069,160.51</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>590,338,882.88</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>179,832,180.65</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class B</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>33,001,131.13</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>3,350,256.99</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>2,824,206.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>76,125,642.11</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>29,622,989.85</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class C</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>5,571,878.88</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>207,893.51</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>11,254,351.86</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>4,697,759.79</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>3,994,179.41</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class M</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>3,213,892.88</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>455,266.90</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>738,028.33</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>5,300,544.50</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>10,393,510.94</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class R</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>303,161.43</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>1,904.31</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>34,919.15</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>73,707.25</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>103,827.17</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class Y</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>16,061,796.95</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>319,432.06</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>340,886.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>66,351,947.61</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>21,384,284.28</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam Global</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam Global</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam Global</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Natural Resources</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam Growth</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam Health</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Equity Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Income Trust</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Opportunities Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Sciences Trust</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class A</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>154,095,635.81</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>7,060,947.13</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>15,653,346.61</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>24,472,157.80</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>28,927,487.92</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class B</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>28,419,243.30</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>1,108,506.86</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>3,780,138.75</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>17,073,607.94</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>8,272,662.98</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class C</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>3,074,350.64</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>245,341.53</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>772,968.28</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>1,824,836.37</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>657,779.60</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class M</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>2,926,058.67</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>1,690,461.95</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>262,426.52</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>647,345.53</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>443,866.41</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class R</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>119,295.63</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>12,140.40</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>92,955.50</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>7,262.60</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>13,921.65</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class Y</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>2,448,854.15</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>223,906.67</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>478,806.42</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>538,692.91</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>342,128.20</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>A-1</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_25"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam High</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam International</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam High</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Yield Advantage</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam Income</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Capital</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Yield Trust</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Strategies Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Opportunities Fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class A</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>214,263,626.27</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>69,047,167.80</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>115,132,837.04</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>1,128,943.13</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>30,841,820.87</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class B</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>35,526,881.29</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>2,410,648.64</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>20,851,564.20</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>90,473.73</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>12,129,431.30</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class C</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>8,003,654.20</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>3,145,332.50</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>96,387.62</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>2,546,743.45</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class M</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>2,458,597.49</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>53,420,283.75</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>45,251,242.49</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>14,762.21</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>714,683.60</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class R</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>102,530.40</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>125,183.77</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>100.16</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>75,238.94</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class Y</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>27,378,744.87</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>1,706,106.72</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>177,258,302.83</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>9,840.89</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>2,206,407.37</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam Limited</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam International</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam International</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Duration</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=center width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam International</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Growth and Income</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>New Opportunities</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam Investors</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Government</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Equity Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Income Fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class A</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>123,963,180.92</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>50,293,708.97</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>36,675,349.61</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>161,312,146.48</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>38,927,862.63</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class B</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>35,642,093.03</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>11,670,009.22</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>7,681,747.98</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>52,883,910.68</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>12,128,138.57</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class C</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>9,131,139.27</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>2,768,235.99</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>1,062,278.46</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>4,820,801.43</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>2,175,900.36</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class M</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>3,010,273.49</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>1,315,109.74</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>1,170,698.61</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>3,005,098.49</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>1,132,429.82</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class R</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>160,950.77</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>90,049.40</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>23,974.60</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>92,867.49</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>43,311.30</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class Y</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>45,254,449.85</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>1,076,267.48</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>1,072,479.47</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>44,422,070.60</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>31,983,627.46</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam OTC &amp;</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam Mid Cap</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam Money</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam New</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam New Value</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Emerging Growth</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Value Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Market Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Opportunities Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class A</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>42,398,349.46</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>2,920,948,710.35</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>70,262,928.78</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>73,155,533.01</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>54,395,541.91</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class B</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>15,750,043.79</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>142,836,931.51</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>11,901,149.73</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>21,337,273.64</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>15,771,750.32</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class C</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>2,856,353.83</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>12,307,784.09</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>783,189.79</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>3,730,447.21</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>1,502,590.14</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class M</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>950,669.79</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>39,596,481.71</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>1,559,344.08</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>1,769,378.85</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>1,711,144.83</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class R</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>358,284.53</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>150,481,386.65</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>33,000.80</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>132,420.91</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>18,653.35</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class Y</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>3,179,712.07</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>8,117,183.90</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>6,731,154.03</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>5,087,917.45</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class T</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>12,617,909.46</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam Research</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>RetirementReady</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>RetirementReady</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>RetirementReady</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>RetirementReady</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>2010 Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>2015 Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>2020 Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>2025 Fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class A</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>29,333,675.54</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>772,059.93</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>1,379,501.57</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>1,448,305.47</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>994,647.77</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class B</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>12,711,374.91</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>4,850.05</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>10,873.85</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>10,633.05</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>13,267.72</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class C</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>1,885,836.25</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>1,102.42</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>3,558.28</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>2,146.66</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>1,941.72</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class M</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>791,134.38</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>2,420.50</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>2,423.71</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>8,512.45</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>4,131.13</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class R</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>14,534.57</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>3,875.65</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>314.02</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>2,350.70</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>2,078.75</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class Y</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>4,634,275.19</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>513,407.69</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>820,883.78</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>818,743.23</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>749,421.25</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>RetirementReady</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>RetirementReady</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>RetirementReady</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>RetirementReady</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>RetirementReady</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>2030 Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>2035 Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>2040 Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>2045 Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>2050 Fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class A</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>809,425.85</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>566,560.46</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>391,380.39</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>287,756.96</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>116,641.82</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class B</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>7,977.02</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>5,877.96</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>2,850.44</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>1,639.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>1,972.60</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class C</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>573.73</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>742.94</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>46.78</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>157.30</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>21.00</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class M</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>10,372.28</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>754.72</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>555.24</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>86.18</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>35.43</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class R</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>1,983.89</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>1,915.49</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>1,081.03</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>1,046.90</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>426.49</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class Y</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>511,624.43</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>338,614.85</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>178,952.65</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>160,734.47</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>39,744.66</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>A-2</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_26"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam U.S.</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam Utilities</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="9%" background="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>RetirementReady</FONT>&nbsp;</TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam Small Cap</FONT></TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam Small Cap</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Government Income</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Growth and Income</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Maturity Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Growth Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Value Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Trust</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class A</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>550,439.44</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>16,375,506.50</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>31,283,523.74</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>78,006,578.08</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>39,927,098.75</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class B</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>2,724.81</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>2,656,018.65</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>10,093,908.96</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>8,655,212.62</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>4,317,531.32</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class C</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>474.19</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>959,519.89</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>2,554,124.15</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>1,130,838.12</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>341,742.96</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class M</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>1,627.45</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>245,623.25</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>459,286.92</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>2,267,956.64</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>252,063.21</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class R</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>1,238.44</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>466,903.37</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>43,309.22</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>27,999.29</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class Y</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>169,708.41</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>1,459,510.41</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>2,766,584.83</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>338,769.86</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>311,707.26</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam AMT-Free</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam Arizona Tax</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam California</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam Voyager</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Insured Municipal</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Exempt Income</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Tax Exempt</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Vista Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Income Fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class A</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>151,064,499.09</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>291,430,571.94</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>18,164,565.16</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>8,358,332.18</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>235,644,823.67</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class B</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>32,381,052.41</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>58,735,359.33</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>3,055,201.22</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>1,010,192.63</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>12,778,779.68</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class C</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>3,525,231.81</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>3,878,871.97</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>568,917.59</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>1,098.02</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>2,652,011.94</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class M</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>2,619,218.03</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>3,275,589.42</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>72,405.24</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>147,218.49</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>699,584.22</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class R</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>173,844.08</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>112,440.10</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class Y</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>16,103,511.27</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>76,680,967.17</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Massachusetts Tax</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam Michigan</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam Minnesota</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam New Jersey</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam New York</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Exempt Income</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Tax Exempt Income</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Tax Exempt Income</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Tax Exempt Income</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Tax Exempt Income</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class A</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>26,215,513.73</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>11,101,453.78</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>10,283,132.58</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>17,161,743.73</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>124,340,641.84</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class B</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>4,497,397.65</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>1,707,679.47</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>1,736,026.54</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>4,416,716.50</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>6,751,493.68</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class C</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>463,345.14</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>3,761.57</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>1,125.02</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>6,527.34</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>1,277,948.82</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class M</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>493,447.04</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>140,497.62</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>75,805.52</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>167,636.44</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>268,803.79</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam Ohio Tax</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Pennsylvania Tax</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Exempt Income</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Exempt Income</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam Tax Exempt</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam Tax-Free</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam Tax Smart</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>High Yield Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Equity Fund&#174;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class A</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>15,904,859.33</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>15,390,981.58</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>128,599,352.45</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>97,257,670.60</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>11,859,823.99</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class B</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>1,681,836.61</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>2,742,974.10</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>4,412,867.57</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>10,465,862.02</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>8,024,033.79</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class C</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>4,251.19</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>34,127.68</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>1,008,936.24</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>1,567,885.51</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>2,822,106.04</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class M</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>145,110.14</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>253,222.15</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>569,148.43</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>879,537.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>329,185.89</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=11>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=1>Putnam Prime</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=1>Putnam Tax Exempt</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=1>Money Market Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=1>Money Market Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class A</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>1,091.28</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>Class A</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>80,627,090.07</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class I</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>2,136,089,094.67</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class P</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>2,455,425,894.00</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class R</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>1,084.04</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class S</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>1,095.41</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam California</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam Investment</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Investment Grade</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam High Income</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam High Yield</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Grade Municipal</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Municipal Trust</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Securities Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Municipal Trust</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Trust</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Common</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>4,517,546.20</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>21,546,985.27</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>21,131,981.15</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>20,235,386.57</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Preferred</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>320.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>900.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>1,400.00</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>A-3</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_27"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam Master</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam New York</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Intermediate Income</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Investment Grade</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam Premier</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam Tax-Free</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Trust</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Municipal Trust</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Income Trust</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Health Care Fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Common</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>91,389,179.63</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>2,775,583.20</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>178,799,200.45</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>13,435,771.46</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Preferred</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>200.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam Managed</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Municipal Income</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam Municipal</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam Municipal</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Trust</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Bond Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Opportunities Trust</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Common</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>44,658,877.70</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>16,784,709.41</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>15,172,510.20</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Series A Preferred</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>550.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>2,920.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>800.00</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Series B Preferred</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>550.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>2,400.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>1,620.00</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Series C Preferred</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>650.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>1,620.00</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam VT</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>American</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam VT</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam VT</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Government</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam VT Capital</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam VT Capital</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Discovery Growth</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Diversified Income</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Appreciation Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Opportunities Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class IA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>7,067,352.30</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>2,922,895.64</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>1,571,121.84</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>1,860,663.81</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>32,042,509.43</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class IB</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>5,643,928.66</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>2,343,331.93</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>1,303,057.65</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>4,177,181.16</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>21,961,115.93</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam VT The</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam VT Global</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam VT Equity</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>George Putnam Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Asset Allocation</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam VT Global</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam VT Growth</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>of Boston</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Equity Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>and Income Fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class IA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>8,276,290.10</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>24,852,762.65</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>18,531,543.55</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>37,648,893.62</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>108,760,571.76</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class IB</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>7,151,770.71</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>22,860,556.96</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>5,449,017.93</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>5,641,156.26</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>26,283,390.89</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam VT</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam VT Growth</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam VT Health</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam VT</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam VT</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>International Equity</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Opportunities Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Sciences Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>High Yield Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class IA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>3,933,806.14</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>8,113,723.80</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>52,822,019.32</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>33,494,430.97</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>19,428,381.26</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class IB</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>5,444,573.65</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>11,040,152.95</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>21,393,548.76</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>23,725,014.48</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>41,720,259.80</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam VT</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam VT</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>International Growth</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>International New</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam VT</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam VT Mid Cap</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam VT Money</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>and Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Opportunities Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Investors Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Value Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Market Fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class IA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>16,477,887.45</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>6,289,256.68</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>20,363,311.31</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>3,598,840.41</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>199,471,422.59</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class IB</FONT>&nbsp; </TD>
     <TD noWrap align=center width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>7,020,219.95</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>9,079,615.87</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>19,002,910.36</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>1,762,566.50</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>192,517,577.58</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam VT OTC &amp;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam VT New</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam VT New</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Emerging Growth</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam VT Research</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam VT Small</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Opportunities Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Value Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Cap Value Fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class IA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>54,242,526.61</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>20,229,842.20</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>5,758,192.19</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>5,328,590.92</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>9,913,500.45</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class IB</FONT>&nbsp; </TD>
     <TD noWrap align=center width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>7,086,946.71</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>16,084,839.46</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>4,822,512.27</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>7,780,017.61</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>30,338,512.99</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=11>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam VT Utilities</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Growth and Income</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam VT</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Putnam VT</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Vista Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=1>Voyager Fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class IA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>17,556,287.34</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>11,847,214.18</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>45,658,943.22</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Class IB</FONT>&nbsp; </TD>
     <TD noWrap align=center width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>3,446,135.67</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>15,577,482.04</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>13,591,095.47</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>A-4</FONT></P>
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<A name="page_28"></A>
<P align=left><B><FONT face=sans-serif size=2>APPENDIX B</FONT></B></P>
<P align=left><FONT face=serif size=5>Form of New Management Contract</FONT></P>
<P align=left><FONT face=serif size=2>This Management Contract is dated as of ____________, 2007 between [NAME OF FUND], a Massachusetts business trust (the &#147;Fund&#148;), and PUTNAM INVESTMENT MANAGEMENT, LLC, a Delaware limited liability company (the &#147;Manager&#148;).<BR>
<BR>
In consideration of the mutual covenants herein contained, it is agreed as follows:</FONT></P>
<P align=left><FONT face=serif size=2>1. SERVICES TO BE RENDERED BY MANAGER </FONT><FONT face=serif size=2>TO FUND.</FONT></P>
<P align=left><FONT face=serif size=2>(a) The Manager, at its expense, will furnish continuously an investment program for the Fund or, in the case of a Fund that has divided its shares into two or more series under Section 18(f)(2) of the Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;), each series of the Fund identified from time to time on Schedule A to this Contract (each reference in this Contract to &#147;a Fund&#148; or to &#147;the Fund&#148; is also deemed to be a reference to any existing series of the Fund, as appropriate in the particular context), will determine what investments will be purchased, held, sold or exchanged by the Fund and what portion, if any, of the assets of the Fund will be held uninvested and will, on behalf of the Fund, make changes in such investments. Subject always to the control of the Trustees of the Fund and except for the functions carried out by the officers and personnel referred to in Section 1(d), the Manager will also manage, supervise and co
nduct the other affairs and business of the Fund and matters incidental thereto. In the performance of its duties, the Manager will comply with the provisions of the Agreement and Declaration of Trust and By-Laws of the Fund and the stated investment objectives, policies and restrictions of the Fund, will use its best efforts to safeguard and promote the welfare of the Fund and to comply with other policies which the Trustees may from time to time determine and will exercise the same care and diligence expected of the Trustees.</FONT></P>
<P align=left><FONT face=serif size=2>(b) The Manager, at its expense, except as such expense is paid by the Fund as provided in Section 1(d), will furnish (1) all necessary investment and management facilities, including salaries of personnel, required for it to execute its duties faithfully; (2) suitable office space for the Fund; and (3) administrative facilities, including bookkeeping, clerical personnel and equipment necessary for the efficient conduct of </FONT><FONT face=serif size=2>the affairs of the Fund, including determination of the net asset value of the Fund, but excluding shareholder accounting services. Except as otherwise provided in Section 1(d), the Manager will pay the compensation, if any, of the officers of the Fund.</FONT></P>
<P align=left><FONT face=serif size=2>(c) The Manager, at its expense, will place all orders for the purchase and sale of portfolio investments for the Fund&#146;s account with brokers or dealers selected by the Manager. In the selection of such brokers or dealers and the placing of such orders, the Manager will use its best efforts to obtain for the Fund the most favorable price and execution available, except to the extent it may be permitted to pay higher brokerage commissions for brokerage and research services as described below. In using its best efforts to obtain for the Fund the most favorable price and execution available, the Manager, bearing in mind the Fund&#146;s best interests at all times, will consider all factors it deems relevant, including by way of illustration, price, the size of the transaction, the nature of the market for the security, the amount of the commission, the timing of the transaction taking into account market prices and trends, the reputation, experience and financial stab
ility of the broker or dealer involved and the quality of service rendered by the broker or dealer in other transactions. Subject to such policies as the Trustees of the Fund may determine, the Manager will not be deemed to have acted unlawfully or to have breached any duty created by this Contract or otherwise solely by reason of its having caused the Fund to pay a broker or dealer that provides brokerage and research services to the Manager an amount of commission for effecting a portfolio investment transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction, if the Manager determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer, viewed in terms of either that particular transaction or the Manager&#146;s overall responsibilities with respect to the Fund and to other clients of the Manager as to which the Manager exercises investme
nt discretion. The Manager agrees that in connection with purchases or sales of portfolio investments for the Fund&#146;s account, neither the Manager nor any officer, director, employee or agent of the Manager shall act as a principal or receive any commission other than as provided in Section 3.</FONT></P>
<P align=center><FONT face=sans-serif size=1>B-1</FONT></P>
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<A name="page_29"></A>
<P align=left><FONT face=serif size=2>(d) The Fund will pay or reimburse the Manager for the compensation in whole or in part of such officers of the Fund and persons assisting them as may be determined from time to time by the Trustees of the Fund. The Fund will also pay or reimburse the Manager for all or part of the cost of suitable office space, utilities, support services and equipment attributable to such officers and persons as may be determined in each case by the Trustees of the Fund. The Fund will pay the fees, if any, of the Trustees of the Fund.</FONT></P>
<P align=left><FONT face=serif size=2>(e) The Manager will not be obligated to pay any expenses of or for the Fund not expressly assumed by the Manager pursuant to this Section 1 other than as provided in Section 3.</FONT></P>
<P align=left><FONT face=serif size=2>(f) Subject to the prior approval of a majority of the Trustees, including a majority of the Trustees who are not &#147;interested persons&#148; and, to the extent required by the 1940 Act and the rules and regulations under the 1940 Act, subject to any applicable guidance or interpretation of the Securities Exchange Commission or its staff, by the shareholders of the Fund, the Manager may, from time to time, delegate to a sub-adviser or sub-administrator any of the Manager&#146;s duties under this Contract, including the management of all or a portion of the assets being managed. In all instances, however, the Manager must oversee the provision of delegated services, the Manager must bear the separate costs of employing any sub-adviser or sub-administrator, and no delegation will relieve the Manager of any of its obligations under this Contract. </FONT></P>
<P align=left><FONT face=serif size=2>2. OTHER AGREEMENTS, ETC.</FONT></P>
<P align=left><FONT face=serif size=2>It is understood that any of the shareholders, Trustees, officers and employees of the Fund may be a shareholder, director, officer or employee of, or be otherwise interested in, the Manager, and in any person controlled by or under common control with the Manager, and that the Manager and any person controlled by or under common control with the Manager may have an interest in the Fund. It is also understood that the Manager and any person controlled by or under common control with the Manager may have advisory, management, service or other contracts with other </FONT><FONT face=serif size=2>organizations and persons and may have other interests and business.</FONT></P>
<P align=left><FONT face=serif size=2>3. COMPENSATION TO BE PAID BY THE FUND TO THE MANAGER.</FONT></P>
<P align=left><FONT face=serif size=2>The Fund will pay to the Manager as compensation for the Manager&#146;s services rendered, for the facilities furnished and for the expenses borne by the Manager pursuant to paragraphs (a), (b), and (c) of Section 1, a fee, based on the Fund&#146;s Average Net Assets, computed and paid [monthly/quarterly]</FONT><SUP><FONT face=serif size=2>1 </FONT></SUP><FONT face=serif size=2>at the annual rates set forth on Schedule B attached to this Contract, as from time to time amended.</FONT></P>
<P align=left><FONT face=serif size=2>[</FONT><I><FONT face=serif size=2>This paragraph included for all funds except closed-end funds</FONT></I><FONT face=serif size=2>] &#147;Average Net Assets&#148; means the average of all of the determinations of the Fund&#146;s net asset value at the close of business on each business day during each [month/quarter] while this Contract is in effect. The fee is payable for each [month/quarter] within [15/30]</FONT><SUP><FONT face=serif size=2>2 </FONT></SUP><FONT face=serif size=2>days after the close of the [month/quarter].</FONT></P>
<P align=left><FONT face=serif size=2>[</FONT><I><FONT face=serif size=2>This paragraph included for Putnam California Investment Grade Municipal Trust, Putnam High Yield Municipal Trust, Putnam Investment Grade Municipal Trust, Putnam Managed Municipal Income Trust, Putnam Municipal Bond Fund, Putnam Municipal Opportunities Trust, and Putnam New York Investment Grade Municipal Trust only</FONT></I><FONT face=serif size=2>] &#147;Average Net Assets&#148; means the average of all of the determinations of the Fund&#146;s net asset value during each quarter at the close of business on the last business day of each week, for each week which ends during the quarter. The fee is payable for each quarter within 30 days after the close of the quarter.</FONT></P>
<P align=left><FONT face=serif size=2>[</FONT><I><FONT face=serif size=2>This paragraph included for Putnam High Income Securities Fund, Putnam Master Intermediate Income Trust, and Putnam Premier Income Trust only</FONT></I><FONT face=serif size=2>] &#147;Average Net Assets&#148; means the average of the weekly determinations of the difference between the total assets of the Fund (including any assets attributable to leverage for investment purposes) and the total liabilities of the Fund (excluding liabilities incurred in connection with leverage for investment purposes), determined at the close of the last business day of each</FONT></P>
<P align=left><SUP><FONT face=sans-serif size=1>1 </FONT></SUP><FONT face=sans-serif size=1>Fees are computed and paid </FONT><I><FONT face=sans-serif size=1>monthly </FONT></I><FONT face=sans-serif size=1>for Putnam AMT-Free Insured Municipal Fund, Putnam Floating Rate Income Fund, Putnam Global Equity Fund, Putnam Income Strategies Fund, Putnam OTC &amp; Emerging Growth Fund, Putnam Prime Money Market Fund, Putnam RetirementReady 2050 Fund, Putnam RetirementReady 2045 Fund, Putnam RetirementReady 2040 Fund, Putnam RetirementReady 2035 Fund, Putnam RetirementReady 2030 Fund, Putnam RetirementReady 2025 Fund, Putnam RetirementReady 2020 Fund, Putnam RetirementReady 2015 Fund, Putnam RetirementReady 2010 Fund, Putnam RetirementReady Maturity Fund, Putnam Tax-Free High Yield Fund, Putnam VT Capital Appreciation Fund, Putnam VT Capital Opportunities Fund, Putnam VT Discovery Growth Fund, Putnam VT Equity Income Fund, and Putnam VT Mid Cap Value Fund. For all other Putnam funds, fees are computed and paid </FONT
><I><FONT face=sans-serif size=1>quarterly</FONT></I><FONT face=sans-serif size=1>.<BR>
<BR>
</FONT><SUP><FONT face=sans-serif size=1>2 </FONT></SUP><FONT face=sans-serif size=1>Fees are payable within </FONT><I><FONT face=sans-serif size=1>15 </FONT></I><FONT face=sans-serif size=1>days after the close of the month for Putnam AMT-Free Insured Municipal Fund, Putnam Income Strategies Fund, Putnam Prime Money Market Fund, and Putnam Tax-Free High Yield Fund. Fees are payable within </FONT><I><FONT face=sans-serif size=1>30 </FONT></I><FONT face=sans-serif size=1>days after the close of the month or quarter, as applicable, for all other Putnam funds.</FONT></P>
<P align=center><FONT face=sans-serif size=1>B-2</FONT></P>
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<P align=left><FONT face=serif size=2>week, for each week which ends during the quarter. The fee is payable for each quarter within 30 days after the close of the quarter. As used in this Section 3, &#147;leverage for investment purposes&#148; means any incurrence of indebtedness the proceeds of which are to be invested in accordance with the Fund&#146;s investment objective. For purposes of calculating Average Net Assets, liabilities associated with any instruments or transactions used to leverage the Fund&#146;s portfolio for investment purposes (whether or not such instruments or transactions are &#147;covered&#148; within the meaning of the 1940 Act and the rules and regulations thereunder, giving effect to any interpretations of the Securities and Exchange Commission and its staff) are not considered liabilities. For purposes of calculating Average Net Assets, the total assets of the Fund will be deemed to include (a) any proceeds from the sale or transfer of an asset (the &#147;Underlying Asset&#148;) 
of the Fund to a counterparty in a reverse repurchase or dollar roll transaction and (b) the value of such Underlying Asset as of the relevant measuring date.</FONT></P>
<P align=left><FONT face=serif size=2>[</FONT><I><FONT face=serif size=2>This paragraph included for Putnam Tax-Free Health Care Fund only</FONT></I><FONT face=serif size=2>] &#147;Average Net Assets&#148; means the average of the weekly determinations of the difference between the total assets of the Fund (including any assets attributable to leverage for investment purposes) and the total liabilities of the Fund (excluding liabilities incurred in connection with leverage for investment purposes), determined at the close of the last business day of each week, for each week which ends during the quarter. The fee is payable for each quarter within 30 days after the close of the quarter. As used in this Section 3, &#147;leverage for investment purposes&#148; means any incurrence of indebtedness or issuance of Preferred Shares (as defined below), the proceeds of which are to be invested in accordance with the Fund&#146;s investment objective. For purposes of calculating Average Net Assets, neither the liquidati
on preference of any Preferred Shares nor any liabilities associated with any instruments or transactions used to leverage the Fund&#146;s portfolio for investment purposes (whether or not such instruments or transactions are &#147;covered&#148; within the meaning of the 1940 Act and the rules and regulations thereunder, giving effect to any interpretations of the Securities and Exchange Commission and its staff), is considered a liability. For purposes of calculating Average Net Assets, the total assets of the Fund will be deemed to include (a) any proceeds from the sale or transfer of an asset (the &#147;Underlying Asset&#148;) of the Fund to a counterparty in a reverse </FONT><FONT face=serif size=2>repurchase or dollar roll transaction and (b) the value of such Underlying Asset as of the relevant measuring date.</FONT></P>
<P align=left><FONT face=serif size=2>[</FONT><I><FONT face=serif size=2>This paragraph included for Putnam California Investment Grade Municipal Trust, Putnam High Yield Municipal Trust, Putnam Investment Grade Municipal Trust, Putnam Managed Municipal Income Trust, Putnam Municipal Bond Fund, Putnam Municipal Opportunities Trust, and Putnam New York Investment Grade Municipal Trust only</FONT></I><FONT face=serif size=2>] In the event that the amount of dividends payable with respect to any outstanding shares of beneficial interest of the Fund with preference rights (&#147;Preferred Shares&#148;) during any period for which regular payments of dividends or other distributions on such Preferred Shares are payable (each, a &#147;Dividend Period&#148;) plus expenses attributable to such Preferred Shares for such Dividend Period exceeds the portion of the Fund&#146;s net income and net short-term capital gains (but not long-term capital gains) accruing during such Dividend Period as a result of the fact that s
uch Preferred Shares were outstanding during such Period, then the fee payable to the Manager pursuant to this Section 3 shall be reduced by the amount of such excess; provided, however, that the amount of such reduction for any such Period shall not exceed the amount determined by multiplying (i) the aggregate liquidation preference of the average number of Preferred Shares outstanding during the Period by (ii) the percentage of the aggregate net asset value of the Fund which the fee payable to the Manager during such Period pursuant to this Section 3 would constitute without giving effect to such reduction. The amount of such reduction attributable to any Dividend Period shall reduce the amount of the next quarterly payment of the fee payable pursuant to this Section 3 following the end of such Dividend Period, and of any subsequent quarterly or more frequent payments, as may be necessary. The expenses attributable to the Preferred Shares and the portion of the Fund&#146;s net income and net short-term cap
ital gains accruing during any Dividend Period as a result of the fact that Preferred Shares were outstanding during such Period shall be determined by the Trustees of the Fund.</FONT></P>
<P align=left><FONT face=serif size=2>[</FONT><I><FONT face=serif size=2>For Putnam High Income Securities Fund, Putnam Master Intermediate Income Trust, and Putnam Premier Income Trust only</FONT></I><FONT face=serif size=2>] In the event that, during any period for which payments of interest or fees (whether designated as such or implied) are payable in connection with any indebtedness or other obligation of the Fund incurred for investment purposes </FONT></P>
<P align=center><FONT face=sans-serif size=1>B-3</FONT></P>
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<P align=left><FONT face=serif size=2>(a &#147;Measurement Period&#148;), the amount of interest payments and fees with respect to such indebtedness or other obligation, plus additional expenses attributable to any such leverage for investment purposes for such Measurement Period, exceeds the portion of the Fund&#146;s net income and net short-term capital gains (but not long-term capital gains) accruing during such Measurement Period as a result of the fact that such indebtedness or other obligation was outstanding during the Measurement Period, then the fee payable to the Manager pursuant to this Section 3 shall be reduced by the amount of such excess; provided, however, that the amount of such reduction for any such Period shall not exceed the amount determined by multiplying (i) the aggregate value of all assets representing leverage for investment purposes by (ii) the percentage of the Average Net Assets of the Fund which the fee payable to the Manager during such Measurement Period pursuant to this Sec
tion 3 would constitute without giving effect to such reduction. The amount of such reduction attributable to any Measurement Period shall reduce the amount of the next quarterly payment of the fee payable pursuant to this Section 3 following the end of such Measurement Period, and of any subsequent quarterly or more frequent payments, as may be necessary. The expenses attributable to leverage for investment purposes and the portion of the Fund&#146;s net income and net short-term capital gains accruing during any Measurement Period as a result of the fact that leverage for investment purposes was outstanding during such Measurement Period shall be determined by the Trustees of the Fund.</FONT></P>
<P align=left><FONT face=serif size=2>[</FONT><I><FONT face=serif size=2>For Putnam Tax-Free Health Care Fund only</FONT></I><FONT face=serif size=2>] In the event that, during any period for which payments of dividends or other distributions on any outstanding shares of beneficial interest of the Fund having a preference as to dividends and/or in liquidation over the Fund&#146;s common shares of beneficial interest (&#147;Preferred Shares&#148;) are payable or during which payments of interest or fees (whether designated as such or implied) are payable in connection with any indebtedness or other obligation of the Fund incurred for investment purposes (a &#147;Measurement Period&#148;), the amount of dividends or other distributions payable with respect to such Preferred Shares, plus the amount of interest payments and fees with respect to such indebtedness or other obligation, plus additional expenses attributable to any such leverage for investment purposes for such Measurement Period, exceeds the portion
 of the Fund&#146;s net income and net&nbsp;</FONT><FONT face=serif size=2>short-term capital gains (but not long-term capital gains) accruing during such Measurement Period as a result of the fact that such Preferred Shares and/or such indebtedness or other obligation was outstanding during the Measurement Period, then the fee payable to the Manager pursuant to this Section 3 shall be reduced by the amount of such excess; provided, however, that the amount of such reduction for any such Period shall not exceed the amount determined by multiplying (i)(A) the aggregate liquidation preference of the average number of Preferred Shares outstanding during the Period plus (B) the aggregate value of all other assets representing leverage for investment purposes by (ii) the percentage of the Average Net Assets of the Fund which the fee payable to the Manager during such Measurement Period pursuant to this Section 3 would constitute without giving effect to such reduction. The amount of such reduction attributable to
 any Measurement Period shall reduce the amount of the next quarterly payment of the fee payable pursuant to this Section 3 following the end of such Measurement Period, and of any subsequent quarterly or more frequent payments, as may be necessary. The expenses attributable to leverage for investment purposes and the portion of the Fund&#146;s net income and net short-term capital gains accruing during any Measurement Period as a result of the fact that Preferred Shares and/or other leverage for investment purposes were outstanding during such Measurement Period shall be determined by the Trustees of the Fund.</FONT></P>
<P align=left><FONT face=serif size=2>The fees payable by the Fund to the Manager pursuant to this Section 3 will be reduced by any commissions, fees, brokerage or similar payments received by the Manager or any affiliated person of the Manager in connection with the purchase and sale of portfolio investments of the Fund, less any direct expenses approved by the Trustees incurred by the Manager or any affiliated person of the Manager in connection with obtaining such payments.</FONT></P>
<P align=left><FONT face=serif size=2>In the event that expenses of the Fund for any fiscal year exceed the expense limitation on investment company expenses imposed by any statute or regulatory authority of any jurisdiction in which shares of the Fund are qualified for offer or sale, the compensation due the Manager for such fiscal year will be reduced by the amount of excess by a reduction or refund thereof. In the event that the expenses of the Fund exceed any expense limitation which the Manager may, by written notice to the Fund, voluntarily declare to be effective subject to such terms and conditions as the Manager may prescribe in such notice, the compensation due</FONT></P>
<P align=center><FONT face=sans-serif size=1>B-4</FONT></P>
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<P align=left><FONT face=serif size=2>the Manager will be reduced, and if necessary, the Manager will assume expenses of the Fund, to the extent required by the terms and conditions of such expense limitation.</FONT></P>
<P align=left><FONT face=serif size=2>If the Manager serves for less than the whole of a [month/quarter], the foregoing compensation will be prorated.</FONT></P>
<P align=left><FONT face=serif size=2>4. ASSIGNMENT TERMINATES THIS CONTRACT; AMENDMENTS OF THIS CONTRACT.</FONT></P>
<P align=left><FONT face=serif size=2>This Contract will automatically terminate, without the payment of any penalty, in the event of its assignment, provided that no delegation of responsibilities by the Manager pursuant to Section 1(f) will be deemed to constitute an assignment. No provision of this Contract may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against which enforcement of the change, waiver, discharge or termination is sought. No amendment of this Contract is effective until approved in a manner consistent with the 1940 Act, the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities Exchange Commission or its staff.</FONT></P>
<P align=left><FONT face=serif size=2>5. EFFECTIVE PERIOD AND TERMINATION OF THIS CONTRACT.</FONT></P>
<P align=left><FONT face=serif size=2>This Contract is effective upon its execution and will remain in full force and effect as to a Fund continuously thereafter (unless terminated automatically as set forth in Section 4 or terminated in accordance with the following paragraph) through June 30, 2008, and will continue in effect from year to year thereafter so long as its continuance is approved at least annually by (i) the Trustees, or the shareholders by the affirmative vote of a majority of the outstanding shares of the respective Fund, and (ii) a majority of the Trustees who are not interested persons of the Fund or of the Manager, by vote cast in person at a meeting called for the purpose of voting on such approval.</FONT></P>
<P align=left><FONT face=serif size=2>Either party hereto may at any time terminate this Contract as to a Fund by not less than 60 days&#146; written notice delivered or mailed by registered mail, postage prepaid, to the other party. Action with respect to a Fund may be taken either (i) by vote of a majority of the Trustees or (ii) by the affirmative vote of a majority of the outstanding shares of the respective Fund.</FONT></P>
<P align=left><FONT face=serif size=2>Termination of this Contract pursuant to this Section 5 will be without the payment of any penalty.</FONT></P>
<P align=left><FONT face=serif size=2>6. CERTAIN DEFINITIONS.</FONT></P>
<P align=left><FONT face=serif size=2>For the purposes of this Contract, the &#147;affirmative vote of a majority of the outstanding shares&#148; of a Fund means the affirmative vote, at a duly called and held meeting of shareholders of the respective Fund, (a) of the holders of 67% or more of the shares of the Fund present (in person or by proxy) and entitled to vote at the meeting, if the holders of more than 50% of the outstanding shares of the Fund entitled to vote at the meeting are present in person or by proxy or (b) of the holders of more than 50% of the outstanding shares of the Fund entitled to vote at the meeting, whichever is less. </FONT></P>
<P align=left><FONT face=serif size=2>For the purposes of this Contract, the terms &#147;affiliated person,&#148; &#147;control,&#148; &#147;interested person&#148; and &#147;assignment&#148; have their respective meanings defined in the 1940 Act, subject, however, to the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities Exchange Commission or its staff; the term &#147;approve at least annually&#148; will be construed in a manner consistent with the 1940 Act and the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities Exchange Commission or its staff; and the term &#147;brokerage and research services&#148; has the meaning given in the Securities Exchange Act of 1934 and the rules and regulations under the Securities Exchange Act of 1934 and under any applicable guidance or interpretation of the Securities Exchange Commission or its staff.</FONT></P>
<P align=left><FONT face=serif size=2>7. NON-LIABILITY OF MANAGER.</FONT></P>
<P align=left><FONT face=serif size=2>In the absence of willful misfeasance, bad faith or gross negligence on the part of the Manager, or reckless disregard of its obligations and duties hereunder, the Manager shall not be subject to any liability to the Fund or to any shareholder of the Fund for any act or omission in the course of, or connected with, rendering services hereunder.</FONT></P>
<P align=left><FONT face=serif size=2>8. LIMITATION OF LIABILITY OF THE TRUSTEES, OFFICERS, AND SHAREHOLDERS.</FONT></P>
<P align=left><FONT face=serif size=2>A copy of the Agreement and Declaration of Trust of the Fund is on file with the Secretary of The Commonwealth of Massachusetts, and notice is hereby given that this instrument is executed on behalf of the Trustees of the Fund as Trustees and not individually and that the obligations of or arising out of this instrument are not binding upon any of the Trustees, officers or shareholders individually but are binding only upon the assets and property of the respective Fund.</FONT></P>
<P align=center><FONT face=sans-serif size=1>B-5</FONT></P>
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<P align=left><FONT face=serif size=2>IN WITNESS WHEREOF, [NAME OF FUND] and</FONT><BR>
<FONT face=serif size=2>PUTNAM INVESTMENT MANAGEMENT, LLC have</FONT><BR>
<FONT face=serif size=2>each caused this instrument to be signed on its behalf</FONT><BR>
<FONT face=serif size=2>by its President or a Vice President thereunto duly</FONT><BR>
<FONT face=serif size=2>authorized, all as of the day and year first above written.</FONT><BR>
<BR>
<FONT face=serif size=2>[NAME OF FUND]</FONT><BR>
<BR>
<FONT face=serif size=2>By: <BR>
___________________________</FONT><BR>
<BR>
<FONT face=serif size=2>PUTNAM INVESTMENT </FONT><BR>
<FONT face=serif size=2>MANAGEMENT, LLC</FONT><BR>
<BR>
<FONT face=serif size=2>By: <BR>
___________________________</FONT></P>
<P align=center><FONT face=sans-serif size=1>B-6</FONT></P>
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<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=center width="34%"><B><FONT face=serif size=2>Schedule A</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="65%"><B><FONT face=serif size=2>Schedule B</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=2>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center width="34%"><FONT face=serif size=2>[LIST OF FUNDS]</FONT>&nbsp; </TD>
     <TD noWrap align=center width="65%"><FONT face=serif size=2>[FEE SCHEDULE. See </FONT><B><FONT face=serif size=2>Appendix E </FONT></B><FONT face=serif size=2>to this proxy</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="34%">&nbsp; </TD>
     <TD noWrap align=center width="65%"><FONT face=serif size=2>statement for each fund&#146;s detailed fee information.]</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>B-7</FONT></P>
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<P align=left><B><FONT face=sans-serif size=2>APPENDIX C</FONT></B></P>
<P align=left><FONT face=serif size=5>Comparison of Terms of</FONT> <BR>
<FONT face=serif size=5>Management Contracts</FONT></P>
<P align=left><FONT face=serif size=2>As noted above, the Trustees have taken the opportunity presented by the need to approve new management contracts to standardize, clarify and modernize various provisions of your fund&#146;s management contract. This</FONT> <B><FONT face=serif size=2>Appendix C</FONT></B> <FONT face=serif size=2>describes certain differences between the proposed new management contract and the current management contracts. Except as noted, the proposed new management contract for a fund does not differ in any substantive respects from a fund&#146;s current management contract. Minor clarifications of language, corrections of obvious typographical errors and elimination of outdated provisions with no current or future application that do not change a reasonable substantive interpretation of a contract are not separately described. The complete text of the form of the proposed new management contract is included in</FONT> <B><FONT face=serif size=2>Appendix B</FONT></B> <FONT face=serif si
ze=2>and you should refer to that Appendix for the complete terms of the contract. For each fund&#146;s particular fee schedule, please refer to</FONT> <B><FONT face=serif size=2>Appendix E</FONT></B><FONT face=serif size=2>. Note that defined terms reflected here are defined in the proposed management contract at</FONT> <B><FONT face=serif size=2>Appendix B</FONT></B> <FONT face=serif size=2>(i.e., Manager).</FONT></P>
<P align=left><B><FONT face=serif size=2>Names</FONT></B></P>
<P align=left><FONT face=serif size=2>The current management contracts for some funds have not been updated to reflect the current name and jurisdiction of organization of the funds&#146; investment adviser, Putnam Investment Management, LLC, a Delaware limited liability company. In addition, for a number of funds, the current management contracts have not been updated to reflect new fund names (as a result of the creation of a new fund) or the termination of a prior fund (</FONT><I><FONT face=serif size=2>e.g.</FONT></I><FONT face=serif size=2>, in the case of a fund merger). The proposed management contracts reflect the current name and jurisdiction of organization of the funds&#146; investment adviser, Putnam Investment Management, LLC, as well as the current names of the funds.</FONT></P>
<P align=left><B><FONT face=serif size=2>Services</FONT></B></P><I><FONT face=serif size=2>Putnam Municipal Opportunities Trust<BR>
Putnam Prime Money Market Fund</FONT></I>
<P align=left><FONT face=serif size=2>These funds are currently party to separate investment management and administrative services contracts with the Manager. Each fund&#146;s current investment management contract, in comparison with its proposed new management contract, does not include provisions relating to administrative services. If the proposed new management contracts for these funds are approved, these funds&#146; administrative services contracts will be terminated and the funds will receive administrative (and investment management) services under the proposed new management contract.</FONT></P>
<P align=left><B><FONT face=serif size=2>Sub-Advisers and Sub-Administrators</FONT></B></P><I><FONT face=serif size=2>All Putnam funds</FONT></I>
<P align=left><FONT face=serif size=2>None of the funds&#146; current management contracts specifically address the Manager&#146;s ability to delegate responsibilities to sub-advisers or sub-administrators. A provision is included in the proposed new management contracts for all of the funds that explicitly recognizes the Manager&#146;s ability to delegate responsibilities, in accordance with current interpretations and guidance of the SEC&#146;s staff. In addition, the proposed new management contract provides that a delegation of the Manager&#146;s responsibilities permitted under the contract is not deemed to constitute an &#147;assignment&#148; that would automatically cause the contract to terminate. The funds do not anticipate any change in the Manager&#146;s delegation of responsibilities as a result of these changes.</FONT></P>
<P align=center><FONT face=sans-serif size=1>C-1</FONT></P>
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<P align=left><B><FONT face=serif size=2>Fees</FONT></B><FONT face=serif size=2></P></FONT></U></B><I><FONT face=serif size=2>Putnam Municipal Opportunities Trust<BR>
Putnam Prime Money Market Fund</FONT></I></FONT></U></B>
<P align=left><FONT face=serif size=2>The current management contracts and the proposed new management contracts for these funds provide that the fund will pay the Manager compensation for the Manager&#146;s investment management services rendered, for the facilities furnished to the fund, and for the expenses borne by the Manager in connection with providing such services and facilities, including placing orders with brokers or dealers for the purchase and sale of portfolio investments for the fund. As mentioned above, the proposed new management contracts for these funds also address the provision of administrative services. Thus, the proposed new management contracts for these funds include the fees for both investment and administrative services. There is no change in the aggregate fees that each of these funds will pay to the Manager for investment management and administrative services. Please refer to</FONT> <B><FONT face=serif size=2>Appendix E</FONT></B> <FONT face=serif size=2>for information about
 the applicable fee rates.<BR>
<BR>
</P></FONT><I><FONT face=serif size=2>Putnam Convertible Income-Growth<BR>
Trust Putnam Equity Income Fund<BR>
The Putnam Fund for Growth and Income<BR>
The George Putnam Fund of Boston <BR>
Putnam Global Natural Resources Fund<BR>
Putnam Income Fund <BR>
Putnam Investors Fund <BR>
Putnam Vista Fund <BR>
Putnam Voyager Fund</FONT></I>
<P></P>
<P align=left><FONT face=serif size=2>The current management contracts for these funds do not address a reduction of management fees through an expense limitation voluntarily agreed to in writing by the Manager in the event that the expenses of the fund exceed any expense limitation which the Manager may have declared to be effective. The proposed new management contracts include a provision addressing the possibility that management fees may be reduced where expenses of the fund exceed any voluntary expense limitations assumed by the Manager.</FONT></P>
<P align=left><B><FONT face=serif size=2>Term and Termination</FONT></B><B><U><FONT face=serif size=2> </P></FONT></U></B><I><FONT face=serif size=2>All Putnam funds</FONT></I>
<P></P></FONT></U></B>
<P align=left><FONT face=serif size=2>The current management contracts provide that either party may terminate the contract as to a fund by not more than 60 days&#146; nor less than 30 days&#146; written notice. Each proposed new management contract provides that either party to it may terminate the contract as to a fund at any time by not less than 60 days&#146; written notice, which, from the funds&#146; perspective, provides a more reasonable period of time during which to seek a new investment adviser if the Manager terminates the contract.<BR>
<BR>
</P></FONT><I><FONT face=serif size=2>All Putnam funds</FONT></I>
<P></P>
<P align=left><FONT face=serif size=2>Each proposed new management contract provides that it is effective upon execution and will remain in full force and effect as to a fund continuously thereafter, unless terminated automatically in the event of assignment or by either party to the contract by written notice (as described above), through June 30, 2008, and that after June 30, 2008 it will continue from year to year so long as its continuance is approved at least annually in a specified manner. The current management contracts&#146; provisions addressing effective period and termination do not contain any reference to June 30, 2008 but are otherwise substantively the same as the provisions in the proposed new management contract.</FONT></P>
<P align=center><FONT face=sans-serif size=1>C-2</FONT></P>
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<P align=left><B><FONT face=sans-serif size=2>APPENDIX D</FONT></B></P>
<P align=left><FONT face=serif size=5>Management Contracts: Dates and Approvals</FONT></P>
<P align=left><FONT face=serif size=2>The following table contains information regarding the date of each fund&#146;s current management contract, the date on which it was last approved by shareholders and the purpose for that submission. Except as noted, for each fund listed below, the date on which the continuance of its management contract was last approved by the Board of Trustees was June 9, 2006.</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Purpose of Last</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Submission of</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Date Current</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Current</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Management</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Management</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Contract Last</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Contract to</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Date of Current</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Submitted to</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Shareholder</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Management Contract</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Shareholder Vote</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Vote</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam American Government Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>03/05/98</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>March 5, 1998</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Fee increase</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam AMT-Free Insured Municipal Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>07/26/85, as most recently</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>July 7, 1991</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Fee increase</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=center width="14%"></TD>
     <TD align=center width="14%" background=""></TD>
     <TD align=center width="14%" background=""><FONT face=Arial size=2>revised 03/21/05</FONT>&nbsp;&nbsp;</TD>
     <TD align=center width="14%" background=""></TD>
     <TD align=center width="14%" background="">&nbsp;</TD>
     <TD align=center width="14%" background=""></TD>
     <TD align=center width="14%" background="">&nbsp;</TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Arizona Tax Exempt Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>07/16/99</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>March 5, 1992</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Fee structure</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>change</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Asset Allocation: Balanced Portfolio</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>01/20/97</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>November 4, 1993</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Organization of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>the fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Asset Allocation: Conservative Portfolio</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>01/20/97</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>November 4, 1993</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Organization of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>the fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Asset Allocation: Growth Portfolio</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>01/20/97</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>November 4, 1993</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Organization of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>the fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam California Investment Grade Municipal Trust*</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>01/01/06</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>November 12, 1992</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Organization of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>the fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam California Tax Exempt Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>07/01/99</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>July 11, 1991</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Fee structure</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>change</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Capital Appreciation Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>09/20/96</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>May, 1993</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Organization of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>the fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Capital Opportunities Fund</FONT><FONT face=sans-serif size=1>^</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>12/02/94, as most recently</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>June 1, 1998</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Organization of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>revised 02/09/07</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>the fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Classic Equity Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>10/07/94</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>June 6, 1991</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Fee increase</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Convertible Income-Growth Trust</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>02/20/97</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>July 1, 1994</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Fee increase</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Discovery Growth Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>09/29/95</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>September 8, 1995</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Fee increase</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Diversified Income Trust</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>01/20/97</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>August, 1988</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Organization of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>the fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Equity Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>07/11/96</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>July 11, 1996</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Fee increase</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Europe Equity Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>10/21/96</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>September 7, 1990</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Organization of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>the fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Floating Rate Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>06/07/96, as most recently</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>June, 2004</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Organization of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>revised 06/25/04</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>the fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>D-1</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_38"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
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     <TD noWrap align=left width="14%">&nbsp; </TD>
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     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Purpose of Last</FONT></B>&nbsp; </TD></TR>
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     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Submission of</FONT></B>&nbsp; </TD></TR>
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     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Date Current</FONT></B>&nbsp; </TD>
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     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Current</FONT></B>&nbsp; </TD></TR>
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     <TD noWrap align=left width="14%">&nbsp; </TD>
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     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Management</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Management</FONT></B>&nbsp; </TD></TR>
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     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Contract Last</FONT></B>&nbsp; </TD>
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     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Contract to</FONT></B>&nbsp; </TD></TR>
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     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Date of Current</FONT></B>&nbsp; </TD>
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     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Submitted to</FONT></B>&nbsp; </TD>
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     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Shareholder</FONT></B>&nbsp; </TD></TR>
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     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Management Contract</FONT></B>&nbsp; </TD>
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     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Shareholder Vote</FONT></B>&nbsp; </TD>
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     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Vote</FONT></B>&nbsp; </TD></TR>
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<TR>
     <TD width="98%" colSpan=7>&nbsp; </TD></TR>
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     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>The Putnam Fund for Growth and Income</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>07/01/00</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>July 11, 1991</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Fee structure</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>change</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>The George Putnam Fund of Boston</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>07/11/96</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>July 11, 1996</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Fee increase</FONT>&nbsp; </TD></TR>
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     <TD width="98%" colSpan=7>
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</TD></TR>
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     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Global Equity Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>12/07/00</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>December 7, 2000</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Fee increase</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
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     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Global Income Trust</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>07/01/99</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>July 11, 1991</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Fee structure</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>change</FONT>&nbsp; </TD></TR>
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</TD></TR>
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     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Global Natural Resources Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>12/20/96</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>July 9, 1992</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Fee decrease</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Growth Opportunities Fund</FONT><FONT face=sans-serif size=1>^</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>12/02/94, as most recently</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>October 2, 1995</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Organization of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>revised 02/09/07</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>the fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Health Sciences Trust</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>10/20/96</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>March 5, 1992</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Fee increase</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam High Income Securities Fund*</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>01/01/06</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>July 14, 2005</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Permit compensation</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>for the management</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>of leveraged assets</FONT>&nbsp; </TD></TR>
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</TD></TR>
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     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam High Yield Advantage Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>03/20/97</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>May 5, 1994</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Fee increase</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
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     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam High Yield Municipal Trust*</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>01/01/06</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>June 6, 1991</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Continuation of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>contract without any</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>changes approved at</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>first shareholder meeting</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
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</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam High Yield Trust</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>12/20/96</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>July 8, 1993</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Fee increase</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>04/06/95</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>April 6, 1995</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Fee increase</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Income Strategies Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>06/07/96, as most recently</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>September 13, 2004</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Organization of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>revised 06/25/04</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>the fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam International Capital Opportunities Fund</FONT><FONT face=sans-serif size=1>^</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>12/02/94, as most recently</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>December 28, 1995</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Organization of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>revised 02/09/07</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>the fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam International Equity Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>10/21/96</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>October, 1990</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Organization of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>the fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam International Growth and Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>06/07/96, as most recently</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>August 1, 1996</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Organization of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>revised 06/25/04</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>the fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam International New Opportunities Fund</FONT><FONT face=sans-serif size=1>^</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>12/02/94, as most recently</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>January 3, 1995</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Organization of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>revised 02/09/07</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>the fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Investment Grade Municipal Trust*</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>01/01/06</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>July 11, 1991</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Continuation of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>contract without any</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>changes approved at first</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>shareholder meeting</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>D-2</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_39"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Purpose of Last</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Submission of</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Date Current</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Current</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Management</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Management</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Contract Last</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Contract to</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Date of Current</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Submitted to</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Shareholder</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><B><FONT face=sans-serif size=1>Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Management Contract</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Shareholder Vote</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Vote</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Investors Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>11/20/96</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>July 9, 1992</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Fee increase</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Limited Duration Government Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>07/01/00</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>February 16, 1993</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Organization of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>the fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Managed Municipal Income Trust*</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>01/01/06</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>February 24, 1989</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Organization of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>the fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Massachusetts Tax Exempt Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>07/01/99</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>July 11, 1991</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Fee structure</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>change</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Master Intermediate Income Trust*</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>01/01/06</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>July 14, 2005</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Permit compensation</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>for the management of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>leveraged assets</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Michigan Tax Exempt Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>07/01/99</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>July 11, 1991</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Fee structure</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>change</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Mid Cap Value Fund</FONT><FONT face=sans-serif size=1>^</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>12/02/94, as most recently</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>November 1, 1999</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Organization of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>revised 02/09/07</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>the fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Minnesota Tax Exempt Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>07/01/99</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>July 11, 1991</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Fee structure</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>change</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Money Market Fund*</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>01/01/06</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>November 5, 1982</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Fee decrease</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Municipal Bond Fund*</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>01/01/06</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>November 12, 1992</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Organization of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>the fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Municipal Opportunities Trust*</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>01/01/06</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>May 13, 1993</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Organization of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>the fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam New Jersey Tax Exempt Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>07/01/99</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>July 11, 1991</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Fee structure</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>change</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam New Opportunities Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>07/01/00</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>December 5, 1991</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Fee decrease</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam New Value Fund</FONT><FONT face=sans-serif size=1>^</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>12/02/94, as most recently</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>January 3, 1995</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Organization of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>revised 02/09/07</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>the fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam New York Investment Grade Municipal Trust*</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>01/01/06</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>November 12, 1992</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Organization of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>the fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam New York Tax Exempt Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>07/01/99</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>July 11, 2001</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Fee increase</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Ohio Tax Exempt Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>07/01/99</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>July 11, 2001</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Fee structure</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>change</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam OTC &amp; Emerging Growth Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>11/20/96</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>July 8, 1993</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Fee structure</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>change</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Pennsylvania Tax Exempt Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>07/01/99</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>July 11, 1991</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Fee structure</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>change</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>D-3</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_40"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="15%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Purpose of Last</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="15%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Submission of</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="15%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Date Current</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Current</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="15%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Management</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Management</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="15%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Contract Last</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Contract to</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Date of Current</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="15%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Submitted to</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Shareholder</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Management Contract</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="15%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Shareholder Vote</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Vote</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Premier Income Trust*</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>01/01/06</FONT>&nbsp; </TD>
     <TD noWrap align=center width="15%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>July 14, 2005</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Permit compensation for</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="15%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>the management of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="15%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>leveraged assets</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Prime Money Market Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>02/13/03</FONT>&nbsp; </TD>
     <TD noWrap align=center width="15%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>February, 2003</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Organization of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="15%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>the fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Research Fund**</FONT><FONT face=sans-serif size=1>^</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>12/02/94, as most recently</FONT>&nbsp; </TD>
     <TD noWrap align=center width="15%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>December 14, 2006</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Eliminating the incentive</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>revised 02/09/07</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>fee component of the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="15%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>management fee</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam RetirementReady 2010 Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>06/11/04, as most recently</FONT>&nbsp; </TD>
     <TD noWrap align=center width="15%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>October 28, 2004</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Organization of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>revised 03/10/05</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>the fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam RetirementReady 2015 Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>06/11/04, as most recently</FONT>&nbsp; </TD>
     <TD noWrap align=center width="15%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>October 28, 2004</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Organization of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>revised 03/10/05</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>the fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam RetirementReady 2020 Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>06/11/04, as most recently</FONT>&nbsp; </TD>
     <TD noWrap align=center width="15%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>October 28, 2004</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Organization of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>revised 03/10/05</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>the fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam RetirementReady 2025 Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>06/11/04, as most recently</FONT>&nbsp; </TD>
     <TD noWrap align=center width="15%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>October 28, 2004</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Organization of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>revised 03/10/05</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>the fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam RetirementReady 2030 Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>06/11/04, as most recently</FONT>&nbsp; </TD>
     <TD noWrap align=center width="15%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>October 28, 2004</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Organization of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>revised 03/10/05</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>the fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam RetirementReady 2035 Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>06/11/04, as most recently</FONT>&nbsp; </TD>
     <TD noWrap align=center width="15%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>October 28, 2004</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Organization of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>revised 03/10/05</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>the fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam RetirementReady 2040 Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>06/11/04, as most recently</FONT>&nbsp; </TD>
     <TD noWrap align=center width="15%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>October 28, 2004</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Organization of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>revised 03/10/05</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>the fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam RetirementReady 2045 Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>06/11/04, as most recently</FONT>&nbsp; </TD>
     <TD noWrap align=center width="15%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>October 28, 2004</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Organization of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>revised 03/10/05</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>the fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam RetirementReady 2050 Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>06/11/04, as most recently</FONT>&nbsp; </TD>
     <TD noWrap align=center width="15%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>April 22, 2005</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Organization of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>revised 03/10/05</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>the fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam RetirementReady Maturity Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>06/11/04, as most recently</FONT>&nbsp; </TD>
     <TD noWrap align=center width="15%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>October 28, 2004</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Organization of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>revised 03/10/05</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>the fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Small Cap Growth Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>06/07/96, as most recently</FONT>&nbsp; </TD>
     <TD noWrap align=center width="15%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>December 31, 1997</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Organization of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>revised 06/25/04</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>the fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Small Cap Value Fund</FONT><FONT face=sans-serif size=1>^</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>12/02/94, as most recently</FONT>&nbsp; </TD>
     <TD noWrap align=center width="15%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>April 13, 1999</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Organization of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>revised 02/09/07</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>the fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Tax Exempt Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>07/01/99</FONT>&nbsp; </TD>
     <TD noWrap align=center width="15%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>July 11, 1991</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Fee increase</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Tax Exempt Money Market Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>01/20/97</FONT>&nbsp; </TD>
     <TD noWrap align=center width="15%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>July 9, 1992</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Fee decrease</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Tax-Free Health Care Fund***</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>01/01/06</FONT>&nbsp; </TD>
     <TD noWrap align=center width="15%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>December 27, 2005</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Permit compensation for</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="15%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>the management of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="15%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>leveraged assets</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Tax-Free High Yield Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>07/26/85, as most recently</FONT>&nbsp; </TD>
     <TD noWrap align=center width="15%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>May 5, 1994</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Fee increase</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=center width="28%" colSpan=2></TD>
     <TD align=center width="14%" background=""><FONT face=Arial size=2>revised 03/21/05</FONT>&nbsp;&nbsp;</TD>
     <TD align=center width="15%" background="">&nbsp;</TD>
     <TD align=center width="14%" background="">&nbsp;</TD>
     <TD align=center width="14%" background="">&nbsp;</TD>
     <TD align=center width="14%" background="">&nbsp;</TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Tax Smart Equity Fund&#174;</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>04/13/99</FONT>&nbsp; </TD>
     <TD noWrap align=center width="15%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>April, 1999</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Organization of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="15%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>the fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>D-4</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_41"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Purpose of Last</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Submission of</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Date Current</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Current</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Management</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Management</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Contract Last</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Contract to</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Date of Current</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Submitted to</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Shareholder</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Management Contract</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Shareholder Vote</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Vote</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam U.S. Government Income Trust</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>07/08/94</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>July 11, 1991</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Fee decrease</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Utilities Growth and Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>02/20/97</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>March 5, 1992</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Fee structure</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>change</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Vista Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>11/20/96</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>July 8, 1993</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Fee increase</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Voyager Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>07/01/00</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>July 11, 1991</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Fee increase</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam VT American Government Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>10/02/87, as most recently</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>February 1, 2000</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Organization of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>revised 03/17/03</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>the fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam VT Capital Appreciation Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>10/02/87, as most recently</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>September 29, 2000</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Organization of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>revised, 03/17/03</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>the fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam VT Capital Opportunities Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>10/02/87, as most recently</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>May 1, 2003</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Organization of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>revised 03/17/03</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>the fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam VT Discovery Growth Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>10/02/87, as most recently</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>September 29, 2000</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Organization of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>revised 03/17/03</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>the fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam VT Diversified Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>10/02/87, as most recently</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>September 15, 1993</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Organization of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>revised 03/17/03</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>the fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam VT Equity Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>10/02/87, as most recently</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>May 1, 2003</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Organization of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>revised 03/17/03</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>the fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam VT The George Putnam Fund of Boston</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>10/02/87, as most recently</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>April 30, 1998</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Organization of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>revised 03/17/03</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>the fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam VT Global Asset Allocation Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>10/02/87, as most recently</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>February 1, 1988</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Organization of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>revised 03/17/03</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>the fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam VT Global Equity Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>10/02/87, as most recently</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>November 4, 1999</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Fee increase</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=center width="98%" colSpan=7><FONT face=sans-serif size=2>revised 03/17/03</FONT> </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam VT Growth and Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>10/02/87, as most recently</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>February 1, 1988</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Organization of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>revised 03/17/03</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>the fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam VT Growth Opportunities Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>10/02/87, as most recently</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>February 1, 2000</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Organization of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>revised 03/17/03</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>the fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam VT Health Sciences Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>10/02/87, as most recently</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>April 30, 1998</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Organization of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>revised 03/17/03</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>the fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam VT High Yield Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>10/02/87, as most recently</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>February 1, 1988</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Organization of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>revised 03/17/03</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>the fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam VT Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>10/02/87, as most recently</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>July 13, 1995</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Fee increase</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=center width="98%" colSpan=7><FONT face=sans-serif size=2>revised 03/17/03</FONT> </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam VT International Equity Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>10/02/87, as most recently</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>January 2, 1997</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Organization of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>revised 03/17/03</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>the fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam VT International Growth and Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>10/02/87, as most recently</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>January 2, 1997</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Organization of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>revised 03/17/03</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>the fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam VT International New Opportunities Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>10/02/87, as most recently</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>January 2, 1997</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Organization of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>revised 03/17/03</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>the fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam VT Investors Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>10/02/87, as most recently</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>April 30, 1998</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Organization of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>revised 03/17/03</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>the fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam VT Mid Cap Value Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>10/02/87, as most recently</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>May 1, 2003</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Organization of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>revised 03/17/03</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>the fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>D-5</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_42"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Purpose of Last</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Submission of</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Date Current</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Current</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Management</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Management</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Contract Last</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Contract to</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Date of Current</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Submitted to</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Shareholder</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Management Contract</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Shareholder Vote</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Vote</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam VT Money Market Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>10/02/87, as most recently</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>February 1, 1988</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Organization of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>revised 03/17/03</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>the fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam VT New Opportunities Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>10/02/87, as most recently</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>May 2, 1994</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Organization of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>revised 03/17/03</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>the fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam VT New Value Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>10/02/87, as most recently</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>January 2, 1997</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Organization of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>revised 03/17/03</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>the fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam VT OTC &amp; Emerging Growth Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>10/02/87, as most recently</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>April 30, 1998</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Organization of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>revised 03/17/03</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>the fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam VT Research Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>10/02/87, as most recently</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>September 30, 1998</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Organization of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>revised 03/17/03</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>the fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam VT Small Cap Value Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>10/02/87, as most recently</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>April 30, 1999</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Organization of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>revised 03/17/03</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>the fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam VT Utilities Growth and Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>10/02/87, as most recently</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>July 11, 1996</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Fee increase</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=center width="98%" colSpan=7><FONT face=sans-serif size=2>revised 03/17/03</FONT> </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam VT Vista Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>10/02/87, as most recently</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>January 2, 1997</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Organization of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>revised 03/17/03</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>the fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam VT Voyager Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>10/02/87, as most recently</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>February 1, 1988</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Organization of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>revised 03/17/03</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>the fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>* At a meeting held on January 13, 2006, the Board of Trustees formally approved revised management contracts for these funds reflecting management fee reductions.</FONT></P>
<P align=left><FONT face=sans-serif size=1>** At a meeting held on October 13, 2006, the Board of Trustees formally approved a revised management contract for this fund, amending the management contract to remove the incentive fee component from the management fee. </FONT></P>
<P align=left><FONT face=sans-serif size=1>*** At a meeting held on July 15, 2005, the Board of Trustees formally approved a revised management contract for this fund, reflecting a management fee reduction and changing the fee base under the contract to &#147;average weekly assets,&#148; which includes assets representing leverage for investment purposes.</FONT></P>
<P align=left><FONT face=sans-serif size=1>^ At a meeting held on February 9, 2007, the Board of Trustees amended the management contract of Putnam Investment Funds, the Trust of which Putnam Capital Opportunities Fund, Putnam Growth Opportunities Fund, Putnam International Capital Opportunities Fund, Putnam International New Opportunities Fund, Putnam Mid Cap Value Fund, Putnam New Value Fund, Putnam Research Fund, and Putnam Small Cap Value Fund are series, to eliminate references to funds no longer in existence or which have separate management contracts with Putnam Management.</FONT></P>
<P align=center><FONT face=sans-serif size=1>D-6</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_43"></A>
<P align=left><B><FONT face=sans-serif size=2>APPENDIX E</FONT></B></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="47%" colSpan=2><FONT face=serif size=5>Management Contracts: Fees</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="97%" colSpan=5><FONT face=serif size=2>The following table sets forth the management fee schedule, the amount of management fees paid in the most recent</FONT>&nbsp;<FONT face=serif size=2>fiscal year for each fund, and the annual rate at which fees were paid.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%" colSpan=3></TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><B><FONT face=sans-serif size=1>Amount of Management Fee</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><B><FONT face=sans-serif size=1>Paid in the Most Recent</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><B><FONT face=sans-serif size=1>Fiscal Year</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>Annual Rate at</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><B><FONT face=sans-serif size=1>(after applicable waivers and</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>which Fees</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><B><FONT face=sans-serif size=1>Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="25%"><B><FONT face=sans-serif size=1>Management Fee Schedule</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><B><FONT face=sans-serif size=1>reimbursements, if any) ($)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>were Paid</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Putnam American</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>4,373,306</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.55% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Government Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>0.425%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>0.405%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>0.39%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>0.38%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Putnam AMT-Free</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>The lesser of 0.50%, or</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>1,790,563</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.50% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Insured Municipal Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>0.40%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>0.375%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>0.355%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>0.34%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>0.33%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Putnam Arizona Tax</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>The lesser of 0.50%, or</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>396,902</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.41% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Exempt Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>0.40%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>0.375%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>0.355%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>0.34%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Any excess over $21.5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>0.33%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Putnam Asset Allocation:</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>10,841,716</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.58% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Balanced Portfolio</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>0.475%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>0.455%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>0.44%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Any excess over $21.5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>0.43%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Putnam Asset Allocation:</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>5,759,923</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.63% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Conservative Portfolio</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>0.475%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>0.455%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>0.44%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Any excess over $21.5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>0.43%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Putnam Asset Allocation:</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>9,639,295</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.60% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Growth Portfolio</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>0.475%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>0.455%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>0.44%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Any excess over $21.5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>0.43%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>E-1</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_44"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><B><FONT face=sans-serif size=1>Amount of Management Fee</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><B><FONT face=sans-serif size=1>Paid in the Most Recent</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><B><FONT face=sans-serif size=1>Fiscal Year</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>Annual Rate at</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><B><FONT face=sans-serif size=1>(after applicable waivers and</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>which Fees</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%"><B><FONT face=sans-serif size=1>Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="24%"><B><FONT face=sans-serif size=1>Management Fee Schedule</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><B><FONT face=sans-serif size=1>reimbursements, if any) ($)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>were Paid</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Putnam California Investment</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>The lesser of 0.55%, or</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>531,472</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.77% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Grade Municipal Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>weekly net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>attributable to</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>common shares*</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.425%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.405%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.39%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.38%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Putnam California Tax</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>The lesser of 0.50%, or</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>10,368,635</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.48% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Exempt Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.40%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.375%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.355%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.34%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.33%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Putnam Capital</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>4,388,833</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.62% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Appreciation Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.425%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.405%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.39%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Any excess over $21.5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.38%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Putnam Capital</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>6,363,713</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.59% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Opportunities Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.425%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.405%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.39%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.38%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Putnam Classic Equity Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>4,836,159</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.61% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.425%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.405%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.39%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.38%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Putnam Convertible</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>4,231,616</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.62% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Income-Growth Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.425%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.405%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.39%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.38%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Putnam Discovery</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>5,497,942</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.60% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Growth Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.475%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.455%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.44%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.43%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>E-2</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_45"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=sans-serif size=1>Amount of Management Fee</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=sans-serif size=1>Paid in the Most Recent</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=sans-serif size=1>Fiscal Year</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>Annual Rate at</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=sans-serif size=1>(after applicable waivers and</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>which Fees</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%"><B><FONT face=sans-serif size=1>Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="24%"><B><FONT face=sans-serif size=1>Management Fee Schedule</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=sans-serif size=1>reimbursements, if any) ($)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>were Paid</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Putnam Diversified</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>17,403,729</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.55% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Income Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.475%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.455%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.44%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.43%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Putnam Equity Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>18,067,258</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.50% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.425%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.405%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.39%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.38%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Putnam Europe Equity Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.80%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>4,213,337</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.79% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.575%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.555%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.54%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.53%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Putnam Floating Rate</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>1,719,001</FONT><FONT face=sans-serif size=2>**</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.62% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.425%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.405%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.39%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.38%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.37%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.36%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.35%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.34%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $8.5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.33%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.32%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>The Putnam Fund for</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>67,376,969</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.44% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Growth and Income</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.425%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.405%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.39%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.38%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.37%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.36%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.35%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.34%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $8.5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.33%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Any excess over $55 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.32%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>The George Putnam Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>23,520,227</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.48% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>of Boston</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.425%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.405%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.39%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.38%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>E-3</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_46"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><B><FONT face=sans-serif size=1>Amount of Management Fee</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><B><FONT face=sans-serif size=1>Paid in the Most Recent</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><B><FONT face=sans-serif size=1>Fiscal Year</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>Annual Rate at</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><B><FONT face=sans-serif size=1>(after applicable waivers and</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>which Fees</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%"><B><FONT face=sans-serif size=1>Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="24%"><B><FONT face=sans-serif size=1>Management Fee Schedule</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><B><FONT face=sans-serif size=1>reimbursements, if any) ($)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>were Paid</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Putnam Global Equity Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.80%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>15,165,340</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.68% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.575%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.555%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.54%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.53%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.52%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.51%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.49%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $8.5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.48%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Any excess over $55 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.47%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Putnam Global Income Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>528,321</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.39% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.475%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.455%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.44%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.43%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Putnam Global Natural</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>4,126,921</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.68% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Resources Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.475%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.455%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.44%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.43%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Putnam Growth</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>2,913,736</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.36% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Opportunities Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.475%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.455%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.44%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.43%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Putnam Health Sciences Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>14,802,805</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.57% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.475%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.455%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.44%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Any excess over $21.5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.43%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Putnam High Income</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>1,372,004</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.71% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Securities Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>weekly net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.475%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.455%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.44%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.43%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.42%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.41%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.40%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.39%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $8.5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.38%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.37%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>E-4</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_47"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><B><FONT face=sans-serif size=1>Amount of Management Fee</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><B><FONT face=sans-serif size=1>Paid in the Most Recent</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><B><FONT face=sans-serif size=1>Fiscal Year</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>Annual Rate at</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><B><FONT face=sans-serif size=1>(after applicable waivers and</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>which Fees</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><B><FONT face=sans-serif size=1>Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="24%"><B><FONT face=sans-serif size=1>Management Fee Schedule</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><B><FONT face=sans-serif size=1>reimbursements, if any) ($)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>were Paid</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Putnam High Yield</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>5,676,755</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.66% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Advantage Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.475%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.455%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.44%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.43%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="96%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Putnam High Yield</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>The lesser of 0.55%, or</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>1,448,462</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.83% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Municipal Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>weekly net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>attributable to</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>common shares*</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.425%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.405%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.39%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.38%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="96%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Putnam High Yield Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>13,784,128</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.57% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.475%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.455%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.44%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.43%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="96%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Putnam Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>11,940,410</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.47% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.425%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.405%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.39%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.38%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="96%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Putnam Income</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>0***</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.00%***</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Strategies Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.425%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.405%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.39%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.38%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.37%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.36%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.35%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.34%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $8.5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.33%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.32%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="96%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Putnam International</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>1.00%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>13,345,775</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.92% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Capital Opportunities Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.90%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.85%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.80%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.775%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.755%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.74%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.73%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>E-5</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_48"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><B><FONT face=sans-serif size=1>Amount of Management Fee</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><B><FONT face=sans-serif size=1>Paid in the Most Recent</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><B><FONT face=sans-serif size=1>Fiscal Year</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>Annual Rate at</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><B><FONT face=sans-serif size=1>(after applicable waivers and</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>which Fees</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><B><FONT face=sans-serif size=1>Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="25%"><B><FONT face=sans-serif size=1>Management Fee Schedule</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><B><FONT face=sans-serif size=1>reimbursements, if any) ($)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>were Paid</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Putnam International</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.80%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>39,425,440</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.63% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Equity Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.575%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.555%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.54%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Any excess over $21.5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.53%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Putnam International</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.80%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>5,732,946</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.72% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Growth and Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.575%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.555%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.54%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.53%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Putnam International New</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>1.00%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>6,580,631</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.87% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Opportunities Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.90%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.85%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.80%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.775%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.755%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.74%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.73%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Putnam Investment Grade</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>The lesser of 0.55%, or</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>2,059,634</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.91% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Municipal Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>weekly net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>attributable to</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>common shares*</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.425%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.405%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.39%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.38%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Putnam Investors Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>19,513,803</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.49% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.425%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.405%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.39%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Any excess over $21.5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.38%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Putnam Limited Duration</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>The lesser of 0.50%, or</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>2,392,584</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.48% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Government Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.40%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.375%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.355%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.34%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Any excess over $21.5 billion</FONT>&nbsp;&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.33%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Putnam Managed</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>The lesser of 0.55%, or</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>3,167,820</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.84% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Municipal Income Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>weekly net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>attributable to</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>common shares*</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.425%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.405%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.39%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.38%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>E-6</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_49"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><B><FONT face=sans-serif size=1>Amount of Management Fee</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><B><FONT face=sans-serif size=1>Paid in the Most Recent</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><B><FONT face=sans-serif size=1>Fiscal Year</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>Annual Rate at</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><B><FONT face=sans-serif size=1>(after applicable waivers and</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>which Fees</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%"><B><FONT face=sans-serif size=1>Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="25%"><B><FONT face=sans-serif size=1>Management Fee Schedule</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><B><FONT face=sans-serif size=1>reimbursements, if any) ($)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>were Paid</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Putnam Massachusetts</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>The lesser of 0.50%, or</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>1,675,201</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.50% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Tax Exempt Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.40%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.375%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.355%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.34%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Any excess over $21.5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.33%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Putnam Master</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.75%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>4,797,486</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.70% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Intermediate Income Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>weekly net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.525%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.505%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.49%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.48%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.47%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.46%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.44%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $8.5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.43%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.42%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Putnam Michigan Tax</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>The lesser of 0.50%, or</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>648,238</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.50% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Exempt Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.40%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.375%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.355%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.34%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Any excess over $21.5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.33%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Putnam Mid Cap Value Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>5,871,795</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.66% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.475%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.455%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.44%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.43%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Putnam Minnesota Tax</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>The lesser of 0.50%, or</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>538,350</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.45% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Exempt Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.40%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.375%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.355%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.34%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Any excess over $21.5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.33%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Putnam Money Market Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>First $100 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>10,390,443</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.30% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $100 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.40%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $300 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.35%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.325%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.30%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $2.5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.275%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $2.5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.25%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.225%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.205%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.19%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.18%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>E-7</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_50"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><B><FONT face=sans-serif size=1>Amount of Management Fee</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><B><FONT face=sans-serif size=1>Paid in the Most Recent</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><B><FONT face=sans-serif size=1>Fiscal Year</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>Annual Rate at</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><B><FONT face=sans-serif size=1>(after applicable waivers and</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>which Fees</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%"><B><FONT face=sans-serif size=1>Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="24%"><B><FONT face=sans-serif size=1>Management Fee Schedule</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><B><FONT face=sans-serif size=1>reimbursements, if any) ($)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>were Paid</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Putnam Municipal Bond Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>The lesser of 0.55%, or</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>2,290,901</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.97% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>weekly net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>attributable to</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>common shares*</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.425%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.405%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.39%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.38%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Putnam Municipal</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>The lesser of 0.35%, or</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>1,394,604</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.66% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Opportunities Trust^</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>weekly net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.35%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>attributable to</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.30%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>common shares*</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.25%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.225%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.205%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.19%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.18%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Putnam New Jersey</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>The lesser of 0.50%, or</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>1,101,027</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.50% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Tax Exempt Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.40%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.375%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.355%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.34%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Any excess over $21.5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.33%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Putnam New</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>30,814,799</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.53% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Opportunities Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.475%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.455%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.44%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.43%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.42%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.41%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.40%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.39%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $8.5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.38%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Any excess above $55 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.37%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Putnam New Value Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>11,478,217</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.59% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.475%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.455%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.44%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.43%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Putnam New York</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>The lesser of 0.55%, or</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>302,665</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.78% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Investment Grade</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>weekly net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Municipal Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>attributable to</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>common shares*</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.425%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.405%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.39%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.38%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>E-8</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_51"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><B><FONT face=sans-serif size=1>Amount of Management Fee</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><B><FONT face=sans-serif size=1>Paid in the Most Recent</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><B><FONT face=sans-serif size=1>Fiscal Year</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>Annual Rate at</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><B><FONT face=sans-serif size=1>(after applicable waivers and</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>which Fees</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><B><FONT face=sans-serif size=1>Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="26%"><B><FONT face=sans-serif size=1>Management Fee Schedule</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><B><FONT face=sans-serif size=1>reimbursements, if any) ($)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>were Paid</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Putnam New York</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>The lesser of 0.50%, or</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>5,972,705</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.50% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Tax Exempt Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.40%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.375%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.355%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.34%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Any excess over $21.5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.33%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Putnam Ohio Tax Exempt</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>The lesser of 0.50%, or</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>849,434</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.49% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.40%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.375%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.355%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.34%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Any excess over $21.5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.33%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Putnam OTC &amp; Emerging</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>6,255,747</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.60% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Growth Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.475%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.455%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.44%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.43%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Putnam Pennsylvania Tax</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>The lesser of 0.50%, or</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>926,507</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.50% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Exempt Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.40%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.375%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.355%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.34%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Any excess over $21.5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.33%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Putnam Premier</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.75%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>8,927,294</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.66% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Income Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>weekly net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.525%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.505%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.49%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.48%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.47%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.46%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.44%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $8.5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.43%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.42%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Putnam Prime Money</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.20%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>2,183,172</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.07% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Market Fund</FONT><SUP><FONT face=sans-serif size=2>&#8730;</FONT></SUP> </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Putnam Research Fund&#134;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>5,269,897</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.53% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.425%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.405%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.39%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.38%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>E-9</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_52"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=sans-serif size=1>Amount of Management Fee</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=sans-serif size=1>Paid in the Most Recent</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=sans-serif size=1>Fiscal Year</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>Annual Rate at</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=sans-serif size=1>(after applicable waivers and</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>which Fees</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><B><FONT face=sans-serif size=1>Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="25%"><B><FONT face=sans-serif size=1>Management Fee Schedule</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=sans-serif size=1>reimbursements, if any) ($)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>were Paid</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Putnam RetirementReady</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.05%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>29,736</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.05% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>2010 Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Putnam RetirementReady</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.05%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>58,932</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.05% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>2015 Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Putnam RetirementReady</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.05%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>64,225</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.05% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>2020 Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Putnam RetirementReady</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.05%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>49,571</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.05% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>2025 Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Putnam RetirementReady</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.05%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>25,310</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.05% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>2030 Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Putnam RetirementReady</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.05%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>6,096</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.05% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>2035 Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Putnam RetirementReady</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.05%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>0&#134;&#134;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.00% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>2040 Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT><FONT face=sans-serif size=2>&#134;&#134;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Putnam RetirementReady</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.05%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>0&#134;&#134;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.00% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>2045 Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT><FONT face=sans-serif size=2>&#134;&#134;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Putnam RetirementReady</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.05%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>0&#134;&#134;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.00% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>2050 Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT><FONT face=sans-serif size=2>&#134;&#134;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Putnam RetirementReady</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.05%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>0&#134;&#134;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.00% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Maturity Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT><FONT face=sans-serif size=2>&#134;&#134;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Putnam Small Cap</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>1.00%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>3,840,676</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.88% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Growth Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.90%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.85%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.80%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.775%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.755%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.74%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.73%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Putnam Small Cap</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.80%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>6,409,797</FONT><FONT face=sans-serif size=2>**</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.76% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Value Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.575%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.555%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.54%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.53%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Putnam Tax Exempt</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>The lesser of 0.50%, or</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>6,301,826</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.50% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.40%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.375%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.355%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.34%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.33%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Putnam Tax Exempt</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>390,524</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.33% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Money Market Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.35%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.30%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.25%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.225%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.205%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.19%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.18%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>E-10</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_53"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><B><FONT face=sans-serif size=1>Amount of Management Fee</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><B><FONT face=sans-serif size=1>Paid in the Most Recent</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><B><FONT face=sans-serif size=1>Fiscal Year</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>Annual Rate at</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><B><FONT face=sans-serif size=1>(after applicable waivers and</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>which Fees</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><B><FONT face=sans-serif size=1>Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="26%"><B><FONT face=sans-serif size=1>Management Fee Schedule</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><B><FONT face=sans-serif size=1>reimbursements, if any) ($)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>were Paid</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Putnam Tax-Free</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>The lesser of 0.55%, or</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>1,177,515</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.61% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Health Care Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>weekly net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.425%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.405%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.39%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Any excess over $21.5 billion</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.38%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Putnam Tax-Free</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>The lesser of 0.50%, or</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>7,815,394</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.50% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>High Yield Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.40%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.375%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.355%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.34%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.33%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Putnam Tax Smart</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>1,914,939</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.70% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Equity Fund&#174;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.475%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.455%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.44%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.43%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Putnam U.S. Government</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.57%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>6,820,873</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.50% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Income Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.475%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.4275%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Any excess over $1.5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.38%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Putnam Utilities Growth</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>3,727,421</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.68% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>and Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.475%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.455%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.44%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.43%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Putnam Vista Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>14,101,874</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.51% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.425%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.405%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.39%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Any excess over $21.5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.38%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Putnam Voyager Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>51,035,233</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.51% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.475%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.455%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.44%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.43%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.42%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.41%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.40%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.39%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $8.5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.38%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Above $55 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.37%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>E-11</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_54"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=sans-serif size=1>Amount of Management Fee</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=sans-serif size=1>Paid in the Most Recent</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=sans-serif size=1>Fiscal Year</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>Annual Rate at</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=sans-serif size=1>(after applicable waivers and</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>which Fees</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><B><FONT face=sans-serif size=1>Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="25%"><B><FONT face=sans-serif size=1>Management Fee Schedule</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=sans-serif size=1>reimbursements, if any) ($)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>were Paid</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Putnam VT American</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>693,021</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.43% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Government Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.425%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.405%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.39%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.38%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.37%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.36%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.35%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.34%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Putnam VT Capital</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>225,344</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.44% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Appreciation Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.425%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.405%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.39%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.38%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.37%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.36%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.35%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.34%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $8.5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.33%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.32%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Putnam VT Capital</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>222,790</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.54% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Opportunities Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.425%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.405%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.39%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.38%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Putnam VT Discovery</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>105,127</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.27% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Growth Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.475%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.455%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.44%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.43%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.42%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.41%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.40%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.39%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $8.5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.38%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.37%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Putnam VT Diversified</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>2,933,530</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.61% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.475%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.455%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.44%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.43%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>E-12</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_55"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=sans-serif size=1>Amount of Management Fee</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=sans-serif size=1>Paid in the Most Recent</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=sans-serif size=1>Fiscal Year</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>Annual Rate at</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=sans-serif size=1>(after applicable waivers and</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>which Fees</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%"><B><FONT face=sans-serif size=1>Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="26%"><B><FONT face=sans-serif size=1>Management Fee Schedule</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=sans-serif size=1>reimbursements, if any) ($)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>were Paid</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=2>Putnam VT Equity</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>1,326,897</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.64% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=2>Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.425%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.405%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.39%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.38%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=2>Putnam VT The George</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>3,969,447</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.62% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=2>Putnam Fund of Boston</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.425%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.405%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.39%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.38%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=2>Putnam VT Global Asset</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>2,392,952</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.60% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=2>Allocation Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.475%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.455%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.44%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.43%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=2>Putnam VT Global</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.80%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>4,692,325</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.78% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=2>Equity Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.575%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.555%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.54%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.53%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=2>Putnam VT Growth</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>20,729,712</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.49% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=2>and Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.425%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.405%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.39%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.38%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=2>Putnam VT Growth</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>243,122</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.46% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=2>Opportunities Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.475%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.455%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.44%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.43%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.42%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=2>Putnam VT Health</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>2,204,609</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.70% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=2>Sciences Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.475%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.455%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.44%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="26%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.43%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>E-13</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_56"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=sans-serif size=1>Amount of Management Fee</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=sans-serif size=1>Paid in the Most Recent</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=sans-serif size=1>Fiscal Year</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>Annual Rate at</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=sans-serif size=1>(after applicable waivers and</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>which Fees</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><B><FONT face=sans-serif size=1>Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="25%"><B><FONT face=sans-serif size=1>Management Fee Schedule</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=sans-serif size=1>reimbursements, if any) ($)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>were Paid</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Putnam VT High Yield Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>3,720,493</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.62% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.475%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.455%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.44%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.43%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Putnam VT Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>3,498,163</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.45% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.425%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.405%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.39%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.38%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Putnam VT International</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.80%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>8,271,996</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.74% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Equity Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.575%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.555%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.54%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.53%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Putnam VT International</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.80%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>2,838,706</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.70% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Growth and Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.575%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.555%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.54%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.53%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Putnam VT International</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>1.00%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>2,485,049</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.91% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>New Opportunities Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.90%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.85%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.80%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.775%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.755%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.74%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.73%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Putnam VT Investors Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>3,216,355</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.65% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.425%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.405%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.39%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.38%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Putnam VT Mid Cap</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>634,565</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.69% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Value Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.475%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.455%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.44%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.43%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>E-14</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_57"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=sans-serif size=1>Amount of Management Fee</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=sans-serif size=1>Paid in the Most Recent</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=sans-serif size=1>Fiscal Year</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>Annual Rate at</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=sans-serif size=1>(after applicable waivers and</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>which Fees</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%"><B><FONT face=sans-serif size=1>Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="24%"><B><FONT face=sans-serif size=1>Management Fee Schedule</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=sans-serif size=1>reimbursements, if any) ($)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>were Paid</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Putnam VT Money</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>1,529,264</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.40% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Market Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.35%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.30%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.25%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.225%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.205%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.19%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.18%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Putnam VT New</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>8,663,759</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.62% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Opportunities Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.475%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.455%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.44%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.43%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Putnam VT New Value Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>4,475,605</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.67% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.475%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.455%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.44%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.43%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Putnam VT OTC &amp;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>575,537</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.67% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Emerging Growth Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.475%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.455%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.44%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.43%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Putnam VT Research Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>1,213,099</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.65% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.425%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.405%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.39%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.38%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Putnam VT Small Cap</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.80%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>6,827,461</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.75% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Value Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.575%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.555%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.54%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.53%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Putnam VT Utilities</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>2,437,187</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.67% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Growth and Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.475%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.455%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.44%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.43%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>E-15</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_58"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=sans-serif size=1>Amount of Management Fee</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=sans-serif size=1>Paid in the Most Recent</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=sans-serif size=1>Fiscal Year</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>Annual Rate at</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=sans-serif size=1>(after applicable waivers and</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>which Fees</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%"><B><FONT face=sans-serif size=1>Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="25%"><B><FONT face=sans-serif size=1>Management Fee Schedule</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="27%"><B><FONT face=sans-serif size=1>reimbursements, if any) ($)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>were Paid</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=2>Putnam VT Vista Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>3,006,605</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.65% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.425%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.405%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.39%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.38%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="97%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=2>Putnam VT Voyager Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>11,832,070</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>0.59% of average</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>net assets</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.475%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.455%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.44%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.43%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="97%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>* Putnam California Investment Grade Municipal Trust, Putnam High Yield Municipal Trust, Putnam Investment Grade Municipal Trust, Putnam Managed Municipal Income Trust, Putnam Municipal Bond Fund, Putnam Municipal Opportunities Trust, and Putnam New York Investment Grade Municipal Trust are closed-end funds that have issued preferred shares. Management fees for these funds are calculated based on the average net assets of the fund, which includes assets attributable to both common and preferred shares. However, the annual rate stated in this column is determined by attributing the entire amount of the management fee to the common shares, which may cause the stated annual rate in this column to exceed the management fee schedule.</FONT></P>
<P align=left><FONT face=sans-serif size=1>** Amounts for fiscal year ended 02/28/06. Figures for the fund&#146;s most recent fiscal year are not yet available.</FONT></P>
<P align=left><FONT face=sans-serif size=1>*** Due to expense limitations in effect during the fund&#146;s fiscal year ended 02/28/06, Putnam Income Strategies Fund did not pay a management fee to Putnam Management. Figures for the fund&#146;s most recent fiscal year are not yet available. </FONT></P>
<P align=left><FONT face=sans-serif size=1>^ The management fee rate for Putnam Municipal Opportunities Trust represents fees paid only for investment advisory services. As described in this proxy statement, the fund paid Putnam Management separately for administrative services. For the most recent fiscal year, the fund paid an administrative services fee of $662,851 to Putnam Management, totaling 0.32% of the average weekly net assets attributable to common shares. Under the proposed new management contract, the fund will pay a single fee of the lesser of 0.55% of average net assets or, for the first $500 million, 0.65%; next $500 million, 0.55%; next $500 million, 0.50%; next $5 billion, 0.45%; next $5 billion, 0.425%; next $5 billion, 0.405%; next $5 billion, 0.39%; and 0.38% for any excess thereafter.</FONT></P>
<P align=left><SUP><FONT face=sans-serif size=1>&#8730;&nbsp;</FONT></SUP><FONT face=sans-serif size=1>The management fee rate for Putnam Prime Money Market Fund represents fees paid only for investment advisory services. As described in this proxy statement, the fund paid Putnam Management separately for administrative services. For the most recent fiscal year, the fund paid $1,549,992 in administrative services fees to Putnam Management, based on an annual rate of 0.05% of the average net assets of the fund. Under the proposed new management contract, the fund will pay a single fee of 0.25% of average net assets.</FONT></P>
<P align=left><FONT face=sans-serif size=1>&#134; A revised management contract for Putnam Research Fund was approved by shareholders on December 14, 2006 to remove the incentive fee component from the management fee. Under the fund&#146;s previous management contract, the fund paid Putnam Management a quarterly fee consisting of an asset-based component and an incentive component. The asset-based fee was subject to a performance adjustment based on the investment performance of the fund compared to the Standard &amp; Poor&#146;s 500 (S&amp;P 500) composite Stock Price Index. Performance was calculated for these purposes at the beginning of each calendar quarter, for the thirty-six month period immediately preceding such quarter or the life of the fund, if shorter. The applicable asset-based fee was increased or decreased for each calendar quarter by an incentive payment or penalty at the annual rate of 0.01% of the fund&#146;s average net assets for each 1.00% increment by which the fund outperformed or und
erper-formed the S&amp;P 500 in excess of 3.00%, subject to a maximum increase or decrease of 0.07% of average net assets. The revised management contract provides for an eighteen-month transition period during which the fund&#146;s fee will be the lesser of (i) the asset-based fee and (ii) the performance-adjusted fee that would have been calculated under the previous contract. The fund is currently in this transition period, which will end on June 30, 2008, after which the asset-based management fee will apply without performance-based adjustments.</FONT></P>
<P align=left><FONT face=sans-serif size=1><FONT face=sans-serif size=1>&#134; </FONT><FONT face=sans-serif size=1>&#134;</FONT>&nbsp;Due to expense limitations in effect during the most recent fiscal year, Putnam RetirementReady 2040 Fund, Putnam RetirementReady 2045 Fund, Putnam RetirementReady 2050 Fund and Putnam RetirementReady Maturity Fund did not pay management fees to Putnam Management.</FONT></P>
<P align=center><FONT face=sans-serif size=1>E-16</FONT></P>
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<P align=left><B><FONT face=sans-serif size=2>APPENDIX F</FONT></B></P>
<P align=left><FONT face=serif size=5>Current Sub-Management Contract </FONT><FONT face=serif size=5>and Sub-Advisory Contract</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>PUTNAM FUNDS</FONT></B><BR>
<BR>
<B><FONT face=sans-serif size=2>AMENDED AND RESTATED&nbsp;</FONT></B><B><FONT face=sans-serif size=2>SUB-MANAGEMENT CONTRACT</FONT></B></P>
<P align=left><FONT face=serif size=2>Amended and Restated Sub-Management Contract dated as of December 30, 2006 between PUTNAM INVESTMENT MANAGEMENT, LLC, a Delaware limited liability company (the &#147;Manager&#148;) and PUTNAM INVESTMENTS LIMITED, a company organized under the laws of England and Wales (the &#147;Sub-Manager&#148;), amending and restating in its entirety that certain Sub-Management Contract dated as of January 1, 2006, as amended (the &#147;Prior Agreement&#148;), between the Manager and the Sub-Manager.</FONT></P>
<P align=left><FONT face=serif size=2>WHEREAS, the Manager is the investment manager of each of the investment companies registered under the United States Investment Company Act of 1940, as amended, that are identified on Schedule A hereto, as it may from time to time be amended by the Manager (the &#147;Funds&#148;), and a registered investment adviser under the United States Investment Advisers Act of 1940, as amended; <BR>
<BR>
WHEREAS, the Sub-Manager is licensed as an investment manager by the Financial Services Authority of the United Kingdom (the &#147;FSA&#148;); <BR>
<BR>
WHEREAS, the Manager and the Sub-Manager previously entered into, and now wish to amend and restate, the Prior Agreement; and <BR>
<BR>
WHEREAS, the Manager continues to desire to engage the Sub-Manager from time to time to manage a portion of certain of the Funds: <BR>
<BR>
NOW THEREFORE, in consideration of the mutual covenants herein contained, it is agreed as follows:</FONT></P>
<P align=left><FONT face=serif size=2>1. SERVICES TO BE RENDERED BY SUB-MANAGER<BR>
<BR>
(a) The Sub-Manager, at its expense, will furnish continuously an investment program for that portion of any Fund the management of which is allocated from time to time by the Manager to the Sub-Manager (an &#147;Allocated Sleeve&#148;). The Manager shall, in its sole discretion, determine which Funds will have an Allocated Sleeve and the amount of assets allocated from time to time to each such </FONT><FONT face=serif size=2>Allocated Sleeve; provided that, with respect to any Fund, the Trustees of such Fund must have approved the use of the Sub-Manager prior to the creation of an Allocated Sleeve for such Fund. The Sub-Manager will determine what investments shall be purchased, held, sold or exchanged by any Allocated Sleeve and what portion, if any, of the assets of the Allocated Sleeve shall be held uninvested and shall, on behalf of the Fund, make changes in the Fund&#146;s investments held in such Allocated Sleeve.</FONT></P>
<P align=left><FONT face=serif size=2>(b) The Manager may also, at its discretion, request the Sub-Manager to provide assistance with purchasing and selling securities for any Fund, including the placement of orders with broker-dealers selected in accordance with Section 1(d), even if the Manager has not established an Allocated Sleeve for such Fund.</FONT></P>
<P align=left><FONT face=serif size=2>(c) The Sub-Manager at its expense will furnish all necessary investment and management facilities, including salaries of personnel, required for it to execute its duties faithfully.</FONT></P>
<P align=left><FONT face=serif size=2>(d) The Sub-Manager shall place all orders for the purchase and sale of portfolio investments for any Allocated Sleeve with brokers or dealers selected by the Sub-Manager. In the selection of such brokers or dealers and the placing of such orders, the Sub-Manager shall use its best efforts to obtain for the related Fund the most favorable price and execution available, except to the extent it may be permitted to pay higher brokerage commissions for brokerage and research services as described below. In using its best efforts to obtain for the Fund the most favorable price and execution available, the Sub-Manager, bearing in mind the Fund&#146;s best interests at all times, shall consider all factors it deems relevant, including by way of illustration, price, the size of the transaction, the nature of the market for the security, the amount of the commission, the timing of the transaction taking into account market prices and trends, the reputation, experience and financi
al stability of the broker or dealer involved and the quality of service rendered by the broker or dealer in other transactions. Subject to such policies as the Trustees of the Funds may determine, the Sub-Manager shall not be deemed to have acted unlawfully or to have breached any duty created by this Contract or otherwise solely by reason of its having caused a Fund to pay a broker or dealer that provides brokerage and research services to the Manager or the Sub-Manager an amount of commission for effecting a portfolio investment transaction in excess of the amount of commission another broker or dealer would have charged for effecting that</FONT></P>
<P align=center><FONT face=sans-serif size=1>F-1</FONT></P>
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<P align=left><FONT face=serif size=2>transaction, if the Sub-Manager determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer, viewed in terms of either that particular transaction or its overall responsibilities with respect to the Fund and to other clients of the Manager or the Sub-Manager as to which the Manager or the Sub-Manager exercises investment discretion. The Sub-Manager agrees that in connection with purchases or sales of portfolio investments for any Fund, neither the Sub-Manager nor any officer, director, employee or agent of the Sub-Manager shall act as a principal or receive any commission other than as provided in Section 3.</FONT></P>
<P align=left><FONT face=serif size=2>(e) The Sub-Manager shall not be obligated to pay any expenses of or for the Manager or any Fund not expressly assumed by the Sub-Manager pursuant to this Section 1.</FONT></P>
<P align=left><FONT face=serif size=2>(f) In the performance of its duties, the Sub-Manager will comply with the provisions of the Agreement and Declaration of Trust and By-Laws of each applicable Fund and such Fund&#146;s stated investment objectives, policies and restrictions, and will use its best efforts to safeguard and promote the welfare of such Fund and to comply with other policies which the Manager or the Trustees may from time to time determine and shall exercise the same care and diligence expected of the Manager.</FONT></P>
<P align=left><FONT face=serif size=2>2. OTHER AGREEMENTS, ETC.</FONT></P>
<P align=left><FONT face=serif size=2>It is understood that any of the shareholders, Trustees, officers and employees of a Fund may be a shareholder, director, officer or employee of, or be otherwise interested in, the Sub-Manager, and in any person controlled by or under common control with the Sub-Manager, and that the Sub-Manager and any person controlled by or under common control with the Sub-Manager may have an interest in such Fund. It is also understood that the Sub-Manager and any person controlled by or under common control with the Sub-Manager have and may have advisory, management, service or other contracts with other organizations and persons, and may have other interests and business.</FONT></P>
<P align=left><FONT face=serif size=2>3. COMPENSATION.</FONT></P>
<P align=left><FONT face=serif size=2>Except as provided below, the Manager will pay to the Sub-Manager as compensation for the Sub-Manager&#146;s services rendered, a fee, computed and paid quarterly at the annual rate of 0.35% per annum of average aggregate net asset value of the assets in equity Allocated Sleeves and 0.40% per annum of average aggregate net asset value of the assets in fixed-income Allocated Sleeves. Such average net asset value shall be determined by taking an average of&nbsp; </FONT><FONT face=serif size=2>all of the determinations of such net asset value during a quarter at the close of business on each business day during such quarter while this Contract is in effect. Such fee shall be payable for each quarter within 30 days after the close of such quarter. The Sub-Manager shall look only to the Manager for payment of its fees. No Fund shall have any responsibility for paying any fees due the Sub-Manager.</FONT></P>
<P align=left><FONT face=serif size=2>With respect to each of Putnam High Income Securities Fund, Putnam Master Intermediate Income Trust and Putnam Premier Income Trust, the Manager will pay to the Sub-Manager as compensation for the Sub-Manager&#146;s services rendered, a fee, computed and paid quarterly at the annual rate of 0.40% of Average Weekly Assets in Allocated Sleeves. &#147;Average Weekly Assets&#148; means the average of the weekly determinations of the difference between the total assets of the Fund (including any assets attributable to leverage for investment purposes) attributable to an Allocated Sleeve and the total liabilities of the Fund (excluding liabilities incurred in connection with leverage for investment purposes) attributable to such Allocated Sleeve, determined at the close of the last business day of each week, for each week which ends during the quarter. Such fee shall be payable for each quarter within 30 days after the close of such quarter. As used in this Section 3, &#147;le
verage for investment purposes&#148; means any incurrence of indebtedness the proceeds of which are to be invested in accordance with the Fund&#146;s investment objective. For purposes of calculating Average Weekly Assets, liabilities associated with any instruments or transactions used to leverage the Fund&#146;s portfolio for investment purposes (whether or not such instruments or transactions are &#147;covered&#148; within the meaning of the Investment Company Act of 1940 and the rules and regulations thereunder, giving effect to any interpretations of the Securities and Exchange Commission and its staff) are not considered liabilities. For purposes of calculating Average Weekly Assets, the total assets of the Fund will be deemed to include (a) any proceeds from the sale or transfer of an asset (the &#147;Underlying Asset&#148;) of the Fund to a counterparty in a reverse repurchase or dollar roll transaction and (b) the value of such Underlying Asset as of the relevant measuring date.</FONT></P>
<P align=left><FONT face=serif size=2>In the event that the Manager&#146;s management fee from any of Putnam High Income Securities Fund, Putnam Master Intermediate Income Trust or Putnam Premier Income Trust is reduced pursuant to the Amended and Restated Management Contract between such Fund and the Manager because during any Measurement Period (as defined below) the amount of interest payments and fees with respect to indebtedness or other obligation of the Fund incurred for investment leverage purposes, plus</FONT></P>
<P align=center><FONT face=sans-serif size=1>F-2</FONT></P>
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<P align=left><FONT face=serif size=2>additional expenses attributable to any such leverage for investment purposes, exceeds the portion of the Fund&#146;s net income and net short-term capital gains (but not long-term capital gains) accruing during such Measurement Period as a result of the fact that such indebtedness or other obligation was outstanding during the Measurement Period, the fee payable to the Sub-Manager with respect to such Fund shall be reduced in the same proportion as the fee paid to the Manager with respect to such Fund is so reduced. &#147;Measurement Period&#148; shall be any period for which payments of interest or fees (whether designated as such or implied) are payable in connection with any indebtedness or other obligation of the Fund incurred for investment purposes.</FONT></P>
<P align=left><FONT face=serif size=2>If the Sub-Manager shall serve for less than the whole of a quarter, the foregoing compensation shall be prorated.<BR>
<BR>
4. ASSIGNMENT TERMINATES THIS CONTRACT; AMENDMENTS OF THIS CONTRACT.</FONT></P>
<P align=left><FONT face=serif size=2>This Contract shall automatically terminate without the payment of any penalty, in the event of its assignment; and this Contract shall not be amended with respect to any Allocated Sleeve unless such amendment be approved at a meeting by the vote, cast in person at a meeting called for the purpose of voting on such approval, of a majority of the Trustees of the related Fund who are not interested persons of such Fund or of the Manager. <BR>
<BR>
5. EFFECTIVE PERIOD AND TERMINATION OF THIS CONTRACT.</FONT></P>
<P align=left><FONT face=serif size=2>This Contract shall become effective upon its execution, and shall remain in full force and effect continuously thereafter (unless terminated automatically as set forth in Section 4) until terminated as follows: <BR>
<BR>
(a) Either party hereto or, with respect to any Allocated Sleeve, the related Fund may at any time terminate this Contract by not more than sixty days&#146; nor less than thirty days&#146; written notice delivered or mailed by registered mail, postage prepaid, to the other party, or <BR>
<BR>
(b) With respect to any Allocated Sleeve, if (i) the Trustees of the related Fund or the shareholders by the affirmative vote of a majority of the outstanding shares of such Fund, and (ii) a majority of the Trustees of such Fund who are not interested persons of such Fund or of the Manager, by vote cast in person at a meeting called for the purpose of voting on such approval, do not specifically approve at least annually the continuance of this Contract, then this Contract shall automatically terminate at the close of business on the anniversary of its execution, or upon the expiration of one year from the effective date of the last such continuance, whichever is later, or</FONT></P>
<P align=left><FONT face=serif size=2>(c) With respect to any Allocated Sleeve, automatically upon termination of the Manager&#146;s investment management contract with the related Fund.</FONT></P>
<P align=left><FONT face=serif size=2>Action by a Fund under (a) above may be taken either (i) by vote of a majority of its Trustees, or (ii) by the affirmative vote of a majority of the outstanding shares of such Fund.</FONT></P>
<P align=left><FONT face=serif size=2>Termination of this Contract pursuant to this Section 5 will be without the payment of any penalty.</FONT></P>
<P align=left><FONT face=serif size=2>6. CERTAIN DEFINITIONS.</FONT></P>
<P align=left><FONT face=serif size=2>For the purposes of this Contract, the &#147;affirmative vote of a majority of the outstanding shares of a Fund&#148; means the affirmative vote, at a duly called and held meeting of shareholders of such Fund, (a) of the holders of 67% or more of the shares of such Fund present (in person or by proxy) and entitled to vote at such meeting, if the holders of more than 50% of the outstanding shares of such Fund entitled to vote at such meeting are present in person or by proxy, or (b) of the holders of more than 50% of the outstanding shares of such Fund entitled to vote at such meeting, whichever is less.</FONT></P>
<P align=left><FONT face=serif size=2>For the purposes of this Contract, the terms &#147;affiliated person,&#148; &#147;control,&#148; &#147;interested person&#148; and &#147;assignment&#148; shall have their respective meanings defined in the United States Investment Company Act of 1940 and the Rules and Regulations thereunder (the &#147;1940 Act&#148;), subject, however, to such exemptions as may be granted by the Securities and Exchange Commission under said Act; the term &#147;specifically approve at least annually&#148; shall be construed in a manner consistent with the 1940 Act, and the Rules and Regulations thereunder; and the term &#147;brokerage and research services&#148; shall have the meaning given in the United States Securities Exchange Act of 1934 and the Rules and Regulations thereunder.</FONT></P>
<P align=left><FONT face=serif size=2>7. NON-LIABILITY OF SUB-MANAGER.</FONT></P>
<P align=left><FONT face=serif size=2>In the absence of willful misfeasance, bad faith or gross negligence on the part of the Sub-Manager, or reckless disregard of its obligations and duties hereunder, the Sub-Manager shall not be subject to any liability to the Manager, any Fund or to any shareholder of any Fund, for any act or omission in the course of, or connected with, rendering services hereunder.</FONT></P>
<P align=left><FONT face=serif size=2>8. ADDITIONAL PROVISIONS</FONT></P>
<P align=left><FONT face=serif size=2>(a) The Sub-Manager represents that it is regulated by the FSA in the conduct of its investment business. The Sub-Manager has in operation a written procedure in accordance with FSA rules for the effective consideration and proper handling of complaints from customers. Any </FONT></P>
<P align=center><FONT face=sans-serif size=1>F-3</FONT></P>
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<P align=left><FONT face=serif size=2>complaint by the Manager or any Fund should be sent to the Compliance Officer of the Sub-Manager. The Manager and any Fund is also entitled to make any complaints about the Sub-Manager to the Financial Ombudsman Service established by the FSA. The Manager and any Fund may also request a statement describing its rights to compensation in the event of the Sub-Manager&#146;s inability to meet its liabilities.</FONT></P>
<P align=left><FONT face=serif size=2>(b) The Manager represents that it and each Fund are &#147;Intermediate Customers&#148; in the meaning of FSA rules. (c) Although each Fund is not a party hereto and shall have no responsibility for the Manager&#146;s or the Sub-Manager&#146;s obligations hereunder, each Fund is named as explicit third party beneficiary of the parties&#146; agreements hereunder.</FONT></P>
<P align=left><FONT face=serif size=2>IN WITNESS WHEREOF, PUTNAM INVESTMENTS LIMITED and PUTNAM INVESTMENT MANAGEMENT, LLC have each caused this instrument to be signed in duplicate on its behalf by an officer duly authorized, all as of the day and year first above written.</FONT></P>
<P align=left><FONT face=serif size=2>PUTNAM INVESTMENTS LIMITED</FONT><BR>
<BR>
<FONT face=serif size=2>By: /s/ Jeffrey F. Peters </FONT><BR>
<BR>
<FONT face=serif size=2>Name: Jeffrey F. Peters</FONT><BR>
<BR>
<FONT face=serif size=2>PUTNAM INVESTMENT </FONT><BR>
<FONT face=serif size=2>MANAGEMENT, LLC</FONT><BR>
<BR>
<FONT face=serif size=2>By: /s/ James P. Pappas</FONT><BR>
<BR>
<FONT face=serif size=2>Name: James P. Pappas</FONT></P>
<P align=left><B><FONT face=serif size=2>Schedule A</FONT></B><BR>
<BR>
<B><FONT face=serif size=2>(Updated through December 30, 2006)</FONT></B><BR>
<BR>
<FONT face=serif size=2>Putnam Diversified Income Trust</FONT><BR>
<BR>
<FONT face=serif size=2>Putnam VT Diversified Income Fund </FONT><BR>
<BR>
<FONT face=serif size=2>Putnam Europe Equity Fund</FONT><BR>
<BR>
<FONT face=serif size=2>Putnam Global Equity Fund</FONT><BR>
<BR>
<FONT face=serif size=2>Putnam VT Global Equity Fund</FONT><BR>
<BR>
<FONT face=serif size=2>Putnam Global Income Trust</FONT><BR>
<BR>
<FONT face=serif size=2>Putnam Global Natural Resources Fund</FONT><BR>
<BR>
<FONT face=serif size=2>Putnam High Yield Advantage Fund</FONT><BR>
<BR>
<FONT face=serif size=2>Putnam High Yield Trust</FONT><BR>
<BR>
<FONT face=serif size=2>Putnam VT High Yield Fund</FONT><BR>
<BR>
<FONT face=serif size=2>Putnam International Capital Opportunities Fund</FONT><BR>
<BR>
<FONT face=serif size=2>Putnam International Equity Fund</FONT><BR>
<BR>
<FONT face=serif size=2>Putnam VT International Equity Fund</FONT><BR>
<BR>
<FONT face=serif size=2>Putnam International New Opportunities Fund</FONT><BR>
<BR>
<FONT face=serif size=2>Putnam VT International New Opportunities Fund</FONT><BR>
<BR>
<FONT face=serif size=2>Putnam International Growth and Income Fund</FONT><BR>
<BR>
<FONT face=serif size=2>Putnam VT International Growth and Income Fund</FONT><BR>
<BR>
<FONT face=serif size=2>Putnam Research Fund</FONT><BR>
<BR>
<FONT face=serif size=2>Putnam VT Research Fund</FONT><BR>
<BR>
<FONT face=serif size=2>Putnam Utilities Growth and Income Fund</FONT><BR>
<BR>
<FONT face=serif size=2>Putnam VT Utilities Growth and Income Fund</FONT><BR>
<BR>
<FONT face=serif size=2>Putnam High Income Securities Fund</FONT><BR>
<BR>
<FONT face=serif size=2>Putnam Master Intermediate Income Trust</FONT><BR>
<BR>
<FONT face=serif size=2>Putnam Premier Income Trust</FONT></P>
<P align=center><FONT face=sans-serif size=1>F-4</FONT></P>
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<P align=left><B><FONT face=sans-serif size=2>PUTNAM FUNDS</FONT></B><BR>
<BR>
<B><FONT face=sans-serif size=2>SUB-ADVISORY CONTRACT</FONT></B></P>
<P align=left><FONT face=serif size=2>Sub-Advisory Contract dated as of July 14, 2006 between and among PUTNAM INVESTMENT MANAGEMENT, LLC, a Delaware limited liability company (the &#147;Manager&#148;), PUTNAM INVESTMENTS LIMITED, a company organized under the laws of England and Wales (&#147;PIL&#148;), and THE PUTNAM ADVISORY COMPANY, LLC, a Delaware limited liability company (the &#147;Sub-Advisor&#148;). </FONT></P>
<P align=left><FONT face=serif size=2>WHEREAS, the Manager is the investment manager of each of the investment companies registered under the United States Investment Company Act of 1940, as amended, that are identified on Schedule A hereto, as it may from time to time be amended by the Manager (the &#147;Funds&#148;), and a registered investment adviser under the United States Investment Advisers Act of 1940, as amended; <BR>
<BR>
WHEREAS, PIL is a registered investment adviser under the United States Investment Advisers Act of 1940, as amended, is licensed as an investment manager by the Financial Services Authority of the United Kingdom (the &#147;FSA&#148;) and is a sub-manager of each of the Funds pursuant to that certain Amended and Restated Sub-Management Contract dated as of January 1, 2006 (the &#147;PIL Sub-Management Contract&#148;), between the Manager and PIL; <BR>
<BR>
WHEREAS, the Manager has contracted with PIL for the management of certain portions of each of the Funds (each, a &#147;PIL-Advised Sleeve&#148;); <BR>
<BR>
WHEREAS, the Sub-Advisor is a registered investment adviser under the United States Investment Advisers Act of 1940, as amended, and is an investment adviser registered with the Kanto Local Finance Bureau to provide non-discretionary investment advice in Japan; <BR>
<BR>
WHEREAS, the Manager and PIL desire to engage the Sub-Advisor from time to time to provide non-discretionary investment advice with respect to a portion of certain of the Funds: <BR>
<BR>
NOW THEREFORE, in consideration of the mutual covenants herein contained, it is agreed as follows:</FONT></P>
<P align=left><FONT face=serif size=2>1. SERVICES TO BE RENDERED BY SUB-ADVISOR (a) The Sub-Advisor, at its expense, will from time to time furnish to either PIL or the Manager recommendations to purchase, hold, sell or exchange investments, securities and assets (the &#147;Assets&#148;) in that portion of any Fund for which the Manager or PIL contracts for such services to be provided by the Sub-Advisor (an &#147;Allocated Sleeve&#148;). The Manager or PIL, as the case may be, shall </FONT><FONT face=serif size=2>determine whether to execute each recommendation of the Sub-Advisor provided hereunder. The Manager shall determine which Funds will have an Allocated Sleeve; provided that, with respect to any Fund, the Trustees of such Fund must have approved the use of the Sub-Advisor prior to the creation of an Allocated Sleeve for such Fund. The Manager, and in the case of a PIL-Advised Sleeve, PIL shall (at all times in the case of PIL subject to the oversight and supervision of the Manager), determine the am
ount of assets allocated from time to time to each such Allocated Sleeve. </FONT></P>
<P align=left><FONT face=serif size=2>(b) The Sub-Advisor at its expense will furnish all necessary investment and management facilities, including salaries of personnel, required for it to execute its duties faithfully. </FONT></P>
<P align=left><FONT face=serif size=2>(c) The Sub-Advisor shall not be obligated to pay any expenses of or for the Manager, PIL or any Fund not expressly assumed by the Sub-Advisor pursuant to this Section 1.</FONT></P>
<P align=left><FONT face=serif size=2>(d) The Manager may, and in the case of a PIL-Advised Sleeve, PIL may, each at its discretion, also request the Sub-Advisor to perform certain services set forth in Section 1(a) with respect to any portion of a Fund, even if the Manager or PIL, as the case may be, has not established an Allocated Sleeve with respect to that portion of the Fund.</FONT></P>
<P align=left><FONT face=serif size=2>(e) In the performance of its duties, the Sub-Advisor will comply with the provisions of the Agreement and Declaration of Trust and By-Laws of each applicable Fund and such Fund&#146;s stated investment objectives, policies and restrictions, and will use its best efforts to safeguard and promote the welfare of such Fund and to comply with other policies which the Manager, PIL or the Trustees may from time to time determine and shall exercise the same care and diligence expected of the Manager and PIL.</FONT></P>
<P align=left><FONT face=serif size=2>2. OTHER AGREEMENTS, ETC.</FONT></P>
<P align=left><FONT face=serif size=2>It is understood that any of the shareholders, Trustees, officers and employees of a Fund may be a shareholder, director, officer or employee of, or be otherwise interested in, the Sub-Advisor, and in any person controlled by or under common control with the Sub-Advisor, and that the Sub-Advisor and any person controlled by or under common control with the Sub-Advisor may have an interest in such Fund. It is also understood that the Sub-Advisor and any person controlled by or under common control with the Sub-Advisor have and may have advisory, management, service or other contracts with other organizations and persons, and may have other interests and business.</FONT></P>
<P align=center><FONT face=sans-serif size=1>F-5</FONT></P>
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<P align=left><FONT face=serif size=2>3. COMPENSATION.</FONT></P>
<P align=left><FONT face=serif size=2>Except as provided below, the Manager or PIL, as the case may be, will pay to the Sub-Advisor as compensation for the Sub-Advisor&#146;s services rendered a fee, computed and paid quarterly at the annual rate of 0.10% per annum of average net asset value of the assets in each Allocated Sleeve. Such average net asset value shall be determined by taking an average of all of the determinations of such net asset value during a quarter at the close of business on each business day during such quarter while this Contract is in effect. Such fee shall be payable for each quarter within 30 days after the close of such quarter. The Sub-Advisor shall look only to the Manager or PIL, as the case may be, for payment of its fees. No Fund shall have any responsibility for paying any fees due the Sub-Advisor.</FONT></P>
<P align=left><FONT face=serif size=2>If the Sub-Advisor shall serve for less than the whole of a quarter, the foregoing compensation shall be prorated. <BR>
<BR>
4. ASSIGNMENT TERMINATES THIS CONTRACT; AMENDMENTS OF THIS CONTRACT.</FONT></P>
<P align=left><FONT face=serif size=2>This Contract shall automatically terminate, without the payment of any penalty, in the event of its assignment; and this Contract shall not be amended with respect to any Allocated Sleeve unless such amendment be approved at a meeting by the vote, cast in person at a meeting called for the purpose of voting on such approval, of a majority of the Trustees of the related Fund who are not interested persons of such Fund or of the Manager. <BR>
<BR>
5. EFFECTIVE PERIOD AND TERMINATION OF THIS CONTRACT.</FONT></P>
<P align=left><FONT face=serif size=2>This Contract shall become effective upon its execution, and shall remain in full force and effect continuously thereafter (unless terminated automatically as set forth in Section 4) until terminated as follows:<BR>
<BR>
(a) Any party hereto or, with respect to any Allocated Sleeve, the related Fund may at any time terminate this Contract by not more than sixty days&#146; nor less than thirty days&#146; written notice delivered or mailed by registered mail, postage prepaid, to the other parties, or<BR>
<BR>
(b) With respect to any Allocated Sleeve, if (i) the Trustees of the related Fund or the shareholders by the affirmative vote of a majority of the outstanding shares of such Fund, and (ii) a majority of the Trustees of such Fund who are not interested persons of such Fund or of the Manager, by vote cast in person at a meeting called for the purpose of voting on such approval, do not specifically approve at least annually the continuance of this Contract, then this Contract shall automatically terminate at the </FONT><FONT face=serif size=2>close of business on the anniversary of its execution, or upon the expiration of one year from the effective date of the last such continuance, whichever is later, or <BR>
<BR>
(c) With respect to any Allocated Sleeve, automatically upon termination of the Manager&#146;s investment management contract with the related Fund, or with respect to any Allocated Sleeve for which PIL has contracted with the Sub-Advisor to provide services under this Contract, automatically upon termination of the PIL Sub-Management Contract.</FONT></P>
<P align=left><FONT face=serif size=2>Action by a Fund under (a) above may be taken either (i) by vote of a majority of its Trustees, or (ii) by the affirmative vote of a majority of the outstanding shares of such Fund.</FONT></P>
<P align=left><FONT face=serif size=2>Termination of this Contract pursuant to this Section 5 will be without the payment of any penalty.</FONT></P>
<P align=left><FONT face=serif size=2>6. CERTAIN DEFINITIONS.</FONT></P>
<P align=left><FONT face=serif size=2>For the purposes of this Contract, the &#147;affirmative vote of a majority of the outstanding shares of a Fund&#148; means the affirmative vote, at a duly called and held meeting of shareholders of such Fund, (a) of the holders of 67% or more of the shares of such Fund present (in person or by proxy) and entitled to vote at such meeting, if the holders of more than 50% of the outstanding shares of such Fund entitled to vote at such meeting are present in person or by proxy, or (b) of the holders of more than 50% of the outstanding shares of such Fund entitled to vote at such meeting, whichever is less.</FONT></P>
<P align=left><FONT face=serif size=2>For the purposes of this Contract, the terms &#147;affiliated person,&#148; &#147;control,&#148; &#147;interested person&#148; and &#147;assignment&#148; shall have their respective meanings defined in the United States Investment Company Act of 1940 and the Rules and Regulations thereunder (the &#147;1940 Act&#148;), subject, however, to such exemptions as may be granted by the Securities and Exchange Commission under said Act; and the term &#147;specifically approve at least annually&#148; shall be construed in a manner consistent with the 1940 Act, and the Rules and Regulations thereunder.</FONT></P>
<P align=left><FONT face=serif size=2>7. NON-LIABILITY OF SUB-ADVISOR.</FONT></P>
<P align=left><FONT face=serif size=2>In the absence of willful misfeasance, bad faith or gross negligence on the part of the Sub-Advisor, or reckless disregard of its obligations and duties hereunder, the Sub-Advisor shall not be subject to any liability to the Manager, PIL, any Fund or to any shareholder of any Fund, for any act or omission in the course of, or connected with, rendering services hereunder.</FONT></P>
<P align=center><FONT face=sans-serif size=1>F-6</FONT></P>
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<P align=left><FONT face=serif size=2>8. ADDITIONAL PROVISIONS </FONT></P>
<P align=left><FONT face=serif size=2>(a) PIL represents that it is regulated by the FSA in the conduct of its investment business. PIL has in operation a written procedure in accordance with FSA rules for the effective consideration and proper handling of complaints from customers. Any complaint by the Manager or any Fund should be sent to the Compliance Officer of PIL. The Manager and any Fund is also entitled to make any complaints about PIL to the Financial Ombudsman Service established by the FSA. The Manager and any Fund may also request a statement describing its rights to compensation in the event of PIL&#146;s inability to meet its liabilities.</FONT></P>
<P align=left><FONT face=serif size=2>(b) The Manager represents that it and each Fund are &#147;Intermediate Customers&#148; in the meaning of FSA rules.</FONT></P>
<P align=left><FONT face=serif size=2>(c) Although each Fund is not a party hereto and shall have no responsibility for the Manager&#146;s, PIL&#146;s or the Sub-Advisor&#146;s obligations hereunder, each Fund is named as explicit third party beneficiary of the parties&#146; agreements hereunder.</FONT></P>
<P align=left><FONT face=serif size=2>In witness whereof, PUTNAM INVESTMENT MANAGEMENT, LLC, PUTNAM INVESTMENTS LIMITED and THE PUTNAM ADVISORY COMPANY, LLC have each caused this instrument to be signed on its behalf by an officer duly authorized, all as of the day and year first above written.</FONT></P>
<P align=left><FONT face=serif size=2>PUTNAM INVESTMENT </FONT><BR>
<FONT face=serif size=2>MANAGEMENT, LLC</FONT><BR>
<BR>
<FONT face=serif size=2>By: /s/ James P. Pappas</FONT><BR>
<BR>
<FONT face=serif size=2>Name: James P. Pappas</FONT><BR>
<BR>
<FONT face=serif size=2>PUTNAM INVESTMENTS LIMITED</FONT><BR>
<BR>
<FONT face=serif size=2>By: /s/ Simon L. Davis</FONT><BR>
<BR>
<FONT face=serif size=2>Name: Simon L. Davis</FONT><BR>
<BR>
<FONT face=serif size=2>THE PUTNAM ADVISORY </FONT><BR>
<FONT face=serif size=2>COMPANY, LLC</FONT><BR>
<BR>
<FONT face=serif size=2>By: /s/ Robert R. Leveille</FONT><BR>
<BR>
<FONT face=serif size=2>Name: Robert R. Leveille</FONT></P><BR>
<B><FONT face=serif size=2><BR>
<BR>
Schedule A</FONT></B>
<P></P>
<P></P>
<P align=left><FONT face=serif size=2>Putnam International Equity Fund</FONT></P>
<P align=center><FONT face=sans-serif size=1>F-7</FONT></P>
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<P align=left><B><FONT face=sans-serif size=2>APPENDIX G</FONT></B></P>
<P align=left><FONT face=serif size=5>Description of Contract </FONT><FONT face=serif size=5>Approval Process</FONT></P>
<P align=left><B><I><FONT face=serif size=2>General conclusions</FONT></I></B></P>
<P align=left><FONT face=serif size=2>The Board of Trustees of the Putnam funds oversees the management of each fund and, as required by law, determines annually whether to approve the continuance of the funds&#146; management contracts with Putnam Management, and with respect to certain funds, the administrative services contracts with Putnam Management or the sub-management contracts between Putnam Management&#146;s affiliate, Putnam Investments Limited (&#147;PIL&#148;), and Putnam Management. In this regard, the Board of Trustees, with the assistance of its Contract Committee consisting solely of Trustees who are not &#147;interested persons&#148; (as such term is defined in the Investment Company Act of 1940, as amended) of the Putnam funds (the &#147;Independent Trustees&#148;), requests and evaluates all information it deems reasonably necessary under the circumstances. Over the course of several months ending in June 2006, the Contract Committee met four times to consider the information provided by 
Putnam Management and other information developed with the assistance of the Board&#146;s independent counsel and independent staff. The Contract Committee reviewed and discussed key aspects of this information with all of the Independent Trustees. Upon completion of this review, the Contract Committee recommended, and the Independent Trustees approved, the continuance of the funds&#146; management contracts &#151; and with respect to certain funds, the administrative services contracts or the sub-management contracts &#151; effective July 1, 2006. (With respect to certain funds that may be sub-managed from time to time by PIL, because PIL is an affiliate of Putnam Management and Putnam Management remains fully responsible for all services provided by PIL, the Trustees have not evaluated PIL as a separate entity, and all subsequent references to Putnam Management below include reference to PIL as necessary or appropriate in the context.) <BR>
<BR>
This approval was based on the following conclusions:</FONT></P>
<P align=left><FONT face=serif size=2>* </FONT><FONT face=serif size=2>That the fee schedules in effect for the funds (which, for those funds with administrative services contracts, included fees paid under such contracts) represented reasonable compensation in light of the nature and quality of the services being provided to the funds, the fees paid by competitive funds and the costs incurred by Putnam Management in providing such services, and</FONT></P>
<P align=left><FONT face=serif size=2>* </FONT><FONT face=serif size=2>That such fee schedules represented an appropriate sharing between the funds&#146; shareholders and Putnam Management of such economies of scale as may exist in the management of the funds at current asset levels.</FONT></P>
<P align=left><FONT face=serif size=2>These conclusions were based on a comprehensive consideration of all information provided to the Trustees and were not the result of any single factor. Some of the factors that figured particularly in the Trustees&#146; deliberations and how the Trustees considered these factors are described below, although individual Trustees may have evaluated the information presented differently, giving different weights to various factors. It is also important to recognize that the fee arrangements for the funds are the result of many years of review and discussion between the Independent Trustees and Putnam Management, that certain aspects of the arrangements may receive greater scrutiny in some years than others, and that the Trustees&#146; conclusions may be based, in part, on their consideration of these same arrangements in prior years.</FONT></P>
<P align=left><B><I><FONT face=serif size=2>Management fee schedules and categories; total expenses</FONT></I></B></P>
<P align=left><FONT face=serif size=2>The Trustees reviewed the management (and administrative services, if applicable) fee schedules in effect for all Putnam funds, including fee levels and breakpoints, and the assignment of funds to particular fee categories. In reviewing fees and expenses, the Trustees generally focused their attention on material changes in circumstances &#151; for example, changes in a fund&#146;s size or investment style, changes in Putnam Management&#146;s operating costs, or changes in competitive practices in the mutual fund industry &#151; that suggest that consideration of fee changes might be warranted. The Trustees concluded that the circumstances did not warrant changes to the management (and administrative services, if applicable) fee structures of the funds, which had been carefully developed over the years, re-examined on many occasions and adjusted where appropriate. The Trustees focused on two areas of particular interest, as discussed further below:</FONT></P>
<P align=left><FONT face=serif size=2>* </FONT><B><FONT face=serif size=2>Competitiveness. </FONT></B><FONT face=serif size=2>The Trustees reviewed comparative fee and expense information for competitive funds, which indicated that, in a custom peer group of competitive funds selected by Lipper Inc., each Putnam fund ranked in particular percentiles in management fees and in total expenses (less any applicable 12b-1 fees for open-end funds, and excluding charges and expenses at the insurance company separate account level for the funds of Putnam Variable Trust) as of December 31, 2005 (the first percentile being the least expensive funds and the 100th percentile being the most expensive funds). (The comparative fee and expense information for each</FONT></P>
<P align=center><FONT face=sans-serif size=1>G-1</FONT></P>
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<P align=left><FONT face=serif size=2>Putnam RetirementReady Fund excluded the fees and expenses of the underlying Putnam funds in which a Putnam RetirementReady Fund invested, as well as the fees and expenses of the underlying funds in which other funds in the Lipper peer group invested.) With respect to the open-end funds, the Trustees noted that expense ratios for a number of Putnam funds, which show the percentage of fund assets used to pay for management and administrative services, distribution (12b-1) fees and other expenses, had been increasing recently as a result of declining net assets and the natural operation of fee breakpoints. With respect to all funds, the Trustees expressed their intention to monitor the funds&#146; percentile rankings in management fees and in total expenses to ensure that fees and expenses of the funds continue to meet evolving competitive standards.</FONT></P>
<P align=left><FONT face=serif size=2>With respect to the open-end funds, the Trustees noted that the expense ratio increases described above were currently being controlled by expense limitations implemented in January 2004 and which Putnam Management, in consultation with the Contract Committee, has committed to maintain at least through 2007. These expense limitations give effect to a commitment by Putnam Management that the expense ratio of each fund would be no higher than the average expense ratio of the competitive funds included in the fund&#146;s relevant Lipper universe (exclusive of any applicable 12b-1 charges in each case). The Trustees observed that this commitment to limit fund expenses has served shareholders well since its inception. In order to ensure that the expenses of the Putnam funds continue to meet evolving competitive standards, the Trustees requested, and Putnam Management agreed, to implement an additional expense limitation for certain open-end funds for the twelve months beginni
ng January 1, 2007 equal to the average expense ratio (exclusive of 12b-1 charges) of a custom peer group of competitive funds selected by Lipper based on the size of the fund. This additional expense limitation will be applied to those open-end funds that had above-average expense ratios (exclusive of 12b-1 charges) based on the Lipper custom peer group data for the period ended December 31, 2005.</FONT></P>
<P align=left><FONT face=serif size=2>* </FONT><B><FONT face=serif size=2>Economies of scale. </FONT></B><FONT face=serif size=2>Most funds currently have the benefit of breakpoints in their management fees that provide shareholders with significant economies of scale, which means that the effective management fee rate of a fund (as a percentage of fund assets) declines as a fund grows in size and crosses specified asset thresholds. Conversely, as a fund shrinks in size &#151; as has been the case for many Putnam open-end funds in recent years &#151; these breakpoints result in increasing fee levels.</FONT></P>
<P align=left><FONT face=serif size=2>In recent years, the Trustees have examined the operation of the existing breakpoint structure during periods of both growth and decline in asset levels. The Trustees concluded that the fee schedules in effect for the funds represented an appropriate sharing of economies of scale at current asset levels. In reaching this conclusion, the Trustees considered the Contract Committee&#146;s stated intent to continue to work with Putnam Management to plan for an eventual resumption in the growth of assets, including a study of potential economies that might be produced under various growth assumptions.</FONT></P>
<P align=left><FONT face=serif size=2>In connection with their review of the management fees and total expenses of the Putnam funds, the Trustees also reviewed the costs of the services to be provided and profits to be realized by Putnam Management and its affiliates from the relationship with the funds. This information included trends in revenues, expenses and profitability of Putnam Management and its affiliates relating to the investment management and distribution services provided to the funds. In this regard, the Trustees also reviewed an analysis of Putnam Management&#146;s revenues, expenses and profitability with respect to the funds&#146; management contracts, allocated on a fund-by-fund basis. Because many of the costs incurred by Putnam Management in managing the funds are not readily identifiable to particular funds, the Trustees observed that the methodology for allocating costs is an important factor in evaluating Putnam Management&#146;s costs and profitability, both as to the Putnam funds i
n the aggregate and as to individual funds. The Trustees reviewed Putnam Management&#146;s cost allocation methodology with the assistance of independent consultants and concluded that this methodology was reasonable and well-considered.</FONT></P>
<P align=left><B><I><FONT face=serif size=2>Investment performance</FONT></I></B></P>
<P align=left><FONT face=serif size=2>The quality of the investment process provided by Putnam Management represented a major factor in the Trustees&#146; evaluation of the quality of services provided by Putnam Management under the funds&#146; management contracts. The Trustees were assisted in their review of the Putnam funds&#146; investment process and performance by the work of the Investment Process Committee of the Trustees and the Investment Oversight Committees of the Trustees, which meet on a regular monthly basis with the funds&#146; portfolio teams throughout the year. The Trustees concluded that Putnam Management generally provides a high-quality investment process &#151; as measured by the experience and skills of the individuals assigned to the management of fund portfolios, the resources made available to such personnel, and in general the ability of Putnam Management to attract and retain high-quality personnel &#151; but also recognize that this does not guarantee favorable investment resul
ts for every fund in every time period. The Trustees considered the investment performance of each fund over multiple time periods and considered information</FONT></P>
<P align=center><FONT face=sans-serif size=1>G-2</FONT></P>
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<P align=left><FONT face=serif size=2>comparing each fund&#146;s performance with various benchmarks and with the performance of competitive funds.</FONT></P>
<P align=left><FONT face=serif size=2>The Trustees noted the satisfactory investment performance of many Putnam funds. They also noted the disappointing investment performance of certain funds in recent years and discussed with senior management of Putnam Management the factors contributing to this underperformance and actions being taken to improve performance. The Trustees recognized that, in recent years, Putnam Management has made significant changes in its investment personnel and processes and in the fund product line to address areas of underperfor-mance. In particular, they noted the important contributions of Putnam Management&#146;s leadership in attracting, retaining and supporting high-quality investment professionals and in systematically implementing an investment process that seeks to merge the best features of fundamental and quantitative analysis. The Trustees indicated their intention to continue to monitor performance trends to assess the effectiveness of these changes and to evaluate whet
her additional changes to address areas of underperformance are warranted.</FONT></P>
<P align=left><FONT face=serif size=2>In the case of each open-end fund, the Trustees considered that each fund&#146;s class A (class I, in the case of Putnam Prime Money Market Fund, and class IA in the case of Putnam Variable Trust) share cumulative total return performance at net asset value was in particular percentiles of its Lipper Inc. peer group for the one-, three- and five-year periods ended March 31, 2006 (the first percentile being the best performing funds and the 100th percentile being the worst performing funds). In the case of each closed-end fund, the Trustees considered the same Lipper peer group information for the fund&#146;s common share cumulative total return performance at net asset value. In the case of tax-exempt open-end and closed-end funds, the funds&#146; total return performance was compared against the Lipper peer group performance information using tax-adjusted performance to recognize the different federal income tax treatment for capital gains distributions and exempt-inter
est distributions.</FONT></P>
<P align=left><FONT face=serif size=2>As a general matter, the Trustees concluded that cooperative efforts between the Trustees and Putnam Management represent the most effective way to address investment performance problems. The Trustees noted that investors in the Putnam funds have, in effect, placed their trust in the Putnam organization, under the oversight of the funds&#146; Trustees, to make appropriate decisions regarding the management of the funds. Based on the responsiveness of Putnam Management in the recent past to Trustee concerns about investment performance, the Trustees concluded that it is preferable to seek change within Putnam Management to address performance shortcomings. In the Trustees&#146; view, the alternative of terminating a management contract and engaging a new investment adviser for an underperforming fund would entail significant disruptions </FONT><FONT face=serif size=2>and would not provide any greater assurance of improved investment performance.</FONT></P>
<P align=left><B><I><FONT face=serif size=2>Brokerage and soft-dollar allocations; other benefits</FONT></I></B></P>
<P align=left><FONT face=serif size=2>The Trustees considered various potential benefits that Putnam Management may receive in connection with the services it provides under the management contracts with the funds. These include benefits related to brokerage and soft-dollar allocations, whereby a portion of the commissions paid by a fund for brokerage may be used to acquire research services that may be useful to Putnam Management in managing the assets of the fund and of other clients. The Trustees indicated their continued intent to monitor the potential benefits associated with the allocation of fund brokerage to ensure that the principle of seeking &#147;best price and execution&#148; remains paramount in the portfolio trading process.</FONT></P>
<P align=left><FONT face=serif size=2>The Trustees&#146; annual review of the funds&#146; management contracts also included the review of the custodian and investor servicing agreements with Putnam Fiduciary Trust Company, which agreements provide benefits to an affiliate of Putnam Management. In the case of the open-end funds, the Trustees&#146; annual review of the funds&#146; management contracts also included the review of the funds&#146; distributor&#146;s contracts and distribution plans with Putnam Retail Management Limited Partnership, which contracts and plans also provide benefits to an affiliate of Putnam Management.</FONT></P>
<P align=left><B><I><FONT face=serif size=2>Comparison of retail and institutional fee schedules</FONT></I></B></P>
<P align=left><FONT face=serif size=2>The information examined by the Trustees as part of their annual contract review has included for many years information regarding fees charged by Putnam Management and its affiliates to institutional clients such as defined benefit pension plans, college endowments, etc. This information included comparison of such fees with fees charged to the funds, as well as a detailed assessment of the differences in the services provided to these two types of clients. The Trustees observed, in this regard, that the differences in fee rates between institutional clients and the funds are by no means uniform when examined by individual asset sectors, suggesting that differences in the pricing of investment management services to these types of clients reflect to a substantial degree historical competitive forces operating in separate market places. The Trustees considered the fact that fee rates across all asset sectors are higher on average for funds than for institutional clients,
 as well as the differences between the services that Putnam Management provides to the Putnam funds and those that it provides to institutional clients of the firm, but did not rely on these comparisons to any significant extent in concluding that the management fees paid by the funds are reasonable.</FONT></P>
<P align=center><FONT face=sans-serif size=1>G-3</FONT></P>
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<P align=left><B><I><FONT face=serif size=2>Approval of the Sub-Advisory Contract among Putnam </FONT></I></B><B><I><FONT face=serif size=2>Management, Putnam Investments Limited and The </FONT></I></B><B><I><FONT face=serif size=2>Putnam Advisory Company, LLC for Putnam </FONT></I></B><B><I><FONT face=serif size=2>International Equity Fund</FONT></I></B></P>
<P align=left><FONT face=serif size=2>In July 2006, the Trustees approved a sub-advisory contract among Putnam Management, PIL and The Putnam Advisory Company, LLC (&#147;PAC&#148;) for Putnam International Equity Fund. The Contract Committee reviewed information provided by Putnam Management and, upon completion of this review, recommended, and the Independent Trustees approved, Putnam International Equity Fund&#146;s sub-advisory contract with PAC, effective July 14, 2006.</FONT></P>
<P align=left><FONT face=serif size=2>The Trustees considered numerous factors they believe relevant in approving Putnam International Equity Fund&#146;s sub-advisory contract with PAC, including Putnam Management&#146;s belief that the interest of shareholders would be best served by using Putnam&#146;s Tokyo investment professionals who are employed by PAC to provide investment recommendations for certain equity sleeves of Putnam International Equity Fund that are currently managed by Putnam Management or PIL, and PAC&#146;s expertise with respect to Asian markets. The Trustees also considered that Japanese securities laws require a sub-advisory relationship among Putnam Management, PIL and PAC in order for Putnam&#146;s Tokyo investment professionals to provide investment recommendations for Putnam International Equity Fund. The Trustees noted that Putnam Management or PIL, and not Putnam International Equity Fund, would pay the sub-management fee to PAC for its services and that the sub-management contra
ct with PAC will not reduce the nature, quality or overall level of service provided to Putnam International Equity Fund.</FONT></P>
<P align=center><FONT face=sans-serif size=1>G-4</FONT></P>
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<P align=left><B><FONT face=sans-serif size=2>APPENDIX H</FONT></B></P>
<P align=left><FONT face=serif size=5>Other Similar Funds Advised by Putnam Management</FONT></P>
<P align=left><FONT face=serif size=2>The following table contains certain information regarding funds for which Putnam Management provides investment advisory services and that may have similar investment objectives and policies to your fund. </FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>Has</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Amount of</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>compensation</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Management</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>been waived,</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Fee Paid in the</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>reduced or</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Most Recent</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>otherwise</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Fiscal Year</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>agreed to be</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>Net Assets</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>(after applicable</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>reduced</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>as of</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>waivers and</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>under any</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="15%"><B><FONT face=sans-serif size=1>Current</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>December 31,</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>reimbursements,</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>applicable</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="15%"><B><FONT face=sans-serif size=1>Investment</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><B><FONT face=sans-serif size=1>Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>2006 ($)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="22%"><B><FONT face=sans-serif size=1>Current Management Fee Schedule</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="8%" background="">&nbsp;</TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>if any) ($)</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>contract?</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="15%"><B><FONT face=sans-serif size=1>Objective</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam American</FONT>&nbsp; </TD>
     <TD noWrap align=center width="13%"><FONT face=sans-serif size=2>707,703,667</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>4,373,306</FONT>&nbsp; </TD>
     <TD noWrap align=center width="13%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>High current income</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Government</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>with preservation of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>capital as its</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>secondary objective.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.425%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.405%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.39%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.38%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam AMT-Free</FONT>&nbsp; </TD>
     <TD noWrap align=center width="13%"><FONT face=sans-serif size=2>327,849,054</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>The lesser of 0.50%, or</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>1,790,563</FONT>&nbsp; </TD>
     <TD noWrap align=center width="13%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>High current income</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Insured Municipal</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>exempt from federal</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>income tax.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.40%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.375%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.355%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.34%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.33%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Arizona</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=2>89,150,402</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>The lesser of 0.50%, or</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>396,902</FONT>&nbsp; </TD>
     <TD noWrap align=center width="13%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>To provide as high a</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Tax Exempt</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>level of current</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>income exempt</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>from federal income</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.40%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>tax and personal</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.375%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>income tax (if any)</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.355%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>of the state of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.34%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Arizona as Putnam</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Any excess over $21.5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.33%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Management</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>believes is consistent</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>with preservation</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>of capital.</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Asset</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=2>2,109,899,934</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>10,841,716</FONT>&nbsp; </TD>
     <TD noWrap align=center width="13%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Total return.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Allocation:</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Balanced Portfolio</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.475%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.455%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.44%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Any excess over $21.5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.43%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Asset</FONT>&nbsp; </TD>
     <TD noWrap align=center width="13%"><FONT face=sans-serif size=2>985,940,217</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>5,759,923</FONT>&nbsp; </TD>
     <TD noWrap align=center width="13%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Total return</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Allocation:</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>consistent with</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Conservative</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>preservation</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Portfolio</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>of capital.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.475%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.455%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.44%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Any excess over $21.5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.43%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>H-1</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_71"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>Has</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Amount of</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>compensation</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Management</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>been waived,</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Fee Paid in the</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>reduced or</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Most Recent</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>otherwise</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Fiscal Year</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>agreed to be</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>Net Assets</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>(after applicable</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>reduced</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>as of</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>waivers and</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>under any</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="15%"><B><FONT face=sans-serif size=1>Current</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>December 31,</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>reimbursements,</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>applicable</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="15%"><B><FONT face=sans-serif size=1>Investment</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><B><FONT face=sans-serif size=1>Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>2006 ($)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="29%" colSpan=2><B><FONT face=sans-serif size=1>Current Management Fee Schedule</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>if any) ($)</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>contract?</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="15%"><B><FONT face=sans-serif size=1>Objective</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Asset</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>2,156,488,751</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>9,639,295</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Capital appreciation.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Allocation:</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Growth Portfolio</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.475%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.455%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.44%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Any excess over $21.5 billion</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.43%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam California</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>83,373,293</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>The lesser of 0.55%, or</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>531,472</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>To provide as high a</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Investment Grade</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>level of current</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Municipal Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>income free from</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>federal income tax</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>and California</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.425%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>personal income</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.405%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>taxes as Putnam</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.39%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Management believes</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.38%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>is consistent with</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>the preservation</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>of capital.</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam California</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>2,076,820,792</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>The lesser of 0.50%, or</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>10,368,635</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>To provide as high a</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Tax Exempt</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>level of current</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>income exempt</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>from federal income</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.40%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>tax and California</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.375%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>personal income</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.355%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>tax as Putnam</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.34%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Management believes</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.33%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>to be consistent</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>with the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>preservation</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>of capital.</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Capital</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>649,313,138</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>4,388,833</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Capital appreciation.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Appreciation Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.425%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.405%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.39%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Any excess over $21.5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.38%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Capital</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>1,125,906,050</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>6,363,713</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Long-term growth</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Opportunities Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>of capital.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.425%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.405%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.39%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.38%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Classic</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>766,747,810</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>4,836,159</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Capital growth.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Equity Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Current income is a</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>secondary goal.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.425%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.405%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.39%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.38%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>H-2</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_72"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>Has</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Amount of</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>compensation</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Management</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>been waived,</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Fee Paid in the</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>reduced or</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Most Recent</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>otherwise</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Fiscal Year</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>agreed to be</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=center width="11%"><B><FONT face=sans-serif size=1>Net Assets</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>(after applicable</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>reduced</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=center width="11%"><B><FONT face=sans-serif size=1>as of</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>waivers and</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>under any</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="15%"><B><FONT face=sans-serif size=1>Current</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=center width="11%"><B><FONT face=sans-serif size=1>December 31,</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>reimbursements,</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>applicable</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="15%"><B><FONT face=sans-serif size=1>Investment</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="11%"><B><FONT face=sans-serif size=1>2006 ($)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="29%" colSpan=2><B><FONT face=sans-serif size=1>Current Management Fee Schedule</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>if any) ($)</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>contract?</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="15%"><B><FONT face=sans-serif size=1>Objective</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Putnam Convertible</FONT>&nbsp; </TD>
     <TD noWrap align=center width="11%"><FONT face=sans-serif size=2>724,297,978</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>4,231,616</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Current income and</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Income-Growth Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>capital appreciation.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Conservation of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>capital is a</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.425%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>secondary objective.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.405%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.39%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.38%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Putnam Discovery</FONT>&nbsp; </TD>
     <TD noWrap align=center width="11%"><FONT face=sans-serif size=2>850,247,984</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>5,497,942</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Long-term growth</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Growth Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>of capital.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.475%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.455%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.44%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.43%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Putnam Diversified</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>2,770,991,703</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>17,403,729</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>To provide as high a</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Income Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>level of current</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>income as Putnam</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Management believes</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.475%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>is consistent with</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.455%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>preservation</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.44%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>of capital.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.43%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Putnam Equity</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>3,842,617,273</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>18,067,258</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Capital growth and</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>current income.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.425%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.405%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.39%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.38%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Putnam Europe</FONT>&nbsp; </TD>
     <TD noWrap align=center width="11%"><FONT face=sans-serif size=2>560,853,928</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.80%</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>4,213,337</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Capital appreciation.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Equity Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.575%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.555%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.54%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.53%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Putnam Floating</FONT>&nbsp; </TD>
     <TD noWrap align=center width="11%"><FONT face=sans-serif size=2>494,289,793</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>1,719,001</FONT><FONT face=sans-serif size=2>^</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>High current income.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Rate Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Preservation of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>capital is a</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>secondary goal.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.425%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.405%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.39%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.38%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.37%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.36%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.35%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.34%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $8.5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.33%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.32%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>H-3</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_73"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>Has</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Amount of</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>compensation</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Management</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>been waived,</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Fee Paid in the</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>reduced or</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Most Recent</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>otherwise</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Fiscal Year</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>agreed to be</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>Net Assets</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>(after applicable</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>reduced</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>as of</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>waivers and</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>under any</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="15%"><B><FONT face=sans-serif size=1>Current</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>December 31,</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>reimbursements,</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>applicable</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="15%"><B><FONT face=sans-serif size=1>Investment</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><B><FONT face=sans-serif size=1>Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>2006 ($)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=2><B><FONT face=sans-serif size=1>Current Management Fee Schedule</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>if any) ($)</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>contract?</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="15%"><B><FONT face=sans-serif size=1>Objective</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="95%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>The Putnam Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>15,172,174,430</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>67,376,969</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Capital growth and</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>for Growth</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>current income.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>and Income</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.425%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.405%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.39%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.38%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.37%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.36%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.35%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.34%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=2>Next $8.5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.33%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=2>Any excess over $55 billion</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.32%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="95%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>The George Putnam</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>4,654,483,340</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>23,520,227</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>To provide a</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Fund of Boston</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>balanced investment</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>composed of a</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>well-diversified</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.425%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>portfolio of stocks</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.405%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>and bonds which</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.39%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>produce both capital</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.38%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>growth and</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>current income.</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="95%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Global</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>2,116,008,457</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.80%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>15,165,340</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Capital appreciation.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Equity Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.575%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.555%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.54%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.53%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.52%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.51%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.49%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=2>Next $8.5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.48%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=2>Any excess over $55 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.47%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="95%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Global</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>128,502,186</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>528,321</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>High current income</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Income Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>by investing</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>principally in debt</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>securities of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.475%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>sovereign and</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.455%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>private issuers</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.44%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>worldwide, including</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.43%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>supranational issuers.</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="95%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Global</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>627,944,661</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>4,126,921</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Capital appreciation.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Natural Resources</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.475%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.455%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.44%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="21%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.43%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="95%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>H-4</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_74"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>Has</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="15%"><B><FONT face=sans-serif size=1>Amount of</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>compensation</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="15%"><B><FONT face=sans-serif size=1>Management</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>been waived,</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="15%"><B><FONT face=sans-serif size=1>Fee Paid in the</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>reduced or</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="15%"><B><FONT face=sans-serif size=1>Most Recent</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>otherwise</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="15%"><B><FONT face=sans-serif size=1>Fiscal Year</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>agreed to be</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>Net Assets</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="15%"><B><FONT face=sans-serif size=1>(after applicable</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>reduced</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>as of</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="15%"><B><FONT face=sans-serif size=1>waivers and</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>under any</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="16%"><B><FONT face=sans-serif size=1>Current</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>December 31,</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="15%"><B><FONT face=sans-serif size=1>reimbursements,</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>applicable</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="16%"><B><FONT face=sans-serif size=1>Investment</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><B><FONT face=sans-serif size=1>Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>2006 ($)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="23%"><B><FONT face=sans-serif size=1>Current Management Fee Schedule</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="7%" background="">&nbsp;</TD>
     <TD noWrap align=center width="15%"><B><FONT face=sans-serif size=1>if any) ($)</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>contract?</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="16%"><B><FONT face=sans-serif size=1>Objective</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Growth</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>659,146,436</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>2,913,736</FONT>&nbsp; </TD>
     <TD noWrap align=center width="13%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>Capital appreciation.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Opportunities Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.475%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.455%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.44%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.43%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Health</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>2,267,488,061</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>14,802,805</FONT>&nbsp; </TD>
     <TD noWrap align=center width="13%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>Capital appreciation.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Sciences Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.475%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.455%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.44%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Any excess over $21.5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.43%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam High Income</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>198,149,622</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>1,372,004</FONT>&nbsp; </TD>
     <TD noWrap align=center width="13%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>To provide high</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Securities Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>current income as a</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>primary objective</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>and capital</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.475%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>appreciation as a</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.455%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>secondary objective.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.44%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.43%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.42%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.41%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.40%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.39%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Next $8.5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.38%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.37%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam High Yield</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>801,711,721</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>5,676,755</FONT>&nbsp; </TD>
     <TD noWrap align=center width="13%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>High current</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Advantage Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>income. Capital</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>growth is a</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>secondary goal</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.475%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>when consistent</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.455%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>with achieving high</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.44%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>current income.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.43%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam High Yield</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>213,917,148</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>The lesser of 0.55%, or</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>1,448,462</FONT>&nbsp; </TD>
     <TD noWrap align=center width="13%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>To provide high</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Municipal Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>current income</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>exempt from federal</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>income tax.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.425%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.405%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.39%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.38%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam High</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>2,357,157,321</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>13,784,128</FONT>&nbsp; </TD>
     <TD noWrap align=center width="13%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>High current</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Yield Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>income. Capital</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>growth is a</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>secondary goal.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.475%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.455%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.44%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="23%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.43%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>H-5</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>Has</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Amount of</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>compensation</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Management</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>been waived,</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Fee Paid in the</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>reduced or</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Most Recent</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>otherwise</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Fiscal Year</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>agreed to be</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>Net Assets</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>(after applicable</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>reduced</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>as of</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>waivers and</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>under any</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="15%"><B><FONT face=sans-serif size=1>Current</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>December 31,</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>reimbursements,</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>applicable</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="15%"><B><FONT face=sans-serif size=1>Investment</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>2006 ($)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="22%"><B><FONT face=sans-serif size=1>Current Management Fee Schedule</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="8%" background="">&nbsp;</TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>if any) ($)</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>contract?</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="15%"><B><FONT face=sans-serif size=1>Objective</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Putnam Income</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>2,447,632,260</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>11,940,410</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>High current income</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>consistent with</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>what Putnam</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>management</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.425%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>believes to be</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.405%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>prudent risk.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.39%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.38%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Putnam Income</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>13,002,265</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0*</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Current income</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Strategies Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>consistent with</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>what Putnam</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Management believes</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.425%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>to be prudent risk.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.405%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Its secondary</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.39%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>objective is</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.38%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>capital appreciation.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.37%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.36%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.35%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.34%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $8.5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.33%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.32%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Putnam International</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>1,783,630,400</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>1.00%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>13,345,775</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Long-term</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Capital</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.90%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>capital appreciation.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Opportunities Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.85%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.80%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.775%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.755%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.74%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.73%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Putnam International</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>7,003,286,336</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.80%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>39,425,440</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Capital appreciation.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Equity Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.575%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.555%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.54%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Any excess over $21.5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.53%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Putnam International</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>1,037,228,946</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.80%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>5,732,946</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Capital growth.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Growth and</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Current income is a</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>secondary objective.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.575%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.555%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.54%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.53%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Putnam International</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>811,831,094</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>1.00%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>6,580,631</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Long-term</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>New Opportunities</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.90%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>capital appreciation.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.85%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.80%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.775%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.755%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.74%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.73%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>H-6</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_76"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>Has</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Amount of</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>compensation</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Management</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>been waived,</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Fee Paid in the</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>reduced or</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Most Recent</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>otherwise</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Fiscal Year</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>agreed to be</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>Net Assets</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>(after applicable</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>reduced</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>as of</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>waivers and</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>under any</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="15%"><B><FONT face=sans-serif size=1>Current</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>December 31,</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>reimbursements,</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>applicable</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="15%"><B><FONT face=sans-serif size=1>Investment</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><B><FONT face=sans-serif size=1>Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>2006 ($)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="22%"><B><FONT face=sans-serif size=1>Current Management Fee Schedule</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="8%" background="">&nbsp;</TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>if any) ($)</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>contract?</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="15%"><B><FONT face=sans-serif size=1>Objective</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Investment</FONT>&nbsp; </TD>
     <TD noWrap align=center width="13%"><FONT face=sans-serif size=2>363,338,832</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>The lesser of 0.55%, or</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>2,059,634</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>To provide as high a</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Grade Municipal</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>level of current</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>income exempt</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>from federal income</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>tax as Putnam</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.425%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Management believes</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.405%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>to be consistent</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.39%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>with the preservation</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.38%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>of capital.</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Investors</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=2>4,107,665,166</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>19,513,803</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Long-term growth</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>of capital and any</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>increased income</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>that results from</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.425%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>this growth.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.405%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.39%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Any excess over $21.5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.38%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Limited</FONT>&nbsp; </TD>
     <TD noWrap align=center width="13%"><FONT face=sans-serif size=2>439,936,540</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>The lesser of 0.50%, or</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>2,392,584</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>As high a level of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Duration</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>current income as</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Government</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Putnam Management</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>believes is consistent</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.40%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>with preservation</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.375%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>of capital.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.355%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.34%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Any excess over $21.5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.33%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Managed</FONT>&nbsp; </TD>
     <TD noWrap align=center width="13%"><FONT face=sans-serif size=2>548,638,387</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>The lesser of 0.55%, or</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>3,167,820</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>To provide high</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Municipal Income</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>current income free</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>from federal</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>income tax.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.425%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.405%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.39%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.38%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam</FONT>&nbsp; </TD>
     <TD noWrap align=center width="13%"><FONT face=sans-serif size=2>309,261,461</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>The lesser of 0.50%, or</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>1,675,201</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>As high a level of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Massachusetts Tax</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>current income</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Exempt Income</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>exempt from federal</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>income tax and</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.40%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>personal income tax</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.375%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>(if any) of the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.355%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Commonwealth of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.34%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Massachusetts as</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Any excess over $21.5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.33%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Putnam Management</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>believes is consistent</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>with preservation</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>of capital.</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>H-7</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_77"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>Has</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Amount of</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>compensation</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Management</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>been waived,</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Fee Paid in the</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>reduced or</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Most Recent</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>otherwise</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Fiscal Year</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>agreed to be</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>Net Assets</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>(after applicable</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>reduced</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>as of</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>waivers and</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>under any</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="15%"><B><FONT face=sans-serif size=1>Current</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>December 31,</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>reimbursements,</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>applicable</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="15%"><B><FONT face=sans-serif size=1>Investment</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>2006 ($)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="22%"><B><FONT face=sans-serif size=1>Current Management Fee Schedule</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="8%" background="">&nbsp;</TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>if any) ($)</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>contract?</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="15%"><B><FONT face=sans-serif size=1>Objective</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Putnam Master</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>654,273,418</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.75%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>4,797,486</FONT>&nbsp; </TD>
     <TD noWrap align=center width="13%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>With equal</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Intermediate Income</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>emphasis, to</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>provide high current</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>income and relative</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.525%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>stability of net</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.505%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>asset value.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.49%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.48%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.47%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.46%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.44%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $8.5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.43%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.42%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Putnam Michigan Tax</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>117,691,883</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>The lesser of 0.50%, or</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>648,238</FONT>&nbsp; </TD>
     <TD noWrap align=center width="13%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>As high a level of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Exempt Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>current income</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>exempt from federal</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>income tax and</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.40%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>personal income tax</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.375%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>(if any) of the state</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.355%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>of Michigan as</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.34%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Putnam Management</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Any excess over $21.5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.33%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>believes is consistent</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>with preservation</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>of capital.</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Putnam Mid Cap</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>973,670,094</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>5,871,795</FONT>&nbsp; </TD>
     <TD noWrap align=center width="13%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Capital appreciation</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Value Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>and, as a secondary</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>objective, current</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>income.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.475%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.455%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.44%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.43%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Putnam Minnesota</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>108,716,812</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>The lesser of 0.50%, or</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>538,350</FONT>&nbsp; </TD>
     <TD noWrap align=center width="13%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>As high a level of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Tax Exempt</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>current income</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>exempt from federal</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>income tax and</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.40%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>personal income tax</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.375%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>(if any) of the state</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.355%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>of Minnesota as</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.34%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Putnam Management</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Any excess over $21.5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.33%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>believes is consistent</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>with preservation</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>of capital.</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Putnam Money</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>3,278,464,902</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>First $100 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>10,390,443</FONT>&nbsp; </TD>
     <TD noWrap align=center width="13%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>As high a rate of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Market Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $100 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.40%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>current income as</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $300 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.35%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Putnam Management</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.325%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>believes is consistent</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.30%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>with preservation of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $2.5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.275%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>capital and</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $2.5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.25%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>maintenance</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.225%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>of liquidity.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.205%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.19%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.18%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>H-8</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
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<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>Has</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Amount of</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>compensation</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Management</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>been waived,</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Fee Paid in the</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>reduced or</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Most Recent</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>otherwise</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Fiscal Year</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>agreed to be</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>Net Assets</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>(after applicable</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>reduced</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>as of</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>waivers and</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>under any</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="15%"><B><FONT face=sans-serif size=1>Current</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>December 31,</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>reimbursements,</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>applicable</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="15%"><B><FONT face=sans-serif size=1>Investment</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><B><FONT face=sans-serif size=1>Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>2006 ($)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="22%"><B><FONT face=sans-serif size=1>Current Management Fee Schedule</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="8%" background="">&nbsp;</TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>if any) ($)</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>contract?</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="15%"><B><FONT face=sans-serif size=1>Objective</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Municipal</FONT>&nbsp; </TD>
     <TD noWrap align=center width="13%"><FONT face=sans-serif size=2>363,454,277</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>The lesser of 0.55%, or</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>2,290,901</FONT>&nbsp; </TD>
     <TD noWrap align=center width="13%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>To provide as high a</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Bond Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>level of current</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>income exempt</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>from federal income</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>tax as Putnam</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.425%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Management</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.405%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>believes is consistent</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.39%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>with preservation</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.38%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>of capital.</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Municipal</FONT>&nbsp; </TD>
     <TD noWrap align=center width="13%"><FONT face=sans-serif size=2>322,775,012</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>The lesser of 0.35%, or</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>1,394,604</FONT>&nbsp; </TD>
     <TD noWrap align=center width="13%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>The fund seeks to</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%" colSpan=2><FONT face=sans-serif size=2>Opportunities Trust**</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>provide as high a</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.35%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>level of current</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.30%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>income free from</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.25%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>federal income tax</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.225%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>as Putnam</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.205%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Management believes</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.19%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>is consistent with</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.18%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>the preservation</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>of capital.</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam New Jersey</FONT>&nbsp; </TD>
     <TD noWrap align=center width="13%"><FONT face=sans-serif size=2>204,244,200</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>The lesser of 0.50%, or</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>1,101,027</FONT>&nbsp; </TD>
     <TD noWrap align=center width="13%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>As high a level of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Tax Exempt</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>current income</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>exempt from federal</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>income tax and</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.40%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>personal income tax</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.375%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>(if any) of the state</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.355%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>of New Jersey as</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.34%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Putnam Management</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Any excess over $21.5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.33%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>believes is</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>consistent with</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>preservation</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>of capital.</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam New</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=2>4,697,260,397</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>30,814,799</FONT>&nbsp; </TD>
     <TD noWrap align=center width="13%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Long-term</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Opportunities Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>capital appreciation.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.475%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.455%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.44%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.43%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.42%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.41%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.40%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.39%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $8.5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.38%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Any excess above $55 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.37%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam New</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=2>2,074,162,525</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>11,478,217</FONT>&nbsp; </TD>
     <TD noWrap align=center width="13%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Long-term</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Value Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>capital appreciation.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.475%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.455%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.44%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>0.43%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="13%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>H-9</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_79"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Has</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Amount of</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>compensation</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Management</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>been waived,</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Fee Paid in the</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>reduced or</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Most Recent</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>otherwise</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Fiscal Year</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>agreed to be</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Net Assets</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>(after applicable</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>reduced</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>as of</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>waivers and</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>under any</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Current</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>December 31,</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>reimbursements,</FONT></B></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>applicable</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Investment</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><B><FONT face=sans-serif size=1>Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>2006 ($)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="14%"><B><FONT face=sans-serif size=1>Current Management Fee Schedule</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="14%" background="">&nbsp;</TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>if any) ($)</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>contract?</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Objective</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam New York</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>48,297,644</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>The lesser of 0.55%, or</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>302,665</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>To provide as high a</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Investment Grade</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>level of current</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Municipal Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>income free from</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>federal income tax</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>and New York state</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.425%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>and city personal</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.405%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>income taxes as</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.39%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Management</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.38%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>believes is consistent</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>with the preservation</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>of capital.</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam New York</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>1,158,329,137</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>The lesser of 0.50%, or</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>5,972,705</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>As high a level of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Tax Exempt</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>current income</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>exempt from federal</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>income tax and</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.40%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>New York State and</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.375%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>City personal income</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.355%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>taxes as Putnam</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.34%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Management believes</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Any excess over $21.5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.33%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>to be consistent</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>with preservation</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>of capital.</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Ohio Tax</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>162,665,349</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>The lesser of 0.50%, or</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>849,434</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>As high a level of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Exempt Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>current income</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>exempt from federal</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>income tax and</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.40%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>personal income tax</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.375%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>(if any) of the state</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.355%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>of Ohio as Putnam</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.34%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Management believes</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Any excess over $21.5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.33%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>is consistent with</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>preservation</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>of capital.</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam OTC &amp;</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>707,529,454</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>6,255,747</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Capital appreciation.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Emerging Growth</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.475%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.455%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.44%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.43%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Pennsylvania</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>170,561,420</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>The lesser of 0.50%, or</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>926,507</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>As high a level of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Tax Exempt</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>current income</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>exempt from federal</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>income tax and</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.40%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>personal income tax</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.375%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>(if any) of the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.355%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Commonwealth of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.34%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Pennsylvania as</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Any excess over $21.5 billion</FONT>&nbsp;&nbsp; &nbsp;</TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.33%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Management</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>believes is consistent</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>with preservation</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>of capital.</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>H-10</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_80"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Has</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Amount of</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>compensation</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Management</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>been waived,</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Fee Paid in the</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>reduced or</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Most Recent</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>otherwise</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Fiscal Year</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>agreed to be</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Net Assets</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>(after applicable</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>reduced</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>as of</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>waivers and</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>under any</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Current</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>December 31,</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>reimbursements,</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>applicable</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Investment</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><B><FONT face=sans-serif size=1>Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>2006 ($)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="14%"><B><FONT face=sans-serif size=1>Current Management Fee Schedule</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="14%" background="">&nbsp;</TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>if any) ($)</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>contract?</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Objective</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Premier</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>1,290,918,588</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.75%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>8,927,294</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>To provide high</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Income Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>current income.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.525%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.505%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.49%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.48%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.47%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.46%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.44%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Next $8.5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.43%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.42%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Prime</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>6,828,544,083</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.20%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>2,183,172</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>As high a rate of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Money Market</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>current income as</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Fund***</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Management</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>believes is consistent</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>with preservation</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>of capital and</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>maintenance</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>of liquidity.</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Research</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>825,539,509</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>5,269,897</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Capital appreciation.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Fund****</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.425%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.405%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.39%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.38%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>82,508,709</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.05%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>29,736</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Capital appreciation</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>RetirementReady</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>and current income</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>2010 Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>consistent with a</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>decreasing emphasis</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>on capital</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>appreciation and an</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>increasing emphasis</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>on current income</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>as it approaches its</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>target date.</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>150,347,628</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.05%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>58,932</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Capital appreciation</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>RetirementReady</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>and current income</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>2015 Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>consistent with a</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>decreasing emphasis</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>on capital</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>appreciation and an</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>increasing emphasis</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>on current income</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>as it approaches its</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>target date.</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>H-11</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_81"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="11%" background=""></TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>Has</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="11%" background=""></TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="11%"><B><FONT face=sans-serif size=1>Amount of</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>compensation</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="11%" background=""></TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="11%"><B><FONT face=sans-serif size=1>Management</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>been waived,</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="11%" background=""></TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="11%"><B><FONT face=sans-serif size=1>Fee Paid in the</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>reduced or</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="11%" background=""></TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="11%"><B><FONT face=sans-serif size=1>Most Recent</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>otherwise</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="11%" background=""></TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="11%"><B><FONT face=sans-serif size=1>Fiscal Year</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>agreed to be</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=center width="11%" background=""></TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>Net Assets</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="11%"><B><FONT face=sans-serif size=1>(after applicable</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>reduced</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="10%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=center width="11%" background=""></TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>as of</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="11%"><B><FONT face=sans-serif size=1>waivers and</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>under any</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="10%"><B><FONT face=sans-serif size=1>Current</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=center width="11%" background=""></TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>December 31,</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="11%"><B><FONT face=sans-serif size=1>reimbursements,</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>applicable</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="10%"><B><FONT face=sans-serif size=1>Investment</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%"><B><FONT face=sans-serif size=1>Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="11%" background=""></TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>2006 ($)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="33%" background="" colSpan=3><STRONG><FONT face=Arial size=1>Current Management Fee Schedule</FONT></STRONG>&nbsp; &nbsp;&nbsp; </TD>
     <TD noWrap align=center width="11%"><B><FONT face=sans-serif size=1>if any) ($)</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>contract?</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="10%"><B><FONT face=sans-serif size=1>Objective</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=2>Putnam</FONT>&nbsp; </TD>
     <TD noWrap align=center width="11%" background=""></TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>162,096,359</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>0.05%</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>64,225</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=2>Capital appreciation</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=2>RetirementReady</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%" background=""></TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=2>and current income</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=2>2020 Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%" background=""></TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=2>consistent with a</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="11%" background=""></TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=2>decreasing emphasis</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="11%" background=""></TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=2>on capital</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="11%" background=""></TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=2>appreciation and an</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="11%" background=""></TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=2>increasing emphasis</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="11%" background=""></TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=2>on current income</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="11%" background=""></TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=2>as it approaches its</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="11%" background=""></TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=2>target date.</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=2>Putnam</FONT>&nbsp; </TD>
     <TD noWrap align=center width="11%" background=""></TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>133,811,161</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>0.05%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>49,571</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=2>Capital appreciation</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=2>RetirementReady</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%" background=""></TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=2>and current income</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=2>2025 Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%" background=""></TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=2>consistent with a</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="11%" background=""></TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=2>decreasing emphasis</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="11%" background=""></TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=2>on capital</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="11%" background=""></TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=2>appreciation and an</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="11%" background=""></TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=2>increasing emphasis</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="11%" background=""></TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=2>on current income</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="11%" background=""></TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=2>as it approaches its</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="11%" background=""></TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=2>target date.</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=2>Putnam</FONT>&nbsp; </TD>
     <TD noWrap align=center width="11%" background=""></TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>101,690,671</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>0.05%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>25,310</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=2>Capital appreciation</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=2>RetirementReady</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%" background=""></TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=2>and current income</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=2>2030 Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%" background=""></TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=2>consistent with a</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="11%" background=""></TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=2>decreasing emphasis</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="11%" background=""></TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=2>on capital</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="11%" background=""></TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=2>appreciation and an</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="11%" background=""></TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=2>increasing emphasis</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="11%" background=""></TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=2>on current income</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="11%" background=""></TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=2>as it approaches its</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="11%" background=""></TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=2>target date.</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=2>Putnam</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%" background=""></TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>68,748,550</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>0.05%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>6,096</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=2>Capital appreciation</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=2>RetirementReady</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%" background=""></TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=2>and current income</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=2>2035 Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%" background=""></TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=2>consistent with a</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="11%" background=""></TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=2>decreasing emphasis</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="11%" background=""></TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=2>on capital</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="11%" background=""></TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=2>appreciation and an</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="11%" background=""></TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=2>increasing emphasis</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="11%" background=""></TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=2>on current income</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="11%" background=""></TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=2>as it approaches its</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="11%" background=""></TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=2>target date.</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=2>Putnam</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%" background=""></TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>44,524,474</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>0.05%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>0&#134;</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=2>Capital appreciation</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=2>RetirementReady</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%" background=""></TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=2>and current income</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=2>2040 Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%" background=""></TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=2>consistent with a</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="11%" background=""></TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=2>decreasing emphasis</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="11%" background=""></TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=2>on capital</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="11%" background=""></TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=2>appreciation and an</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="11%" background=""></TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=2>increasing emphasis</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="11%" background=""></TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=2>on current income</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="11%" background=""></TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=2>as it approaches its</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="10%">&nbsp; </TD>
     <TD noWrap align=left width="11%" background=""></TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%" background=""></TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="10%"><FONT face=sans-serif size=2>target date.</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=9>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>H-12</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_82"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Has</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Amount of</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>compensation</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Management</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>been waived,</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Fee Paid in the</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>reduced or</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Most Recent</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>otherwise</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Fiscal Year</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>agreed to be</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Net Assets</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>(after applicable</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>reduced</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>as of</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>waivers and</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>under any</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Current</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>December 31,</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>reimbursements,</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>applicable</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Investment</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><B><FONT face=sans-serif size=1>Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>2006 ($)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="28%" colSpan=2><B><FONT face=sans-serif size=1>Current Management Fee Schedule</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>if any) ($)</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>contract?</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Objective</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>34,373,111</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.05%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0&#134;</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Capital appreciation</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>RetirementReady</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>and current income</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>2045 Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>consistent with a</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>decreasing emphasis</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>on capital</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>appreciation and an</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>increasing emphasis</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>on current income</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>as it approaches its</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>target date.</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>8,214,863</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.05%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0&#134;</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Capital appreciation</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>RetirementReady</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>and current income</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>2050 Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>consistent with a</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>decreasing emphasis</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>on capital</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>appreciation and an</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>increasing emphasis</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>on current income</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>as it approaches its</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>target date.</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>48,280,916</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.05%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0&#134;</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>As high a rate of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>RetirementReady</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>current income as</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Maturity Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Management</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>believes is</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>consistent with</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>preservation</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>of capital.</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Small Cap</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>499,218,523</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>1.00%</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>3,840,676</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Capital appreciation.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Growth Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.90%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.85%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.80%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.775%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.755%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.74%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.73%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Small Cap</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>774,255,867</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.80%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>6,409,797</FONT><FONT face=sans-serif size=2>^</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Capital appreciation.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Value Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.575%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.555%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.54%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.53%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Tax</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>1,200,407,523</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>The lesser of 0.50%, or</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>6,301,826</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>As high a level of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Exempt Income</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>current income</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>exempt from federal</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>income tax as</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.40%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Management</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.375%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>believes to be</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.355%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>consistent with</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.34%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>preservation</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>0.33%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="14%">&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>of capital.</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>H-13</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_83"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>Has</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Amount of</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>compensation</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Management</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>been waived,</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Fee Paid in the</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>reduced or</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Most Recent</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>otherwise</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Fiscal Year</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>agreed to be</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>Net Assets</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>(after applicable</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>reduced</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>as of</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>waivers and</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>under any</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="15%"><B><FONT face=sans-serif size=1>Current</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>December 31,</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>reimbursements,</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>applicable</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="15%"><B><FONT face=sans-serif size=1>Investment</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><B><FONT face=sans-serif size=1>Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>2006 ($)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="29%" colSpan=2><B><FONT face=sans-serif size=1>Current Management Fee Schedule</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>if any) ($)</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>contract?</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="15%"><B><FONT face=sans-serif size=1>Objective</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Tax Exempt</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>130,101,465</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>390,524</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>As high a level of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Money Market Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.35%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>current income</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.30%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>exempt from federal</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.25%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>income tax as</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.225%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Putnam Management</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.205%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>believes is</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.19%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>consistent with</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.18%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>preservation of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>capital, maintenance</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>of liquidity and</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>stability of principal.</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Tax-Free</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>192,025,045</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>The lesser of 0.55%, or</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>1,177,515</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>The fund seeks to</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Health Care Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>provide as high a</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>level of current</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>income free from</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>federal income tax</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.425%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>as Putnam</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.405%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Management</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.39%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>believes is</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Any excess over $21.5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.38%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>consistent with the</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>preservation</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>of capital.</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Tax-Free</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>1,463,606,993</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>The lesser of 0.50%, or</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>7,815,394</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>High current income</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>High Yield Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>exempt from federal</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>income tax.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.40%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.375%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.355%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.34%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.33%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Tax Smart</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>282,128,891</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>1,914,939</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Long-term growth</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Equity Fund&#174;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>of capital on an</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>after-tax basis.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.475%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.455%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.44%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.43%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam U.S.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>1,209,378,791</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.57%</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>6,820,873</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>As high a level of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Government</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.475%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>current income as</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Income Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.4275%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Putnam Management</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Any excess over $1.5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.38%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>believes is</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>consistent with</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>preservation</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>of capital.</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam Utilities</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>622,775,796</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>3,727,421</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Capital growth and</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Growth and</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>current income.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.475%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.455%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.44%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.43%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>H-14</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>Has</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Amount of</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>compensation</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Management</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>been waived,</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Fee Paid in the</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>reduced or</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Most Recent</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>otherwise</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Fiscal Year</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>agreed to be</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=center width="11%"><B><FONT face=sans-serif size=1>Net Assets</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>(after applicable</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>reduced</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=center width="11%"><B><FONT face=sans-serif size=1>as of</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>waivers and</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>under any</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="15%"><B><FONT face=sans-serif size=1>Current</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=center width="11%"><B><FONT face=sans-serif size=1>December 31,</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>reimbursements,</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>applicable</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="15%"><B><FONT face=sans-serif size=1>Investment</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="11%"><B><FONT face=sans-serif size=1>2006 ($)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="29%" colSpan=2><B><FONT face=sans-serif size=1>Current Management Fee Schedule</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>if any) ($)</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>contract?</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="15%"><B><FONT face=sans-serif size=1>Objective</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Putnam Vista Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="11%"><FONT face=sans-serif size=2>2,389,026,658</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>14,101,874</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Capital appreciation.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.425%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.405%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.39%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Any excess over $21.5 billion</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.38%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Putnam Voyager Fund</FONT>&nbsp; </TD>
     <TD noWrap align=center width="11%"><FONT face=sans-serif size=2>8,241,571,476</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>51,035,233</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Capital appreciation.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.475%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.455%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.44%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.43%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.42%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.41%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.40%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.39%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $8.5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.38%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Above $55 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.37%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Putnam VT</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>149,012,146</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>693,021</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>High current income</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>American</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>with preservation of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Government</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>capital as a</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>secondary objective.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.425%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.405%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.39%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.38%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.37%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.36%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.35%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.34%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Putnam VT Capital</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>50,843,215</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>225,344</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Capital appreciation.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Appreciation Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.425%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.405%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.39%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.38%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.37%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.36%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.35%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.34%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Next $8.5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.33%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="22%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>0.32%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>H-15</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_85"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>Has</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Amount of</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>compensation</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Management</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>been waived,</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Fee Paid in the</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>reduced or</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Most Recent</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>otherwise</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Fiscal Year</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>agreed to be</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=center width="11%"><B><FONT face=sans-serif size=1>Net Assets</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>(after applicable</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>reduced</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=center width="11%"><B><FONT face=sans-serif size=1>as of</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>waivers and</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>under any</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="15%"><B><FONT face=sans-serif size=1>Current</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=center width="11%"><B><FONT face=sans-serif size=1>December 31,</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>reimbursements,</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>applicable</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="15%"><B><FONT face=sans-serif size=1>Investment</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="11%"><B><FONT face=sans-serif size=1>2006 ($)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="29%" colSpan=2><B><FONT face=sans-serif size=1>Current Management Fee Schedule</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>if any) ($)</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>contract?</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="15%"><B><FONT face=sans-serif size=1>Objective</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Putnam VT Capital</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>46,989,019</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>222,790</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Long-term growth</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Opportunities Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>of capital.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.425%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.405%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.39%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.38%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Putnam VT Discovery</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>36,740,778</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>105,127</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Long-term growth</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Growth Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>of capital.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.475%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.455%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.44%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.43%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.42%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.41%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.40%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.39%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $8.5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.38%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.37%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Putnam VT</FONT>&nbsp; </TD>
     <TD noWrap align=center width="11%"><FONT face=sans-serif size=2>479,813,483</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>2,933,530</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>As high a level of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Diversified</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>current income as</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Putnam Management</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>believes is consistent</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.475%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>with preservation</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.455%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>of capital.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.44%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.43%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Putnam VT Equity</FONT>&nbsp; </TD>
     <TD noWrap align=center width="11%"><FONT face=sans-serif size=2>241,424,798</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>1,326,897</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Capital growth and</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>current income.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.425%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.405%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.39%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.38%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Putnam VT The</FONT>&nbsp; </TD>
     <TD noWrap align=center width="11%"><FONT face=sans-serif size=2>608,279,822</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>3,969,447</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>To provide a balanced</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>George Putnam</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>investment composed</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Fund of Boston</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>of a well diversified</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>portfolio of stocks</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.425%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>and bonds which</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.405%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>produce both capital</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.39%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>growth and</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.38%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>current income.</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Putnam VT Global</FONT>&nbsp; </TD>
     <TD noWrap align=center width="11%"><FONT face=sans-serif size=2>400,137,286</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>2,392,952</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>A high level of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Asset Allocation</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>long-term total</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>return consistent</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>with preservation</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.475%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>of capital.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.455%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.44%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.43%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>H-16</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_86"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>Has</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Amount of</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>compensation</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Management</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>been waived,</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Fee Paid in the</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>reduced or</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Most Recent</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>otherwise</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Fiscal Year</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>agreed to be</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>Net Assets</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>(after applicable</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>reduced</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>as of</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>waivers and</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>under any</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="15%"><B><FONT face=sans-serif size=1>Current</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>December 31,</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>reimbursements,</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>applicable</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="15%"><B><FONT face=sans-serif size=1>Investment</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><B><FONT face=sans-serif size=1>Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>2006 ($)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="29%" colSpan=2><B><FONT face=sans-serif size=1>Current Management Fee Schedule</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>if any) ($)</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>contract?</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="15%"><B><FONT face=sans-serif size=1>Objective</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam VT Global</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>608,067,124</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.80%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>4,692,325</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Capital appreciation.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Equity Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.575%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.555%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.54%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.53%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam VT Growth</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>4,101,216,725</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>20,729,712</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Capital growth and</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>and Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>current income.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.425%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.405%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.39%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.38%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam VT Growth</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>50,923,698</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>243,122</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Capital appreciation.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Opportunities Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.475%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.455%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.44%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.43%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.42%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam VT Health</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>270,659,925</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>2,204,609</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Capital appreciation.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Sciences Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.475%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.455%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.44%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.43%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam VT High</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>599,035,287</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>3,720,493</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>High current income.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Yield Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Capital growth is a</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>secondary goal</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>when consistent</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.475%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>with achieving high</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.455%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>current income.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.44%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.43%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam VT</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>737,543,099</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>3,498,163</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>High current income</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>consistent with what</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Putnam Management</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>believes to be</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.425%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>prudent risk.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.405%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.39%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.38%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>H-17</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_87"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>Has</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Amount of</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>compensation</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Management</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>been waived,</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Fee Paid in the</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>reduced or</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Most Recent</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>otherwise</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Fiscal Year</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>agreed to be</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=center width="11%"><B><FONT face=sans-serif size=1>Net Assets</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>(after applicable</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>reduced</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=center width="11%"><B><FONT face=sans-serif size=1>as of</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>waivers and</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>under any</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="15%"><B><FONT face=sans-serif size=1>Current</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=center width="11%"><B><FONT face=sans-serif size=1>December 31,</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>reimbursements,</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>applicable</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="15%"><B><FONT face=sans-serif size=1>Investment</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><B><FONT face=sans-serif size=1>Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="11%"><B><FONT face=sans-serif size=1>2006 ($)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="29%" colSpan=2><B><FONT face=sans-serif size=1>Current Management Fee Schedule</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>if any) ($)</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>contract?</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="15%"><B><FONT face=sans-serif size=1>Objective</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Putnam VT</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>1,267,657,390</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.80%</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>8,271,996</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Capital appreciation.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>International</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Equity Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.575%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.555%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.54%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.53%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Putnam VT</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>460,469,163</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.80%</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>2,838,706</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Capital growth.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>International Growth</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Current income is a</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>and Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>secondary objective.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.575%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.555%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.54%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.53%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Putnam VT</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>287,674,855</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>1.00%</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>2,485,049</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Long-term</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>International New</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.90%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>capital appreciation.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Opportunities Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.85%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.80%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.775%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.755%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.74%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.73%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Putnam VT</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>494,282,635</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>3,216,355</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Long-term growth</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Investors Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>of capital and any</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>increased income</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>that results from</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.425%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>this growth.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.405%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.39%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.38%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Putnam VT Mid</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>95,124,663</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>634,565</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Capital appreciation</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Cap Value Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>and, as a secondary</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>objective, current</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>income.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.475%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.455%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.44%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.43%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Putnam VT Money</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>399,752,655</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>1,529,264</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>As high a rate of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Market Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.35%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>current income as</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.30%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Putnam Management</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.25%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>believes is consistent</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.225%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>with preservation of</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.205%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>capital and</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.19%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>maintenance</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.18%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>of liquidity.</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Putnam VT New</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=2>1,291,099,249</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>8,663,759</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Long-term</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Opportunities Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>capital appreciation.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.475%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.455%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.44%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.43%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>H-18</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_88"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>Has</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Amount of</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>compensation</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Management</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>been waived,</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Fee Paid in the</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>reduced or</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Most Recent</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>otherwise</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Fiscal Year</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>agreed to be</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>Net Assets</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>(after applicable</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>reduced</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>as of</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>waivers and</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>under any</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="15%"><B><FONT face=sans-serif size=1>Current</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>December 31,</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>reimbursements,</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>applicable</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="15%"><B><FONT face=sans-serif size=1>Investment</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><B><FONT face=sans-serif size=1>Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>2006 ($)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="29%" colSpan=2><B><FONT face=sans-serif size=1>Current Management Fee Schedule</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>if any) ($)</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>contract?</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="15%"><B><FONT face=sans-serif size=1>Objective</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam VT New</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>679,407,446</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>4,475,605</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Long-term</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Value Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>capital appreciation.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.475%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.455%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.44%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.43%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam VT OTC &amp;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>79,065,231</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>575,537</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Capital appreciation.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Emerging Growth</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.475%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.455%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.44%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.43%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam VT</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>177,820,555</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>1,213,099</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Capital appreciation.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Research Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.425%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.405%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.39%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.38%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam VT Small</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>978,000,195</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.80%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>6,827,461</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Capital appreciation.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Cap Value Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.575%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.555%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.54%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.53%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam VT Utilities</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>382,902,568</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>2,437,187</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Capital growth and</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Growth and Income</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>current income.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.475%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.455%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.44%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.43%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Putnam VT</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>420,426,636</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>3,006,605</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Capital appreciation.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>Vista Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.425%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.405%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.39%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.38%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>H-19</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_89"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>Has</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Amount of</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>compensation</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Management</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>been waived,</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Fee Paid in the</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>reduced or</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Most Recent</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>otherwise</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Fiscal Year</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>agreed to be</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Net Assets</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>(after applicable</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>reduced</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>as of</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>waivers and</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>under any</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="15%"><B><FONT face=sans-serif size=1>Current</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>December 31,</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>reimbursements,</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>applicable</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="15%"><B><FONT face=sans-serif size=1>Investment</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%"><B><FONT face=sans-serif size=1>Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>2006 ($)</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="29%" colSpan=2><B><FONT face=sans-serif size=1>Current Management Fee Schedule</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>if any) ($)</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>contract?</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="15%"><B><FONT face=sans-serif size=1>Objective</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>Putnam VT</FONT>&nbsp; </TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>1,860,346,341</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>First $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.70%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%"><FONT face=sans-serif size=2>11,832,070</FONT>&nbsp; </TD>
     <TD noWrap align=center width="12%"><FONT face=sans-serif size=2>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=2>Capital appreciation.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=2>Voyager Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.60%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $500 million</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.475%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.455%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Next $5 billion</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.44%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Any excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>0.43%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>* Due to expense limitations in effect during the fund&#146;s fiscal year ended 02/28/06, Putnam Income Strategies Fund did not pay a management fee to Putnam Management. Figures for the fund&#146;s most recent fiscal year are not yet available.</FONT></P>
<P align=left><FONT face=sans-serif size=1>** The management fee schedule for Putnam Municipal Opportunities Trust represents fees paid only for investment advisory services. As described in this proxy statement, the fund also paid administrative fees to Putnam Management for administrative services.</FONT></P>
<P align=left><FONT face=sans-serif size=1>*** The management fee schedule for Putnam Prime Money Market Fund represents fees paid only for investment advisory services. As described in this proxy statement, the fund also pays administrative fees to Putnam Management for administrative services.</FONT></P>
<P align=left><FONT face=sans-serif size=1>****A revised management contract for Putnam Research Fund was approved by shareholders on December 14, 2006 to remove the incentive fee component from the management fee. Under the fund&#146;s previous management contract, the fund paid Putnam Management a quarterly fee consisting of an asset-based component and an incentive component. The asset-based fee was subject to a performance adjustment based on the investment performance of the fund compared to the Standard &amp; Poor&#146;s 500 (S&amp;P 500) composite Stock Price Index. Performance was calculated for these purposes at the beginning of each calendar quarter, for the thirty-six month period immediately preceding such quarter or the life of the fund, if shorter. The applicable asset-based fee was increased or decreased for each calendar quarter by an incentive payment or penalty at the annual rate of 0.01% of the fund&#146;s average net assets for each 1.00% increment by which the fund outperformed or underp
erformed the S&amp;P 500 in excess of 3.00%, subject to a maximum increase or decrease of 0.07% of average net assets. The revised management contract provides for an eighteen-month transition period during which the fund&#146;s fee will be the lesser of (i) the asset-based fee and (ii) the performance-adjusted fee that would have been calculated under the previous contract. The fund is currently in this transition period, which will end on June 30, 2008, after which the asset-based management fee will apply without performance-based adjustments.</FONT></P>
<P align=left><FONT face=sans-serif size=1>&#134; Due to expense limitations in effect during the most recent fiscal year, Putnam RetirementReady 2040 Fund, Putnam RetirementReady 2045 Fund, Putnam RetirementReady 2050 Fund and Putnam RetirementReady Maturity Fund did not pay management fees to Putnam Management.</FONT></P>
<P align=left><FONT face=sans-serif size=1>^ Amounts for fiscal year ended 02/28/06. Figures for the fund&#146;s most recent fiscal year are not yet available.</FONT></P>
<P align=center><FONT face=sans-serif size=1>H-20</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_90"></A>
<P align=left><FONT face=serif size=2>The following table contains certain information regarding other funds for which Putnam Management provides investment advisory services as a sub-adviser. Unlike the other funds addressed in this proxy statement, Putnam Management does not provide administrative or other services to these funds.</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="19%" colSpan=3>&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>Has</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="19%" colSpan=3>&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>compensation</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="19%" colSpan=3>&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>been waived,</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="19%" colSpan=3>&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>reduced or</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="19%" colSpan=3>&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>otherwise</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=center width="19%" colSpan=3><B><FONT face=sans-serif size=1>Amount of</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>agreed to be</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>Net Assets</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=center width="19%" colSpan=3><B><FONT face=sans-serif size=1>Sub-Advisory</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>reduced</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>as of</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=center width="19%" colSpan=3><B><FONT face=sans-serif size=1>Fee Paid in the</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>under any</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>Current</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>December 31,</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=center width="19%" colSpan=3><B><FONT face=sans-serif size=1>Most Recent</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>applicable</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>Investment</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=sans-serif size=1>Fiscal</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="11%"><B><FONT face=sans-serif size=1>Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>2006 ($)</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="23%" colSpan=2><B><FONT face=sans-serif size=1>Sub-Advisory Fee Rate</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="19%" colSpan=3><B><FONT face=sans-serif size=1>Fiscal Year ($)</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>contract?</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face=sans-serif size=1>Objective</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=sans-serif size=1>Year</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=10>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>Met Investors</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>44,828,654</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%" colSpan=2><FONT face=sans-serif size=1>0.54% of average daily net assets&#134;&#134;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=left width="5%"></TD>
     <TD noWrap align=left width="5%" background=""><FONT face=sans-serif size=1>244,961</FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=center width="13%"><FONT face=sans-serif size=1>No</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>Long-term</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>Dec. 31, 2006</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>Series Trust:</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="19%" colSpan=3>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>growth of capital.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>Met/Putnam</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="19%" colSpan=3>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>Capital</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="19%" colSpan=3>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>Opportunities</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="19%" colSpan=3>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>Portfolio</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="19%" colSpan=3>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=10>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>Valic Company I:</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>432,979,141</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%" colSpan=2><FONT face=sans-serif size=1>0.50% of average daily net assets&#134;&#134;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%"></TD>
     <TD noWrap align=left width="5%" background=""><FONT face=sans-serif size=1>17,697</FONT><FONT face=serif size=1>&#8730;</FONT>&nbsp;&nbsp;&nbsp;</TD>
     <TD noWrap align=left width="9%" background="">&nbsp;</TD>
     <TD noWrap align=center width="13%"><FONT face=sans-serif size=1>No</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>Capital</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>May 31,2006</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>Global Equity Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="19%" colSpan=3>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>appreciation.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=10>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>Valic Company I:</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>185,427,002</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%" colSpan=2><FONT face=sans-serif size=1>0.63% of average daily net assets&#134;&#134;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%"></TD>
     <TD noWrap align=left width="5%" background=""><FONT face=sans-serif size=1>14,918</FONT><FONT face=serif size=1>&#8730;</FONT>&nbsp;&nbsp;&nbsp;</TD>
     <TD noWrap align=left width="9%" background="">&nbsp;</TD>
     <TD noWrap align=center width="13%"><FONT face=sans-serif size=1>No</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>To produce</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>May 31, 2006</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>Small Cap Special</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="19%" colSpan=3>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>growth of capital</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>Values Fund</FONT><FONT face=serif size=1>&#8730;&#8730;</FONT> </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="19%" colSpan=3>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>by investing</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="19%" colSpan=3>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>primarily in</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="19%" colSpan=3>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>common stocks.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=10>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>Seasons Series Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>393,715,244</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%" colSpan=2><FONT face=sans-serif size=1>0.45% of average daily net assets&#134;&#134;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%"></TD>
     <TD noWrap align=left width="5%" background=""><FONT face=sans-serif size=1>1,728,770</FONT>&nbsp;&nbsp;&nbsp;</TD>
     <TD noWrap align=left width="9%" background="">&nbsp;</TD>
     <TD noWrap align=center width="13%"><FONT face=sans-serif size=1>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>Capital</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>May 31, 2006</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>&#151; Asset Allocation:</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="19%" colSpan=3>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>appreciation.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>Diversified Growth</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=left width="19%" colSpan=3>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>Portfolio</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="19%" colSpan=3>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=10>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>JNL/Putnam</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>141,960,660</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=1>First $150 million</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>0.45% <FONT face="Arial Narrow" size=3>&nbsp;</FONT></FONT></TD>
     <TD noWrap align=left width="5%"></TD>
     <TD noWrap align=left width="5%" background=""><FONT face=sans-serif size=1>694,815</FONT>&nbsp;&nbsp;&nbsp;</TD>
     <TD noWrap align=left width="9%" background="">&nbsp;</TD>
     <TD noWrap align=center width="13%"><FONT face=sans-serif size=1>No</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>Long-term</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>May 31, 2006</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>Equity Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=1>Next $150 million</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>0.35%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%" colSpan=3>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>capital growth.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="11%">&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=1>Excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>0.30%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%" colSpan=3>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=10>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>JNL/Putnam Midcap</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>31,233,273</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=1>First $250 million</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>0.475%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%"></TD>
     <TD noWrap align=left width="5%" background=""><FONT face=sans-serif size=1>188,472</FONT>&nbsp;&nbsp;&nbsp;</TD>
     <TD noWrap align=left width="9%" background="">&nbsp;</TD>
     <TD noWrap align=center width="13%"><FONT face=sans-serif size=1>No</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>Capital</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>May 31, 2006</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>Growth Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=1>Excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>0.40%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%" colSpan=3>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>appreciation.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=10>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>SunAmerica Series</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>234,230,726</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=1>First $100 million</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>0.85%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%"></TD>
     <TD noWrap align=left width="5%" background=""><FONT face=sans-serif size=1>1,891,099</FONT>&nbsp;&nbsp;&nbsp;</TD>
     <TD noWrap align=left width="9%" background="">&nbsp;</TD>
     <TD noWrap align=center width="13%"><FONT face=sans-serif size=1>No</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>Long-term capital</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>Jan. 31, 2007</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>Trust Emerging</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=1>Next $100 million</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>0.80%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%" colSpan=3>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>appreciation.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>Markets Portfolio</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=1>Excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>0.75%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%" colSpan=3>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=10>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>SunAmerica Series</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>455,306,042</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=1>First $150 million</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>0.65%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%"></TD>
     <TD noWrap align=left width="5%" background=""><FONT face=sans-serif size=1>2,227,733</FONT>&nbsp;&nbsp;&nbsp;</TD>
     <TD noWrap align=left width="9%" background="">&nbsp;</TD>
     <TD noWrap align=center width="13%"><FONT face=sans-serif size=1>No</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>Growth of capital,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>Jan. 31, 2007</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>Trust: International</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=1>Next $150 million</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>0.55%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%" colSpan=3>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>and secondarily,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>Growth &amp; Income</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=1>Excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%" colSpan=3>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>current income.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>Portfolio</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp;&nbsp; </TD>
     <TD noWrap align=left width="19%" colSpan=3>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=10>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>SunAmerica Series</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%"><FONT face=sans-serif size=1>170,785,085</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=1>First $150 million</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>0.50%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%"></TD>
     <TD noWrap align=left width="5%" background=""><FONT face=sans-serif size=1>709,398</FONT>&nbsp;&nbsp;&nbsp;</TD>
     <TD noWrap align=left width="9%" background="">&nbsp;</TD>
     <TD noWrap align=center width="13%"><FONT face=sans-serif size=1>Yes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>Capital</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=1>Jan. 31, 2007</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="23%" colSpan=2><FONT face=sans-serif size=1>Trust: Putnam Growth:</FONT>&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=1>Next $150 million</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>0.45%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%" colSpan=3>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="13%"><FONT face=sans-serif size=1>appreciation.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="11%"><FONT face=sans-serif size=1>Voyager Portfolio</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="15%"><FONT face=sans-serif size=1>Excess thereafter</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=1>0.35%</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%" colSpan=3>&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=10>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1><FONT face=sans-serif size=1>&#134;&#134;</FONT>&nbsp;&nbsp;The effective annual management fee rate is provided for these funds as the management fee schedule for each fund is not publicly disclosed.</FONT></P>
<P align=left><FONT face=serif size=1>&#8730; </FONT><FONT face=sans-serif size=1>These amounts represent fees paid by each fund for a partial fiscal year, since each fund&#146;s inception was December 5, 2005.</FONT></P>
<P align=left><FONT face=serif size=1>&#8730;&#8730; </FONT><FONT face=sans-serif size=1>Putnam Management currently sub-advises approximately 50% of the fund&#146;s assets, with the remainder being advised by another investment adviser. The net assets provided here represent only those assets of the fund sub-advised by Putnam Management. </FONT></P>
<P align=center><FONT face=sans-serif size=1>H-21</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_91"></A>
<P align=left><B><FONT face=sans-serif size=2>APPENDIX I</FONT></B></P>
<P align=left><FONT face=serif size=5>Payments to Putnam Management </FONT><FONT face=serif size=5>and its Affiliates</FONT></P>
<P align=left><FONT face=serif size=2>The following fees were paid by the funds to Putnam Management and its affiliates during each fund&#146;s most recent fiscal year (other than under a management contract). These services will continue to be provided after the proposed management contract is approved; however, the funds have retained State Street Bank and Trust Company as custodian, and it is expected that Putnam Fiduciary Trust Company&#146;s service as custodian will&nbsp;</FONT><FONT face=serif size=2>terminate during the first half of 2007 when all of the funds&#146; assets in its custody or the custody of its sub-custodians have been transferred into State Street Bank and Trust Company&#146;s safekeeping.</FONT></P>
<P align=left><FONT face=serif size=2>Also, as described in this proxy statement, Putnam Prime Money Market Fund and Putnam Municipal Opportunities Trust paid administrative services fees to Putnam Management. Please refer to the footnotes to these particular funds in </FONT><B><FONT face=serif size=2>Appendix E </FONT></B><FONT face=serif size=2>for information about the administrative services fees paid to Putnam Management during the most recent fiscal year.</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=right width="17%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; </TD>
     <TD noWrap align=center width="16%">&nbsp; </TD>
     <TD noWrap align=center width="17%"><B><FONT face=sans-serif size=1>Fees paid to</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="27%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=center width="17%"><B><FONT face=sans-serif size=1>Fees paid to</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="16%"><B><FONT face=sans-serif size=1>Fees paid to</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="17%"><B><FONT face=sans-serif size=1>Putnam Retail</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="27%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=center width="17%"><B><FONT face=sans-serif size=1>Putnam Fiduciary</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="16%"><B><FONT face=sans-serif size=1>Putnam</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="17%"><B><FONT face=sans-serif size=1>Management</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="27%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=center width="17%"><B><FONT face=sans-serif size=1>Trust Company</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="16%"><B><FONT face=sans-serif size=1>Fiduciary</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="17%"><B><FONT face=sans-serif size=1>Limited</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="27%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=center width="17%"><B><FONT face=sans-serif size=1>for serving as</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="16%"><B><FONT face=sans-serif size=1>Trust Company</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="17%"><B><FONT face=sans-serif size=1>Partnership</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="6%" background="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=center width="27%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD noWrap align=center width="17%"><B><FONT face=sans-serif size=1>investor servicing</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="16%"><B><FONT face=sans-serif size=1>for serving as</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="17%"><B><FONT face=sans-serif size=1>pursuant to</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="27%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%"><B><FONT face=sans-serif size=1>Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="17%"><B><FONT face=sans-serif size=1>agent ($)*</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="16%"><B><FONT face=sans-serif size=1>custodian ($)*</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="17%"><B><FONT face=sans-serif size=1>distribution plans ($)</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="27%"><B><FONT face=sans-serif size=1>Fiscal Year End</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>Putnam American Government Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>1,306,503</FONT>&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=sans-serif size=2>236,148</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>2,407,457</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="27%"><FONT face=sans-serif size=2>September 30, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>Putnam AMT-Free Insured Municipal Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>168,922</FONT>&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=sans-serif size=2>116,080</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>1,281,572</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="27%"><FONT face=sans-serif size=2>July 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>Putnam Arizona Tax Exempt Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>38,915</FONT>&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=sans-serif size=2>46,131</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>283,374</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="27%"><FONT face=sans-serif size=2>May 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>Putnam Asset Allocation: Balanced Portfolio</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>3,197,418</FONT>&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=sans-serif size=2>722,008</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>7,690,831</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="27%"><FONT face=sans-serif size=2>September 30, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>Putnam Asset Allocation: Conservative Portfolio</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>1,751,830</FONT>&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=sans-serif size=2>450,008</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>2,498,757</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="27%"><FONT face=sans-serif size=2>September 30, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>Putnam Asset Allocation: Growth Portfolio</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>3,385,542</FONT>&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=sans-serif size=2>1,560,157</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>7,209,776</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="27%"><FONT face=sans-serif size=2>September 30, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>Putnam California Investment Grade Municipal Trust</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>34,777</FONT>&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=sans-serif size=2>41,090</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>Not Applicable</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="27%"><FONT face=sans-serif size=2>April 30, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>Putnam California Tax Exempt Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>687,684</FONT>&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=sans-serif size=2>169,424</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>5,547,728</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="27%"><FONT face=sans-serif size=2>September 30, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>Putnam Capital Appreciation Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>2,448,787</FONT>&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=sans-serif size=2>219,444</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>3,461,183</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="27%"><FONT face=sans-serif size=2>May 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>Putnam Capital Opportunities Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>3,432,751</FONT>&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=sans-serif size=2>347,870</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>3,827,544</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="27%"><FONT face=sans-serif size=2>April 30, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>Putnam Classic Equity Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>1,952,796</FONT>&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=sans-serif size=2>175,325</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>3,180,135</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="27%"><FONT face=sans-serif size=2>November 30, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>Putnam Convertible Income-Growth Trust</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>781,757</FONT>&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=sans-serif size=2>137,389</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>2,235,945</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="27%"><FONT face=sans-serif size=2>October 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>Putnam Discovery Growth Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>5,314,129</FONT>&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=sans-serif size=2>180,530</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>4,788,597</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="27%"><FONT face=sans-serif size=2>December 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>Putnam Diversified Income Trust</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>3,299,040</FONT>&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=sans-serif size=2>581,814</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>14,908,977</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="27%"><FONT face=sans-serif size=2>September 30, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>Putnam Equity Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>6,951,658</FONT>&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=sans-serif size=2>245,063</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>14,113,121</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="27%"><FONT face=sans-serif size=2>November 30, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>Putnam Europe Equity Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>1,372,486</FONT>&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=sans-serif size=2>573,492</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>2,634,957</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="27%"><FONT face=sans-serif size=2>June 30, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>Putnam Floating Rate Income Fund</FONT><FONT face=sans-serif size=2>**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>175,806</FONT>&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=sans-serif size=2>129,462</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>1,244,466</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="27%"><FONT face=sans-serif size=2>February 28, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>The Putnam Fund for Growth and Income</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>26,869,135</FONT>&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=sans-serif size=2>599,513</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>51,322,232</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="27%"><FONT face=sans-serif size=2>October 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>The George Putnam Fund of Boston</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>9,125,947</FONT>&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=sans-serif size=2>480,131</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>18,216,870</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background="">&nbsp;</TD>
     <TD noWrap align=center width="27%"><FONT face=sans-serif size=2>July 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>Putnam Global Equity Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>5,695,273</FONT>&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=sans-serif size=2>1,368,894</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>8,397,834</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="27%"><FONT face=sans-serif size=2>October 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>Putnam Global Income Trust</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>254,473</FONT>&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=sans-serif size=2>130,104</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>546,850</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="27%"><FONT face=sans-serif size=2>October 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>Putnam Global Natural Resources Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>1,043,084</FONT>&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=sans-serif size=2>301,780</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>2,729,494</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="27%"><FONT face=sans-serif size=2>August 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>Putnam Growth Opportunities Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>5,034,903</FONT>&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=sans-serif size=2>170,468</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>4,889,338</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="27%"><FONT face=sans-serif size=2>July 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>Putnam Health Sciences Trust</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>6,313,802</FONT>&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=sans-serif size=2>507,220</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>12,527,764</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="27%"><FONT face=sans-serif size=2>August 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>Putnam High Income Securities Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>96,278</FONT>&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=sans-serif size=2>137,361</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>Not Applicable</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="27%"><FONT face=sans-serif size=2>August 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>Putnam High Yield Advantage Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>701,060</FONT>&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=sans-serif size=2>188,244</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>3,305,078</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="27%"><FONT face=sans-serif size=2>November 30, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>Putnam High Yield Municipal Trust</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>86,711</FONT>&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=sans-serif size=2>104,108</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>Not Applicable</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="27%"><FONT face=sans-serif size=2>March 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%"><FONT face=sans-serif size=2>Putnam High Yield Trust</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>3,593,375</FONT>&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face=sans-serif size=2>247,504</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>9,404,607</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="27%"><FONT face=sans-serif size=2>August 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=6>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>I- 1</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_92"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=center width="9%" background=""></TD>
     <TD noWrap align=center width="11%">&nbsp; </TD>
     <TD noWrap align=center width="11%" background=""></TD>
     <TD noWrap align=center width="11%">&nbsp; </TD>
     <TD noWrap align=center width="11%"><B><FONT face=sans-serif size=1>Fees paid to</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="5%" background=""></TD>
     <TD noWrap align=center width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=center width="9%" background=""></TD>
     <TD noWrap align=center width="11%"><B><FONT face=sans-serif size=1>Fees paid to</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="11%" background=""></TD>
     <TD noWrap align=center width="11%"><B><FONT face=sans-serif size=1>Fees paid to</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="11%"><B><FONT face=sans-serif size=1>Putnam Retail</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="5%" background=""></TD>
     <TD noWrap align=center width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=center width="9%" background=""></TD>
     <TD noWrap align=center width="11%"><B><FONT face=sans-serif size=1>Putnam Fiduciary</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="11%" background=""></TD>
     <TD noWrap align=center width="11%"><B><FONT face=sans-serif size=1>Putnam</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="11%"><B><FONT face=sans-serif size=1>Management</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="5%" background=""></TD>
     <TD noWrap align=center width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=center width="9%" background=""></TD>
     <TD noWrap align=center width="11%"><B><FONT face=sans-serif size=1>Trust Company</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="11%" background=""></TD>
     <TD noWrap align=center width="11%"><B><FONT face=sans-serif size=1>Fiduciary</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="11%"><B><FONT face=sans-serif size=1>Limited</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="5%" background=""></TD>
     <TD noWrap align=center width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=center width="9%" background=""></TD>
     <TD noWrap align=center width="11%"><B><FONT face=sans-serif size=1>for serving as</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="11%" background=""></TD>
     <TD noWrap align=center width="11%"><B><FONT face=sans-serif size=1>Trust Company</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="11%"><B><FONT face=sans-serif size=1>Partnership</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="5%" background=""></TD>
     <TD noWrap align=center width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=center width="9%" background=""></TD>
     <TD noWrap align=center width="11%"><B><FONT face=sans-serif size=1>investor servicing</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="11%" background=""></TD>
     <TD noWrap align=center width="11%"><B><FONT face=sans-serif size=1>for serving as</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="11%"><B><FONT face=sans-serif size=1>pursuant to</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="5%" background=""></TD>
     <TD noWrap align=center width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><B><FONT face=sans-serif size=1>Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="9%" background=""></TD>
     <TD noWrap align=center width="11%"><B><FONT face=sans-serif size=1>agent ($)*</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="11%" background=""></TD>
     <TD noWrap align=center width="11%"><B><FONT face=sans-serif size=1>custodian ($)*</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="11%"><B><FONT face=sans-serif size=1>distribution plans ($)</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="5%" background=""></TD>
     <TD noWrap align=center width="14%"><B><FONT face=sans-serif size=1>Fiscal Year End</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=8>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>Putnam Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>5,188,989</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>406,144</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>6,057,170</FONT>&nbsp; </TD>
     <TD noWrap align=center width="5%" background="">&nbsp;</TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>October 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=8>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>Putnam Income Strategies Fund</FONT><FONT face=sans-serif size=2>**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>1,014</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>6,428</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>9,348</FONT>&nbsp; </TD>
     <TD noWrap align=center width="5%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>February 28, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=8>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>Putnam International Capital Opportunities Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>3,486,799</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>1,655,998</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>7,485,283</FONT>&nbsp; </TD>
     <TD noWrap align=center width="5%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>August 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=8>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>Putnam International Equity Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>15,299,530</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>6,653,687</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>24,900,584</FONT>&nbsp; </TD>
     <TD noWrap align=center width="5%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>June 30, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=8>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>Putnam International Growth and Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>2,170,028</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>851,927</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>3,774,490</FONT>&nbsp; </TD>
     <TD noWrap align=center width="5%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>June 30, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=8>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>Putnam International New Opportunities Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>2,552,793</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>777,569</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>3,072,562</FONT>&nbsp; </TD>
     <TD noWrap align=center width="5%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>September 30, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=8>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>Putnam Investment Grade Municipal Trust</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>112,961</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>124,251</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>Not Applicable</FONT>&nbsp; </TD>
     <TD noWrap align=center width="5%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>November 30, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=8>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>Putnam Investors Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>11,541,559</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>295,418</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>16,725,612</FONT>&nbsp; </TD>
     <TD noWrap align=center width="5%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>July 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=8>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>Putnam Limited Duration Government Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>1,035,304</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>174,392</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>1,485,486</FONT>&nbsp; </TD>
     <TD noWrap align=center width="5%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>November 30, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=8>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>Putnam Managed Municipal Income Trust</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>188,595</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>145,207</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>Not Applicable</FONT>&nbsp; </TD>
     <TD noWrap align=center width="5%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>October 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=8>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>Putnam Massachusetts Tax Exempt Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>141,481</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>110,395</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>1,112,889</FONT>&nbsp; </TD>
     <TD noWrap align=center width="5%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>May 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=8>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>Putnam Master Intermediate Income Trust</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>340,900</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>289,863</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>Not Applicable</FONT>&nbsp; </TD>
     <TD noWrap align=center width="5%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>September 30, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=8>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>Putnam Michigan Tax Exempt Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>75,770</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>56,902</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>411,398</FONT>&nbsp; </TD>
     <TD noWrap align=center width="5%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>May 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=8>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>Putnam Mid Cap Value Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>2,439,108</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>144,668</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>4,523,402</FONT>&nbsp; </TD>
     <TD noWrap align=center width="5%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>April 30, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=8>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>Putnam Minnesota Tax Exempt Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>78,884</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>54,736</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>405,217</FONT>&nbsp; </TD>
     <TD noWrap align=center width="5%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>May 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=8>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>Putnam Money Market Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>7,108,735</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>26,396</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>1,813,923</FONT>&nbsp; </TD>
     <TD noWrap align=center width="5%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>September 30, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=8>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>Putnam Municipal Bond Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>118,092</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>126,202</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>Not Applicable</FONT>&nbsp; </TD>
     <TD noWrap align=center width="5%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>April 30, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=8>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>Putnam Municipal Opportunities Trust</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>105,176</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>117,534</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>Not Applicable</FONT>&nbsp; </TD>
     <TD noWrap align=center width="5%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>April 30, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=8>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>Putnam New Jersey Tax Exempt Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>109,963</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>87,009</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>815,048</FONT>&nbsp; </TD>
     <TD noWrap align=center width="5%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>May 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=8>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>Putnam New Opportunities Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>18,449,214</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>284,869</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>19,722,612</FONT>&nbsp; </TD>
     <TD noWrap align=center width="5%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>June 30, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=8>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>Putnam New Value Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>4,874,321</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>175,324</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>8,846,785</FONT>&nbsp; </TD>
     <TD noWrap align=center width="5%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>August 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=8>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>Putnam New York Investment Grade Municipal Trust</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>19,398</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>26,438</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>Not Applicable</FONT>&nbsp; </TD>
     <TD noWrap align=center width="5%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>April 30, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=8>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>Putnam New York Tax Exempt Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>572,969</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>147,793</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>2,977,860</FONT>&nbsp; </TD>
     <TD noWrap align=center width="5%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>November 30, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=8>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>Putnam Ohio Tax Exempt Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>96,299</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>91,003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>504,029</FONT>&nbsp; </TD>
     <TD noWrap align=center width="5%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>May 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=8>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>Putnam OTC &amp; Emerging Growth Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>5,529,799</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>169,354</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>4,424,411</FONT>&nbsp; </TD>
     <TD noWrap align=center width="5%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>July 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=8>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>Putnam Pennsylvania Tax Exempt Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>107,359</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>78,985</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>613,022</FONT>&nbsp; </TD>
     <TD noWrap align=center width="5%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>May 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=8>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>Putnam Premier Income Trust</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>677,416</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>366,332</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>Not Applicable</FONT>&nbsp; </TD>
     <TD noWrap align=center width="5%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>July 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=8>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>Putnam Prime Money Market Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>320,694</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>49,161</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>10,226</FONT>&nbsp; </TD>
     <TD noWrap align=center width="5%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>September 30, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=8>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>Putnam Research Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>3,274,639</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>168,708</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>4,752,048</FONT>&nbsp; </TD>
     <TD noWrap align=center width="5%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>July 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=8>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>Putnam RetirementReady 2010 Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>Not Applicable</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>Not Applicable</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>108,176</FONT>&nbsp; </TD>
     <TD noWrap align=center width="5%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>July 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=8>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>Putnam RetirementReady 2015 Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>Not Applicable</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>Not Applicable</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>153,376</FONT>&nbsp; </TD>
     <TD noWrap align=center width="5%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>July 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=8>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>Putnam RetirementReady 2020 Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>Not Applicable</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>Not Applicable</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>175,406</FONT>&nbsp; </TD>
     <TD noWrap align=center width="5%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>July 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=8>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>Putnam RetirementReady 2025 Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>Not Applicable</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>Not Applicable</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>143,679</FONT>&nbsp; </TD>
     <TD noWrap align=center width="5%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>July 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=8>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>Putnam RetirementReady 2030 Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>Not Applicable</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>Not Applicable</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>100,250</FONT>&nbsp; </TD>
     <TD noWrap align=center width="5%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>July 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=8>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>Putnam RetirementReady 2035 Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>Not Applicable</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>Not Applicable</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>67,617</FONT>&nbsp; </TD>
     <TD noWrap align=center width="5%" background="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>July 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=8>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>Putnam RetirementReady 2040 Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>Not Applicable</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>Not Applicable</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>42,154</FONT>&nbsp; </TD>
     <TD noWrap align=center width="5%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>July 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=8>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>Putnam RetirementReady 2045 Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>Not Applicable</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>Not Applicable</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>29,079</FONT>&nbsp; </TD>
     <TD noWrap align=center width="5%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>July 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=8>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>Putnam RetirementReady 2050 Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>Not Applicable</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>Not Applicable</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>3,856</FONT>&nbsp; </TD>
     <TD noWrap align=center width="5%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>July 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=8>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>Putnam RetirementReady Maturity Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>Not Applicable</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>Not Applicable</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>74,474</FONT>&nbsp; </TD>
     <TD noWrap align=center width="5%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>July 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=8>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="27%"><FONT face=sans-serif size=2>Putnam Small Cap Growth Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>1,303,853</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%" background=""></TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>172,809</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>1,727,604</FONT>&nbsp; </TD>
     <TD noWrap align=center width="5%" background=""></TD>
     <TD noWrap align=center width="14%"><FONT face=sans-serif size=2>June 30, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=8>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>I- 2</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_93"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD noWrap align=center width="12%" background=""></TD>
     <TD noWrap align=center width="12%">&nbsp; </TD>
     <TD noWrap align=center width="11%">&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>Fees paid to</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD noWrap align=center width="12%" background=""></TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>Fees paid to</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="11%"><B><FONT face=sans-serif size=1>Fees paid to</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>Putnam Retail</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD noWrap align=center width="12%" background=""></TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>Putnam Fiduciary</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="11%"><B><FONT face=sans-serif size=1>Putnam</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>Management</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD noWrap align=center width="12%" background=""></TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>Trust Company</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="11%"><B><FONT face=sans-serif size=1>Fiduciary</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>Limited</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD noWrap align=center width="12%" background=""></TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>for serving as</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="11%"><B><FONT face=sans-serif size=1>Trust Company</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>Partnership</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD noWrap align=center width="12%" background=""></TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>investor servicing</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="11%"><B><FONT face=sans-serif size=1>for serving as</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>pursuant to</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%"><B><FONT face=sans-serif size=1>Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%" background=""></TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>agent ($)*</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="11%"><B><FONT face=sans-serif size=1>custodian ($)*</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="12%"><B><FONT face=sans-serif size=1>distribution plans ($)</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="17%"><B><FONT face=sans-serif size=1>Fiscal Year End</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%"><FONT face=sans-serif size=2>Putnam Small Cap Value Fund</FONT><FONT face=sans-serif size=2>**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%" background=""></TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>1,721,218</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>189,821</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>4,206,106</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="17%"><FONT face=sans-serif size=2>February 28, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%"><FONT face=sans-serif size=2>Putnam Tax Exempt Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%" background=""></TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>619,569</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>157,244</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>2,965,084</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="17%"><FONT face=sans-serif size=2>September 30, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%"><FONT face=sans-serif size=2>Putnam Tax Exempt Money Market Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%" background=""></TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>92,314</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>7,225</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>Not Applicable</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="17%"><FONT face=sans-serif size=2>September 30, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%"><FONT face=sans-serif size=2>Putnam Tax-Free Health Care Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%" background=""></TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>96,730</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>89,104</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>Not Applicable</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background="">&nbsp;</TD>
     <TD noWrap align=center width="17%"><FONT face=sans-serif size=2>May 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%"><FONT face=sans-serif size=2>Putnam Tax-Free High Yield Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%" background=""></TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>876,144</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>181,530</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>4,924,806</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="17%"><FONT face=sans-serif size=2>July 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%"><FONT face=sans-serif size=2>Putnam Tax Smart Equity Fund&#174;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%" background=""></TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>308,021</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>136,425</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>1,725,253</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="17%"><FONT face=sans-serif size=2>October 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%"><FONT face=sans-serif size=2>Putnam U.S. Government Income Trust</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%" background=""></TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>1,912,986</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>524,492</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>4,893,122</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="17%"><FONT face=sans-serif size=2>September 30, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%"><FONT face=sans-serif size=2>Putnam Utilities Growth and Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%" background=""></TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>969,213</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>343,106</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>1,921,475</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="17%"><FONT face=sans-serif size=2>October 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%"><FONT face=sans-serif size=2>Putnam Vista Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%" background=""></TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>7,285,460</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>292,982</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>10,325,341</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="17%"><FONT face=sans-serif size=2>July 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%"><FONT face=sans-serif size=2>Putnam Voyager Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%" background=""></TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>30,585,086</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>398,461</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>32,965,281</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="17%"><FONT face=sans-serif size=2>July 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%"><FONT face=sans-serif size=2>Putnam VT American Government Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%" background=""></TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>48,941</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>114,013</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>173,639</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="17%"><FONT face=sans-serif size=2>December 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%"><FONT face=sans-serif size=2>Putnam VT Capital Appreciation Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%" background=""></TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>15,725</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>65,351</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>57,034</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="17%"><FONT face=sans-serif size=2>December 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%"><FONT face=sans-serif size=2>Putnam VT Capital Opportunities Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%" background=""></TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>12,527</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>54,559</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>46,005</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="17%"><FONT face=sans-serif size=2>December 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%"><FONT face=sans-serif size=2>Putnam VT Discovery Growth Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%" background=""></TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>11,659</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>63,423</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>65,208</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="17%"><FONT face=sans-serif size=2>December 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%"><FONT face=sans-serif size=2>Putnam VT Diversified Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%" background=""></TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>145,032</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>268,013</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>425,943</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="17%"><FONT face=sans-serif size=2>December 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%"><FONT face=sans-serif size=2>Putnam VT Equity Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%" background=""></TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>61,671</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>104,545</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>236,721</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="17%"><FONT face=sans-serif size=2>December 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%"><FONT face=sans-serif size=2>Putnam VT The George Putnam Fund of Boston</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%" background=""></TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>194,190</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>268,645</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>744,815</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="17%"><FONT face=sans-serif size=2>December 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%"><FONT face=sans-serif size=2>Putnam VT Global Asset Allocation Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%" background=""></TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>118,715</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>433,160</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>193,024</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="17%"><FONT face=sans-serif size=2>December 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%"><FONT face=sans-serif size=2>Putnam VT Global Equity Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%" background=""></TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>178,611</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>512,462</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>184,854</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="17%"><FONT face=sans-serif size=2>December 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%"><FONT face=sans-serif size=2>Putnam VT Growth and Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%" background=""></TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>1,270,937</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>311,396</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>1,981,707</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="17%"><FONT face=sans-serif size=2>December 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%"><FONT face=sans-serif size=2>Putnam VT Growth Opportunities Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%" background=""></TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>15,810</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>48,399</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>75,526</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="17%"><FONT face=sans-serif size=2>December 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%"><FONT face=sans-serif size=2>Putnam VT Health Sciences Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%" background=""></TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>95,118</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>155,996</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>444,903</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="17%"><FONT face=sans-serif size=2>December 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%"><FONT face=sans-serif size=2>Putnam VT High Yield Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%" background=""></TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>181,736</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>189,665</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>413,089</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="17%"><FONT face=sans-serif size=2>December 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%"><FONT face=sans-serif size=2>Putnam VT Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%" background=""></TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>231,988</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>265,541</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>738,885</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="17%"><FONT face=sans-serif size=2>December 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%"><FONT face=sans-serif size=2>Putnam VT International Equity Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%" background=""></TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>338,452</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>1,358,361</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>1,823,795</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="17%"><FONT face=sans-serif size=2>December 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%"><FONT face=sans-serif size=2>Putnam VT International Growth and Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%" background=""></TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>121,377</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>546,929</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>291,287</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="17%"><FONT face=sans-serif size=2>December 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%"><FONT face=sans-serif size=2>Putnam VT International New Opportunities Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%" background=""></TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>82,490</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>369,808</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>400,747</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="17%"><FONT face=sans-serif size=2>December 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%"><FONT face=sans-serif size=2>Putnam VT Investors Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%" background=""></TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>148,076</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>182,489</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>563,681</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="17%"><FONT face=sans-serif size=2>December 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%"><FONT face=sans-serif size=2>Putnam VT Mid Cap Value Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%" background=""></TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>27,834</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>51,386</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>73,775</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="17%"><FONT face=sans-serif size=2>December 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%"><FONT face=sans-serif size=2>Putnam VT Money Market Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%" background=""></TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>110,530</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>135,076</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>411,984</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="17%"><FONT face=sans-serif size=2>December 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%"><FONT face=sans-serif size=2>Putnam VT New Opportunities Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%" background=""></TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>415,595</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>187,781</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>381,899</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="17%"><FONT face=sans-serif size=2>December 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%"><FONT face=sans-serif size=2>Putnam VT New Value Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%" background=""></TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>200,902</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>140,816</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>676,015</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="17%"><FONT face=sans-serif size=2>December 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%"><FONT face=sans-serif size=2>Putnam VT OTC &amp; Emerging Growth Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%" background=""></TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>25,507</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>60,623</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>91,357</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="17%"><FONT face=sans-serif size=2>December 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%"><FONT face=sans-serif size=2>Putnam VT Research Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%" background=""></TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>56,664</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>91,120</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>272,176</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="17%"><FONT face=sans-serif size=2>December 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%"><FONT face=sans-serif size=2>Putnam VT Small Cap Value Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%" background=""></TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>276,850</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>215,429</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>1,582,848</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="17%"><FONT face=sans-serif size=2>December 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%"><FONT face=sans-serif size=2>Putnam VT Utilities Growth and Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%" background=""></TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>113,131</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>278,585</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>146,590</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="17%"><FONT face=sans-serif size=2>December 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%"><FONT face=sans-serif size=2>Putnam VT Vista Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%" background=""></TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>167,571</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>190,972</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>628,075</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="17%"><FONT face=sans-serif size=2>December 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="30%"><FONT face=sans-serif size=2>Putnam VT Voyager Fund</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%" background=""></TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>569,884</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>211,176</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>1,114,380</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="17%"><FONT face=sans-serif size=2>December 31, 2006</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>* Excludes custody credits and investor servicing credits.</FONT></P>
<P align=left><FONT face=sans-serif size=1>** Amounts for fiscal year ended 02/28/06. Figures for the fund&#146;s most recent fiscal year are not yet available.</FONT></P>
<P align=center><FONT face=sans-serif size=1>I- 3</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_94"></A>
<P align=left><B><FONT face=sans-serif size=2>APPENDIX J </FONT></B></P>
<P align=left><FONT face=serif size=5>5% Beneficial Ownership</FONT></P>
<P align=left><FONT face=serif size=2>As of February 9, 2007, to the knowledge of the Putnam funds, no person owned beneficially or of record 5% or more of any class of shares of any Putnam fund, except as shown in the tables below. Additional ownership information for the Putnam closed-end funds is shown separately at the end of this Appendix J.</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=1>Shareholder Name</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Percentage</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=1>and Address</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="24%"><B><FONT face=sans-serif size=1>Holdings</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="79%" colSpan=2><FONT face=sans-serif size=2>Putnam American Government Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS C</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Bickley Printing SEP IRA Plan</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>1225 Norton Ave</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Glendale, CA 91202-2030</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>32,166.81</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>8.90%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS M</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Harold Azmelian, Philip Arpiarian &amp;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Armen Kalbian As TTEE</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Holy Cross Church Endowment Trst</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>770 Anderson Ave Apt 15K</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Cliffside Pk, NJ 07010-2169</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>22,881.20</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>9.70%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Citigroup Global Markets Inc</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>333 W 34th St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>New York, NY 10001-2402</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>52,560.96</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>22.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Travel Store, Inc.**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>18,454.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>7.84%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>American Broadcast EFCU 401(K) &amp;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Profit Sharing Plan*</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>16,565.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>7.04%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS R</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>MCB Trust Services As Agent For</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>6,299.05</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>97.80%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS Y</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Building Service Local 32b-J</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Supplemental Retirement Savings Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>605,464.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>57.29%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Putnam Investments Profit Sharing Plan*</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>188,566.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>17.84%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="79%" colSpan=2><FONT face=sans-serif size=2>Putnam AMT-Free Insured Municipal Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Citigroup Global Markets Inc</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>333 W 34th St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>New York, NY 10001-2402</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>937,040.19</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
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     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>2,570,441.82</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>14.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="55%" background="">&nbsp; </TD>
     <TD noWrap align=left width="24%" background=""></TD>
     <TD noWrap align=left width="20%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS B</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
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<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
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     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Citigroup Global Markets Inc</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>333 W 34th St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>New York, NY 10001-2402</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>178,615.89</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.80%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Of Its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
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     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Jacksonville, FL 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>212,789.69</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.90%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
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     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>258,300.36</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>8.40%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS C</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Of Its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Jacksonville, FL 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>98,771.20</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>17.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
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     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>J.J.B. Hilliard, W.L. Lyons, Inc</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>501 S.4th Street</FONT>&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Louisville, KY 40202</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>41,802.53</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>7.30%</FONT>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=1>Shareholder Name</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Percentage</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=1>and Address</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="28%"><B><FONT face=sans-serif size=1>Holdings</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>CLASS C</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>NFS LLC FEBO</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>5769 Pray St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Bonita, CA 91902</FONT>&nbsp; </TD>
     <TD noWrap align=right width="28%"><FONT face=sans-serif size=1>31,698.04</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>CLASS M</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="28%"><FONT face=sans-serif size=1>32,385.59</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>44.70%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Pershing LLC</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>P. O. Box 2052</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Jersey City, NJ 07303</FONT>&nbsp; </TD>
     <TD noWrap align=right width="28%"><FONT face=sans-serif size=1>13,828.44</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>19.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Joan M Novak &amp; Eugene S. Novak</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>2091 E Parkview Cir</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Hoffman Est, IL 60169-2644</FONT>&nbsp; </TD>
     <TD noWrap align=right width="28%"><FONT face=sans-serif size=1>4,915.46</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.70%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="78%" colSpan=2><FONT face=sans-serif size=2>Putnam Arizona Tax Exempt Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>CLASS A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="28%"><FONT face=sans-serif size=1>1,635,301.84</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>19.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>CLASS B</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Citigroup Global Markets Inc</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>333 W 34th St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>New York, NY 10001-2402</FONT>&nbsp; </TD>
     <TD noWrap align=right width="28%"><FONT face=sans-serif size=1>67,236.23</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.60%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>CLASS C</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
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<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Putnam LLC</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>The Putnam Companies, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>One Post Office Square</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Boston, MA 02109-2106</FONT>&nbsp; </TD>
     <TD noWrap align=right width="28%"><FONT face=sans-serif size=1>1,098.02</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>100.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>CLASS M</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>LPL Financial Services</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>9785 Towne Centre Drive</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>San Diego, CA 92121-1968</FONT>&nbsp; </TD>
     <TD noWrap align=right width="28%"><FONT face=sans-serif size=1>28,739.25</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>19.40%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="28%"><FONT face=sans-serif size=1>31,196.03</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>21.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Pershing LLC</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>P.O. Box 2052</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Jersey City, NJ 07303-9998</FONT>&nbsp; </TD>
     <TD noWrap align=right width="28%"><FONT face=sans-serif size=1>19,602.04</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>13.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>L &amp; F Investments Ltd Partnership</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>4121 N 64th Pl</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Scottsdale, AZ 85251-3109</FONT>&nbsp; </TD>
     <TD noWrap align=right width="28%"><FONT face=sans-serif size=1>33,437.68</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>22.70%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="78%" colSpan=2><FONT face=sans-serif size=2>Putnam Asset Allocation: Balanced Portfolio</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>CLASS A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Mercer Trust Company</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>1 Investors Way</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Norwood, MA 02062-1599</FONT>&nbsp; </TD>
     <TD noWrap align=right width="28%"><FONT face=sans-serif size=1>9,371,204.58</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>7.60%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="28%"><FONT face=sans-serif size=1>12,828,440.93</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>10.50%</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>J-1</FONT></P>
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<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=1>Shareholder Name</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="44%" colSpan=2><B><FONT face=sans-serif size=1>Percentage</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=1>and Address</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="30%"><B><FONT face=sans-serif size=1>Holdings</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="14%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%" colSpan=3><FONT face=sans-serif size=2>Putnam Asset Allocation: Balanced Portfolio, continued</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS C</FONT>&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Citigroup Global Markets Inc</FONT>&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>333 W 34th St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>New York, NY 10001-2402</FONT>&nbsp; </TD>
     <TD noWrap align=right width="30%"><FONT face=sans-serif size=1>596,561.87</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>5.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Of Its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Jacksonville, FL 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="30%"><FONT face=sans-serif size=1>1,121,584.97</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>9.60%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS M</FONT>&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="30%"><FONT face=sans-serif size=1>264,326.80</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>8.80%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS R</FONT>&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Counsel Trust Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Corporate Benefit Services Of</FONT>&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>American And Affiliates Retirement Plan</FONT>&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>336 4th Ave Ste 5</FONT>&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>PIttsburgh, PA 15222-2004</FONT>&nbsp; </TD>
     <TD noWrap align=right width="30%"><FONT face=sans-serif size=1>558,406.74</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>66.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="55%" background="">&nbsp; </TD>
     <TD noWrap align=left width="30%" background=""></TD>
     <TD noWrap align=left width="14%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS Y</FONT>&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>IBEW Local 3**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="30%"><FONT face=sans-serif size=1>3,682,426.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>23.87%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Kinder Morgan Savings Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="30%"><FONT face=sans-serif size=1>2,708,037.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>17.56%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Ironworkers St. Louis District</FONT>&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Council Annuity Trust Fund**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="30%"><FONT face=sans-serif size=1>1,146,805.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>7.43%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Cenveo Corporation 401(K) Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="30%"><FONT face=sans-serif size=1>897,297.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>5.82%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Arch Coal, Inc. Employee Thrift Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="30%"><FONT face=sans-serif size=1>854,655.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>5.54%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Putnam Investments</FONT>&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Profit Sharing Plan*</FONT>&nbsp; </TD>
     <TD noWrap align=right width="30%"><FONT face=sans-serif size=1>824,774.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>5.35%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Genlyte Thomas Group Retirement</FONT>&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Savings And Investment Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="30%"><FONT face=sans-serif size=1>791,025.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>5.13%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>United Way Of Massachusetts</FONT>&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>51 Sleeper St.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Boston, MA 02210-1208</FONT>&nbsp; </TD>
     <TD noWrap align=right width="30%"><FONT face=sans-serif size=1>779,157.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>5.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="85%" colSpan=2><FONT face=sans-serif size=2>Putnam Asset Allocation: Conservative Portfolio</FONT>&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Ironworkers St. Louis District</FONT>&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Council Annuity Trust Fund**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="30%"><FONT face=sans-serif size=1>3,367,899.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>7.08%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Edward D. Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="30%"><FONT face=sans-serif size=1>3,156,069.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>6.60%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS B</FONT>&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="30%"><FONT face=sans-serif size=1>485,679.63</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>5.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS C</FONT>&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Citigroup Global Markets Inc</FONT>&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>333 W 34th St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>New York, NY 10001-2402</FONT>&nbsp; </TD>
     <TD noWrap align=right width="30%"><FONT face=sans-serif size=1>383,578.45</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>7.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="30%"><FONT face=sans-serif size=1>320,521.96</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>6.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Of Its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Jacksonville, FL 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="30%"><FONT face=sans-serif size=1>408,205.01</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>8.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS M</FONT>&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Mercer Trust Company</FONT>&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>1 Investors Way</FONT>&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD noWrap align=left width="14%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Norwood, MA 02062-1599</FONT>&nbsp; </TD>
     <TD noWrap align=right width="30%"><FONT face=sans-serif size=1>85,547.78</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=1>6.80%</FONT>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=1>Shareholder Name</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Percentage</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=1>and Address</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="28%"><B><FONT face=sans-serif size=1>Holdings</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>CLASS M</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="28%"><FONT face=sans-serif size=1>74,227.36</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>National City Bank</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>P.O. Box 94984</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Cleveland, OH 44101-4984</FONT>&nbsp; </TD>
     <TD noWrap align=right width="28%"><FONT face=sans-serif size=1>228,185.22</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>18.40%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>CLASS R</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>MG Trust Company As Agent For</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="28%"><FONT face=sans-serif size=1>8,218.71</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.80%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>MG Trust Company Cust. FBO</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="28%"><FONT face=sans-serif size=1>20,601.75</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>17.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>MG Trust Company FBO</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="28%"><FONT face=sans-serif size=1>7,249.71</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Counsel Trust Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Corporate Benefit Services</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Of America And Affiliates</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Retirement Plan</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>336 4th Ave Ste 5</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>PIttsburgh, PA 15222-2004</FONT>&nbsp; </TD>
     <TD noWrap align=right width="28%"><FONT face=sans-serif size=1>31,902.23</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>26.80%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>CLASS Y</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Building Service Local 32b-J</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Supplemental Retirement</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Savings Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="28%"><FONT face=sans-serif size=1>37,485,779.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>89.47%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="78%" colSpan=2><FONT face=sans-serif size=2>Putnam Asset Allocation: Growth Portfolio</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>CLASS A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="28%"><FONT face=sans-serif size=1>12,325,377.19</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>12.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>CLASS B</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="28%"><FONT face=sans-serif size=1>1,505,905.82</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>CLASS C</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Citigroup Global Markets Inc</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>333 W 34th St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>New York, NY 10001-2402</FONT>&nbsp; </TD>
     <TD noWrap align=right width="28%"><FONT face=sans-serif size=1>1,112,482.10</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>8.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Of Its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Jacksonville, FL 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="28%"><FONT face=sans-serif size=1>1,919,512.93</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>14.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>CLASS M</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="28%"><FONT face=sans-serif size=1>186,629.23</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.70%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>CLASS R</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Counsel Trust Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Corporate Benefit Services</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Of American And Affiliates</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Retirement Plan</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>336 4th Ave Ste 5</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>PIttsburgh, PA 15222-2004</FONT>&nbsp; </TD>
     <TD noWrap align=right width="28%"><FONT face=sans-serif size=1>192,346.35</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>36.90%</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>J-2</FONT></P>
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<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><B><FONT face=sans-serif size=1>Shareholder Name</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Percentage</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><B><FONT face=sans-serif size=1>and Address</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="27%"><B><FONT face=sans-serif size=1>Holdings</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>CLASS Y</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>IBEW Local 3**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=sans-serif size=1>4,835,022.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>36.67%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>Kinder Morgan Savings Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=sans-serif size=1>2,109,804.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>16.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>Putnam Investments</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>Profit Sharing Plan*</FONT>&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=sans-serif size=1>1,854,414.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>14.07%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>Ironworkers St. Louis District</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>Council Annuity Trust Fund**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=sans-serif size=1>1,599,228.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>12.13%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>Cenveo Corporation 401(K) Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=sans-serif size=1>879,500.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.67%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%" colSpan=3><FONT face=sans-serif size=2>Putnam California Investment Grade Municipal Trust</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>COMMON SHARES</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>Cede &amp; Co Fast</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>20 Bowling Green</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>New York, NY 10004-1408</FONT>&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=sans-serif size=1>4,293,448.79</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>95.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="78%" colSpan=2><FONT face=sans-serif size=2>Putnam California Tax Exempt Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>CLASS A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>Citigroup Global Markets Inc</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>333 W 34th St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>New York, NY 10001-2402</FONT>&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=sans-serif size=1>21,321,710.75</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>9.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>Of Its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>Jacksonville, FL 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=sans-serif size=1>17,371,696.27</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>7.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="51%" background="">&nbsp; </TD>
     <TD noWrap align=left width="27%" background=""></TD>
     <TD noWrap align=left width="20%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>CLASS B</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>Citigroup Global Markets Inc</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>333 W 34th St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>New York, NY 10001-2402</FONT>&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=sans-serif size=1>1,354,535.44</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>10.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>Of Its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>Jacksonville, FL 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=sans-serif size=1>1,130,699.39</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>8.80%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>CLASS C</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>Citigroup Global Markets Inc</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>333 W 34th St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>New York, NY 10001-2402</FONT>&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=sans-serif size=1>268,293.77</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>9.90%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>Of Its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>Jacksonville, FL 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=sans-serif size=1>346,116.45</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>12.80%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>CLASS M</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=sans-serif size=1>191,262.38</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>27.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>Kathleen L Bernath, as Trustee</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>Of The Edward &amp; Kathleen Bernath</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>Revocable Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>650 Harrison Ave</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>Claremont, CA 91711-4538</FONT>&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=sans-serif size=1>37,496.86</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>William L Rosenberg, as Trustee</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>Rosenberg Family Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>4754 La Villa Marina</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>Marina Dl Rey, CA 90292-7049</FONT>&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=sans-serif size=1>63,519.47</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>9.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>Dawn Brenner, as Trustee</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>Simms Survivor Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>Grant Bennett Associates</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>425 River Park Dr Ste 250</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="51%"><FONT face=sans-serif size=1>Sacramento, CA 95815</FONT>&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=sans-serif size=1>42,034.28</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.90%</FONT>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=1>Shareholder Name</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Percentage</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=1>and Address</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="23%"><B><FONT face=sans-serif size=1>Holdings</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="78%" colSpan=2><FONT face=sans-serif size=2>Putnam Capital Appreciation Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>2,092,848.38</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>8.90%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS C</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>UBS Financial Services Inc. FBO</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Montgomery Pulmonary Consultants PA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>1440 Narrow Lane Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Montgomery, AL 36111-2654</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>9,353.40</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.40%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS M</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>31,300.47</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS R</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>MG Trust Company Cust. FBO</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>1,509.68</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>32.60%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>MG Trust Custodian</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>2,312.41</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>49.90%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Julianna R Kinstler</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>223 E Wisconsin Ave</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Monticello, WI 53570-9632</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>286.71</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="55%" background="">&nbsp; </TD>
     <TD noWrap align=left width="23%" background=""></TD>
     <TD noWrap align=left width="20%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS Y</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Putnam Investments Profit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Sharing Plan*</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>236,920.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>75.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Putnam Investments**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>31,040.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>9.84%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="78%" colSpan=2><FONT face=sans-serif size=2>Putnam Capital Opportunities Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>4,519,578.42</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>10.90%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS B</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>825,313.08</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS C</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Of Its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Jacksonville, FL 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>148,509.35</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS M</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>87,590.84</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS R</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>MCB Trust Services As Agent For</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>11,955.82</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>7.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>MG Trust Company Cust. FBO</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>19,019.52</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>11.30%</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>J-3</FONT></P>
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<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><B><FONT face=sans-serif size=1>Shareholder Name</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><B><FONT face=sans-serif size=1>Percentage</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><B><FONT face=sans-serif size=1>and Address</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="26%"><B><FONT face=sans-serif size=1>Holdings</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="18%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="80%" colSpan=2><FONT face=sans-serif size=2>Putnam Capital Opportunities Fund, continued</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS R</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>MG Trust Custodian</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>30,455.20</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>18.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS Y</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Ohio Tuition Trust Authority/</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>College Advantage Program***</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>11,242,432.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>31.70%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>Putnam Classic Equity Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>9,127,506.06</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>22.40%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS B</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>730,619.77</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>11.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS M</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>367,860.58</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>20.40%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS R</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>MG Trust Custodian</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>833.71</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>33.60%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Trustlynx &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>P.O. Box 173736</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Denver, CO 80217-3736</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>1,449.18</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>58.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS Y</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Putnam Investments Profit Sharing Plan*</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>284,837.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>78.28%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="80%" colSpan=2><FONT face=sans-serif size=2>Putnam Convertible Income-Growth Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>3,915,801.31</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>12.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS B</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Citigroup Global Markets Inc</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>333 W 34th St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>New York, NY 10001-2402</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>121,822.36</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>5.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>144,529.65</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>6.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Of Its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Jacksonville, FL 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>170,971.62</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>7.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS C</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Citigroup Global Markets Inc</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>333 W 34th St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>New York, NY 10001-2402</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>79,363.54</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>6.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Of Its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Jacksonville, FL 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>439,968.63</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>34.10%</FONT>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><B><FONT face=sans-serif size=1>Shareholder Name</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Percentage</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><B><FONT face=sans-serif size=1>and Address</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="22%"><B><FONT face=sans-serif size=1>Holdings</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>CLASS M</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>25,671.50</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>8.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Nationwide Trust Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>C/O IPO Portfolio Accounting</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>P.O. Box 182029</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Columbus, OH 43218-2029</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>16,486.10</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.40%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>CLASS R</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>MG Trust Company Cust</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>32,926.36</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>55.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>MG Trust Custodian</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>3,309.08</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Reliance Trust Company</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>P.O. Box 48529</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Atlanta, GA 30362-1529</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>17,849.27</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>30.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>CLASS Y</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Putnam Investments Profit Sharing Plan*</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>222,631.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>17.76%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Madison Paper Industries Savings &amp;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Investment Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>95,412.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>7.61%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=2>Putnam Discovery Growth Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>CLASS A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>2,460,000.57</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>9.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>CLASS B</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Citigroup Global Markets Inc</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>333 W 34th St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>New York, NY 10001-2402</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>731,207.18</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.70%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>CLASS C</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Citigroup Global Markets Inc</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>333 W 34th St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>New York, NY 10001-2402</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>135,360.24</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>8.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>CLASS M</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>71,537.95</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.80%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>CLASS R</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>MG Trust Company Cust. FBO</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>600.62</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>14.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>MG Trust Custodian</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>3,244.52</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>78.40%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>CLASS Y</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Putnam Investments Profit Sharing Plan*</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>386,717.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>76.51%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Putnam Investments**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>36,581.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>7.24%</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>J-4</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=1>Shareholder Name</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Percentage</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=1>and Address</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="23%"><B><FONT face=sans-serif size=1>Holdings</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Putnam Diversified Income Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>13,538,140.81</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>9.70%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS B</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>1,556,245.16</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS C</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>SMBC Friend Securities Co., Ltd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Foreign Securities Dept</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>7-12 Kabuto-Cho Nihonbashi,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CHUO-KU</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Tokyo 103 Japan</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>5,782,900.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>49.70%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Of Its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Jacksonville, FL 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>798,898.53</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.80%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="55%" background="">&nbsp; </TD>
     <TD noWrap align=left width="23%" background=""></TD>
     <TD noWrap align=left width="20%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS M</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>SMBC Friend Securities Co., Ltd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Foreign Securities Dept</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>7-12 Kabuto-Cho Nihonbashi,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CHUO-KU</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Tokyo 103 Japan</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>91,082,520.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>97.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS R</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>MG Trust Company Cust. FBO</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>19,962.07</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>23.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>MG Trust Custodian</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>37,020.27</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>42.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS Y</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Marsh &amp; McLennan Deferred</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Compensation Plans</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>1166 Avenue Of The Americas</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>New York, NY 10036-2774</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>758,765.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>47.37%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Putnam Investments Profit Sharing Plan*</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>518,652.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>31.15%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Putnam Equity Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>37,931,042.36</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>24.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS B</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>4,408,083.78</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>13.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS C</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Citigroup Global Markets Inc</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>333 W 34th St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>New York, NY 10001-2402</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>307,531.42</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Of Its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Jacksonville, FL 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>417,653.61</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>7.40%</FONT>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=1>Shareholder Name</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Percentage</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=1>and Address</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="23%"><B><FONT face=sans-serif size=1>Holdings</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS M</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>667,002.28</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>20.70%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS R</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Martin Prakken &amp; Tom O&#146;Connell,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Blueprint Automation Ret Pln</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>16037 Innovation Dr</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Colonial Hgts, VA 23834-5951</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>13,936.94</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Of Its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Jacksonville, FL 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>29,226.65</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>10.70%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Hartford Life Insurance</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>P.O. Box 2999</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Hartford, CT 06104-2999</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>31,936.51</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>11.70%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS Y</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>IBEW Local 3**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>3,545,775.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>22.13%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Marsh &amp; McLennan Supplemental</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Retirement Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>3,393,455.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>21.18%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Emerson Electric Co. Employee</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Savings Investment Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>1,876,013.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>11.71%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Putnam Europe Equity Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>817,402.34</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.70%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS C</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Citigroup Global Markets Inc</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>333 W 34th St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>New York, NY 10001-2402</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>19,014.05</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>9.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Of Its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Jacksonville, FL 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>23,756.63</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>11.40%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS M</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>SMBC Friend Securities Co., Ltd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Foreign Securities Dept</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>7-12 Kabuto-Cho Nihonbashi,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CHUO-KU</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Tokyo 103 Japan</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>130,450.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>28.60%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS R</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>MG Trust Company Cust. FBO</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>1,489.38</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>78.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS Y</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Putnam Investments Profit Sharing Plan*</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>224,234.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>69.79%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Putnam Investments**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>37,594.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>11.70%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="78%" colSpan=2><FONT face=sans-serif size=2>Putnam Floating Rate Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Citigroup Global Markets Inc</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>333 W 34th St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>New York, NY 10001-2402</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>2,192,572.81</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.40%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Of Its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Jacksonville, FL 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>5,710,932.18</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>16.80%</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>J-5</FONT></P>
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<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><B><FONT face=sans-serif size=1>Shareholder Name</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><B><FONT face=sans-serif size=1>Percentage</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><B><FONT face=sans-serif size=1>and Address</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="26%"><B><FONT face=sans-serif size=1>Holdings</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="19%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="80%" colSpan=2><FONT face=sans-serif size=2>Putnam Floating Rate Income Fund, continued</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Charles Schwab &amp; Co Inc</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>101 Montgomery St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>San Francisco, CA 94022-3120</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>1,947,843.94</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>5.70%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS C</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Citigroup Global Markets Inc</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>333 W 34th St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>New York, NY 10001-2402</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>1,207,960.68</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>10.80%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Of Its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Jacksonville, FL 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>3,502,943.68</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>31.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS M</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>McDonald Investments Inc</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>(FBO its Customers)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>4900 Tiedeman Rd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Brooklyn, OH 44144</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>100,359.63</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>13.60%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>NFS LLC FEBO</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>5769 Pray St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Bonita, CA 91902</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>72,558.72</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>9.90%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Pershing LLC</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>P. O. Box 2052</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Jersey City, NJ 07303</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>50,049.45</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>6.80%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Morgan Stanley DW Inc. FBO</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>P.O. Box 250 Church Street Station</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>New York, NY 10008-0250</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>78,133.63</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>10.60%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="54%" background="">&nbsp; </TD>
     <TD noWrap align=left width="26%" background=""></TD>
     <TD noWrap align=left width="19%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS R</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>MG Trust Custodian</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>22,857.71</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>69.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Pershing LLC</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>P. O. Box 2052</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Jersey City, NJ 07303</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>3,299.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>10.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS Y</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Putnam Investments Profit Sharing Plan*</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>188,627.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>54.54%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Putnam Investments**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>139,302.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>40.27%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="80%" colSpan=2><FONT face=sans-serif size=2>The Putnam Fund for Growth and Income</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>73,509,660.93</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>12.40%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS B</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>6,362,082.59</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>8.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS C</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Of Its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Jacksonville, FL 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>249,475.66</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>5.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>286,637.16</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>6.00%</FONT>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><B><FONT face=sans-serif size=1>Shareholder Name</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Percentage</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><B><FONT face=sans-serif size=1>and Address</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="25%"><B><FONT face=sans-serif size=1>Holdings</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>CLASS M</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=1>849,730.86</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>16.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>CLASS R</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>MG Trust Company As Agent For</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=1>4,372.41</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>MG Trust Custodian</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=1>22,061.49</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>30.60%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>CLASS Y</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>Electrical Contractors Association And</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>Local Union 134, IBEW Joint</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>Pension Trust Of Chicago**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=1>9,728,228.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>14.67%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>Abbott Laboratories Stock</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>Retirement Programs**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=1>7,393,069.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>11.15%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="78%" colSpan=2><FONT face=sans-serif size=2>The George Putnam Fund of Boston</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>CLASS A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=1>31,807,107.59</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>17.60%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>CLASS B</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>201 Progress Pkwy,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=1>3,469,674.47</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>11.60%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>CLASS C</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>Of Its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>Jacksonville, FL 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=1>279,122.58</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.90%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>CLASS M</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>Carwash &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>ADP/State St Collective Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>200 Newport Avenue Ext,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>Quincy, MA 02171-2102</FONT>&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=1>7,083,002.28</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>68.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>CLASS R</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>MG Trust Company Cust</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=1>5,231.18</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>MG Trust Company Cust. FBO</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=1>11,740.95</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>11.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>MG Trust Custodian</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=1>13,190.13</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>12.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>MG Trust Company As Agent For</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>P.O. Box 10699</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>Fargo, ND 58106-0699</FONT>&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=1>25,414.78</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>24.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>CLASS Y</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>Abbott Laboratories Stock</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>Retirement Programs**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=1>3,887,847.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>18.16%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>IBEW Local 3**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=1>2,614,706.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>12.22%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>Marsh &amp; McLennan Supplemental</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>Retirement Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="25%"><FONT face=sans-serif size=1>2,107,279.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>9.85%</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>J-6</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><B><FONT face=sans-serif size=1>Shareholder Name</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><B><FONT face=sans-serif size=1>Percentage</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><B><FONT face=sans-serif size=1>and Address</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="27%"><B><FONT face=sans-serif size=1>Holdings</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="18%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="81%" colSpan=2><FONT face=sans-serif size=2>The George Putnam Fund of Boston, continued</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS Y</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Electrical Contractors Association And</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Local Union 134, IBEW Joint Pension</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Trust Of Chicago**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=sans-serif size=1>1,323,838.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>6.19%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Cenveo Corporation 401(K) Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=sans-serif size=1>1,211,292.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>5.66%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>The Canadaigua Brands, Inc. 401(K)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>And Profit Sharing Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=sans-serif size=1>1,163,239.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>5.43%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>Putnam Global Equity Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=sans-serif size=1>13,205,302.77</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>8.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS C</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Of Its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Jacksonville, FL 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=sans-serif size=1>186,523.37</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>6.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="54%" background="">&nbsp; </TD>
     <TD noWrap align=left width="27%" background=""></TD>
     <TD noWrap align=left width="18%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS M</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=sans-serif size=1>217,202.27</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>7.40%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS R</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>MG Trust Company Cust. FBO</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=sans-serif size=1>47,942.22</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>40.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>MG Trust Custodian</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=sans-serif size=1>8,829.14</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>7.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>MG Trust Company As Agent For</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>P.O. Box 10699</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Fargo, ND 58106-0699</FONT>&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=sans-serif size=1>28,305.74</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>23.70%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS Y</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Putnam Investments Profit Sharing Plan*</FONT>&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=sans-serif size=1>1,023,118.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>41.74%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Marsh &amp; McLennan Deferred</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Compensation Plans</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>1166 Avenue Of The Americas</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>New York, NY 10036-2774</FONT>&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=sans-serif size=1>581,636.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>23.73%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Putnam Investments**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=sans-serif size=1>323,948.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>13.22%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>Putnam Global Income Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=sans-serif size=1>558,663.42</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>7.80%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS C</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Of Its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Jacksonville, FL 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=sans-serif size=1>37,112.90</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>15.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS M</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Mitsubishi UFJ Securities Co Ltd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Marunouchi Building 2-4-1</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Marunouchi Chiyoda-Ku</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Tokyo 100-6317 Japan 104</FONT>&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=sans-serif size=1>1,417,900.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>83.60%</FONT>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=1>Shareholder Name</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Percentage</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=1>and Address</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="23%"><B><FONT face=sans-serif size=1>Holdings</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS R</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>MG Trust Company Cust. FBO</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>3,765.04</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>36.40%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>MG Trust Custodian</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>4,724.50</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>45.60%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS Y</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Putnam Investments Profit Sharing Plan*</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>162,556.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>72.28%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Putnam Investments**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>45,470.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>20.22%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="78%" colSpan=2><FONT face=sans-serif size=2>Putnam Global Natural Resources Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>1,142,000.65</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>7.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS B</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Of Its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Jacksonville, FL 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>194,271.03</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="55%" background="">&nbsp; </TD>
     <TD noWrap align=left width="23%" background=""></TD>
     <TD noWrap align=left width="20%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS C</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Citigroup Global Markets Inc</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>333 W 34th St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>New York, NY 10001-2402</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>40,437.09</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Of Its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Jacksonville, FL 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>54,105.86</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>7.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS M</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>18,409.47</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>7.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS R</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>MG Trust Company Cust</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>5,779.84</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>MG Trust Company Cust. FBO</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>8,945.36</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>9.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>MG Trust Custodian</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>8,924.01</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>9.40%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Capital Bank &amp; Trust Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Hillerich &amp; Bradsby</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>8515 E Orchard Rd # 2T2</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Greenwood Vlg, CO 80111-5002</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>13,217.59</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>14.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Of Its Customers,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Jacksonville, FL 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>4,740.14</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Reliance Trust Company</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>P.O. Box 48529</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Atlanta, GA 30362-1529</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>5,991.19</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.40%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Wachovia Bank Various Retirement Plans</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>1525 West Wt Harris Blvd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Charlotte, NC 28288-1151</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>6,433.38</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.90%</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>J-7</FONT></P>
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<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=1>Shareholder Name</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Percentage</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=1>and Address</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="24%"><B><FONT face=sans-serif size=1>Holdings</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%" colSpan=3><FONT face=sans-serif size=2>Putnam Global Natural Resources Fund, continued</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS Y</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Putnam Investments Profit Sharing Plan*</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>293,572.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>60.98%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Putnam Investments**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>73,269.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>15.22%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="79%" colSpan=2><FONT face=sans-serif size=2>Putnam Growth Opportunities Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>2,112,021.68</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>8.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS B</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Citigroup Global Markets Inc</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>333 W 34th St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>New York, NY 10001-2402</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>918,723.11</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS C</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Citigroup Global Markets Inc</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>333 W 34th St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>New York, NY 10001-2402</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>131,431.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>7.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Of Its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Jacksonville, FL 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>138,270.20</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>7.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="55%" background="">&nbsp; </TD>
     <TD noWrap align=left width="24%" background=""></TD>
     <TD noWrap align=left width="20%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS M</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>32,837.85</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS R</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>MG Trust Company Cust. FBO</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>408.91</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.60%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>MG Trust Company Trustee</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>490.82</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.80%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>MG Trust Custodian</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>5,008.79</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>69.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS Y</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Putnam Investments Profit Sharing Plan*</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>446,666.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>81.87%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Putnam Investments**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>27,438.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.03%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Putnam Health Sciences Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>3,029,024.60</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>10.40%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Of Its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Jacksonville, FL 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>2,269,683.05</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>7.80%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS B</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Citigroup Global Markets Inc</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>333 W 34th St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>New York, NY 10001-2402</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>473,264.44</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.60%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Of Its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Jacksonville, FL 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>572,007.59</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.80%</FONT>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><B><FONT face=sans-serif size=1>Shareholder Name</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Percentage</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><B><FONT face=sans-serif size=1>and Address</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="24%"><B><FONT face=sans-serif size=1>Holdings</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS C</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Citigroup Global Markets Inc</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>333 W 34th St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>New York, NY 10001-2402</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>79,260.65</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>12.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Of Its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Jacksonville, FL 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>81,335.73</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>12.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS M</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Citigroup Global Markets Inc</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>333 W 34th St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>New York, NY 10001-2402</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>33,563.70</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>7.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>30,231.28</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.70%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS R</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Wachovia Bank</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>1525 West Wt Harris Blvd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Charlotte, NC 28288</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>775.47</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.70%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>MG Trust Custodian</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>1,900.40</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>13.90%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>MG Trust Company Cust. FBO</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>739.48</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.40%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Capital Bank &amp; Trust Co Hancock</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Concrete Products Inc</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>8515 E Orchard Rd # 2T2</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Greenwood Vlg, CO 80111-5002</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>2,033.30</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>14.90%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="54%" background="">&nbsp; </TD>
     <TD noWrap align=left width="24%" background=""></TD>
     <TD noWrap align=left width="20%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS Y</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Putnam Investments Profit Sharing Plan*</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>188,688.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>54.71%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Putnam Investments**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>55,513.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>16.18%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="78%" colSpan=2><FONT face=sans-serif size=2>Putnam High Income Securities Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>COMMON SHARES</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Cede &amp; Co Fast</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>20 Bowling Green</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>New York, NY 10004-1408</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>20,309,109.29</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>94.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="78%" colSpan=2><FONT face=sans-serif size=2>Putnam High Yield Advantage Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>8,501,964.89</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>12.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Hartford Life Insurance</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>P.O. Box 2999</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Hartford, CT 06104-2999</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>5,584,317.22</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>8.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS B</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Citigroup Global Markets Inc</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>333 W 34th St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>New York, NY 10001-2402</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>188,490.57</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>7.80%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>212,054.56</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>8.80%</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>J-8</FONT></P>
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<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><B><FONT face=sans-serif size=1>Shareholder Name</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><B><FONT face=sans-serif size=1>Percentage</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><B><FONT face=sans-serif size=1>and Address</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="26%"><B><FONT face=sans-serif size=1>Holdings</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="19%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="80%" colSpan=2><FONT face=sans-serif size=2>Putnam High Yield Advantage Fund, continued</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS M</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Mitsubishi UFJ Securities Co Ltd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Marunouchi Building 2-4-1</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Marunouchi Chiyoda-Ku</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Tokyo 100-6317 Japan</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>52,087,286.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>97.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS Y</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Putnam Investments Profit Sharing Plan*</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>682,831.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>40.27%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Marsh &amp; McLennan Deferred</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Compensation Plans</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>1166 Avenue Of The Americas</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>New York, NY 10036-2774</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>602,851.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>35.56%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Spectraserv Inc 401k and</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Profit Sharing Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>159,363.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>9.40%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="80%" colSpan=2><FONT face=sans-serif size=2>Putnam High Yield Municipal Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>COMMON SHARES</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Cede &amp; Co Fast</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>20 Bowling Green</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>New York, NY 10004-1408</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>19,082,078.58</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>90.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>Putnam High Yield Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>41,735,991.99</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>19.40%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS B</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>3,921,329.56</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>11.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS C</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Citigroup Global Markets Inc</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>333 W 34th St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>New York, NY 10001-2402</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>426,605.74</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>5.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Of Its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Jacksonville, FL 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>569,240.08</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>7.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS M</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>269,115.22</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>10.90%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS R</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>MG Trust Company Cust. FBO</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>24,539.09</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>25.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>MG Trust Custodian</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>23,129.08</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>23.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Orchard Trust Co c/o Great West Life</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>&amp; Annuity</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>8515 E Orchard Rd # 2T2</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Greenwood Vlg, CO 80111-5002</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>5,765.30</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>5.80%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS Y</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Ohio Tuition Trust Authority/</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>College Advantage Program***</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>12,180,258.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>44.50%</FONT>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=1>Shareholder Name</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Percentage</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=1>and Address</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="23%"><B><FONT face=sans-serif size=1>Holdings</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Putnam Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>15,803,891.84</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>13.70%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS B</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>1,511,310.10</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>7.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS C</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Of Its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Jacksonville, FL 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>256,487.72</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>8.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS M</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Mizuho Investors Securities</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Investment Trust Division</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Shibusawa City Place</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>1-13-16 Kayaba-Cho Nihonbashi</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CHUO-KU Tokyo Japan</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>43,631,300.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>95.90%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="55%" background="">&nbsp; </TD>
     <TD noWrap align=left width="23%" background=""></TD>
     <TD noWrap align=left width="20%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS R</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>MG Trust Custodian</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>54,922.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>43.90%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>MG Trust Company Cust. FBO</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>18,470.58</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>14.70%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS Y</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Ohio Tuition Trust Authority/</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>College Advantage Program***</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>9,112,237.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Putnam Income Strategies Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>81,742.80</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>7.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Putnam LLC</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>One Post Office Square</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Boston, MA 02109-2106</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>549,326.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>49.40%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS B</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>8,980.49</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>9.90%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Pershing LLC</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>P. O. Box 2052</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Jersey City, NJ 07303</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>23,334.49</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>25.60%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>American Enterprise Investment Svcs</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>P.O Box 9446</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Minneapolis, MN 55440</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>11,447.61</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>12.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS C</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Of Its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Jacksonville, FL 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>35,084.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>38.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Pershing LLC</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>P. O. Box 2052</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Jersey City, NJ 07303</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>9,871.96</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>10.70%</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>J-9</FONT></P>
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<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=1>Shareholder Name</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Percentage</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=1>and Address</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="24%"><B><FONT face=sans-serif size=1>Holdings</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="79%" colSpan=2><FONT face=sans-serif size=2>Putnam Income Strategies Fund, continued</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS M</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Of Its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
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     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Jacksonville, FL 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>1,020.62</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.90%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
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     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>AG Edwards &amp; Sons Inc</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
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     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>1 N Jefferson Ave</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Saint Louis, MO 63103</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>2,977.56</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>20.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Gloria J Callihan</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>3469 Elmhurst Cir</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Uniontown, OH 44685-8143</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>1,983.14</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>13.40%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Robert F Klingensmith</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>3370 Bristol Ln</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Cuyahoga Fls, OH 44223-3348</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>3,726.71</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>25.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Thomas A Romes &amp; Anne E. Romes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>615 Slingerland Dr</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Schaumburg, IL 60193-2362</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>3,100.56</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>21.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Walter Callihan</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>3469 Elmhurst Cir</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Uniontown, OH 44685-8143</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>991.57</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.70%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS R</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
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<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
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     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Putnam LLC</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>One Post Office Square</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Boston, MA 02109-2106</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>100.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>100.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS Y</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
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<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
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     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Putnam Investments Profit Sharing Plan*</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>9,397.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>95.81%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%" colSpan=3><FONT face=sans-serif size=2>Putnam International Capital Opportunities Fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
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<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
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     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>2,625,157.19</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>8.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Charles Schwab &amp; Co Inc</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>101 Montgomery St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>San Francisco, CA 94022-3120</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>1,786,905.55</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.80%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS B</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Citigroup Global Markets Inc</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>333 W 34th St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>New York, NY 10001-2402</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>720,441.83</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.90%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Of Its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Jacksonville, FL 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>681,086.34</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.60%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS C</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Citigroup Global Markets Inc</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>333 W 34th St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>New York, NY 10001-2402</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>346,447.25</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>13.60%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Of Its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Jacksonville, Fl 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>295,698.46</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>11.60%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS R</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Of Its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Jacksonville, FL 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>9,323.32</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>12.80%</FONT>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><B><FONT face=sans-serif size=1>Shareholder Name</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Percentage</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><B><FONT face=sans-serif size=1>and Address</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="21%"><B><FONT face=sans-serif size=1>Holdings</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>CLASS R</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>MG Trust Company As Agent For</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>8,563.97</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>11.70%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>MG Trust Company Cust. FBO</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>4,737.45</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.40%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>GPC As Agent For Comms Web Systems</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>401k Plan</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>P.O. Box 79377</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Atlanta, GA 30357-7377</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>6,388.96</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>8.80%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>CLASS Y</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Ohio Tuition Trust Authority/</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>College Advantage Program***</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>787,271.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>35.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Putnam Investments Profit Sharing Plan*</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>614,703.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>27.88%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Putnam Investments**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>120,581.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.47%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=2>Putnam International Equity Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="57%" background="">&nbsp; </TD>
     <TD noWrap align=left width="21%" background=""></TD>
     <TD noWrap align=left width="20%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>CLASS A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>9,873,131.41</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>7.80%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>CLASS B</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Citigroup Global Markets Inc</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>333 W 34th St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>New York, NY 10001-2402</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>2,374,202.80</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.60%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Of Its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Jacksonville, FL 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>2,639,722.68</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>7.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>CLASS C</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Citigroup Global Markets Inc</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>333 W 34th St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>New York, NY 10001-2402</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>985,872.69</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>10.70%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Of Its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Jacksonville, FL 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>1,671,268.85</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>18.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>CLASS M</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>172,758.96</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.70%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>CLASS R</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>MG Trust Company</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>17,181.88</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>10.80%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>GPC As Agent For Chinburg</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Builders Inc 401k Plan</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>P.O. Box 79377</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Atlanta, GA 30357-7377</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>8,020.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Emjay Corporation Plans Of</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>RPSA Customers C/O Great-West</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>8515 E Orchard Rd # 2T2</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Greenwood Vlg, CO 80111-5002</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>25,081.36</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>15.80%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Hartford Life Insurance</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>P.O. Box 2999</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Hartford, CT 06104-2999</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>31,298.28</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>19.70%</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>J-10</FONT></P>
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<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><B><FONT face=sans-serif size=1>Shareholder Name</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><B><FONT face=sans-serif size=1>Percentage</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><B><FONT face=sans-serif size=1>and Address</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="27%"><B><FONT face=sans-serif size=1>Holdings</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="18%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="81%" colSpan=2><FONT face=sans-serif size=2>Putnam International Equity Fund, continued</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS Y</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Abbott Laboratories Stock</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Retirement Programs**</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>13.55%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Ohio Tuition Trust Authority/</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>College Advantage Program***</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>9.40%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Marsh &amp; McLennan Supplemental</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Retirement Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>5.62%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="81%" colSpan=2><FONT face=sans-serif size=2>Putnam International Growth and Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=sans-serif size=1>15,733,147.52</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>31.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS B</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Citigroup Global Markets Inc</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>333 W 34th St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>New York, NY 10001-2402</FONT>&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=sans-serif size=1>670,212.38</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>5.70%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=sans-serif size=1>1,649,042.06</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>14.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Of Its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Jacksonville, FL 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=sans-serif size=1>632,507.82</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>5.40%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="54%" background="">&nbsp; </TD>
     <TD noWrap align=left width="27%" background=""></TD>
     <TD noWrap align=left width="18%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS C</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Citigroup Global Markets Inc</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>333 W 34th St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>New York, NY 10001-2402</FONT>&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=sans-serif size=1>284,676.91</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>10.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Of Its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Jacksonville, FL 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=sans-serif size=1>430,994.81</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>15.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS M</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=sans-serif size=1>282,721.54</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>21.40%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS R</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>MG Trust Company Cust. FBO</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=sans-serif size=1>28,312.22</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>33.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>MG Trust Custodian</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=sans-serif size=1>13,500.47</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>15.90%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS Y</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Putnam Investments Profit Sharing Plan*</FONT>&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=sans-serif size=1>479,940.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>44.67%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Putnam Investments**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=sans-serif size=1>409,371.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>38.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="81%" colSpan=2><FONT face=sans-serif size=2>Putnam Investment Grade Municipal Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>COMMON SHARES</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Cede &amp; Co Fast</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>20 Bowling Green</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>New York, NY 10004-1408</FONT>&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=sans-serif size=1>18,578,261.76</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>91.80%</FONT>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><B><FONT face=sans-serif size=1>Shareholder Name</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><B><FONT face=sans-serif size=1>Percentage</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><B><FONT face=sans-serif size=1>and Address</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="26%"><B><FONT face=sans-serif size=1>Holdings</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="18%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="80%" colSpan=2><FONT face=sans-serif size=2>Putnam International New Opportunities Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>3,499,239.87</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>9.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS B</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Of Its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Jacksonville, FL 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>427,723.80</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>5.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS C</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Citigroup Global Markets Inc</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>333 W 34th St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>New York, NY 10001-2402</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>85,460.10</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>8.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Of Its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Jacksonville, FL 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>90,428.48</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>8.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS M</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>107,988.85</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>9.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS R</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit Of</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Jacksonville, FL 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>1,460.47</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>6.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>MG Trust Company Cust</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>7,770.05</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>32.40%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>MG Trust Company</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>2,783.15</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>11.60%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>MG Trust Company Cust. FBO</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>5,890.25</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>24.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>MG Trust Custodian</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>1,284.24</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>5.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS Y</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Putnam Investments Profit Sharing Plan*</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>925,841.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>86.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Putnam Investments**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>68,370.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>6.39%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>Putnam Investors Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>17,414,401.79</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>10.70%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS B</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>2,682,090.33</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>5.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS C</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Of Its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Jacksonville, FL 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>681,853.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>14.10%</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>J-11</FONT></P>
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<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><B><FONT face=sans-serif size=1>Shareholder Name</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Percentage</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><B><FONT face=sans-serif size=1>and Address</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="26%"><B><FONT face=sans-serif size=1>Holdings</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="78%" colSpan=2><FONT face=sans-serif size=2>Putnam Investors Fund, continued</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>CLASS C</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Citigroup Global Markets Inc</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>333 W 34th St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>New York, NY 10001-2402</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>331,759.87</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.80%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>CLASS M</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Mercer Trust Company</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>1 Investors Way</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Norwood, MA 02062-1599</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>164,883.21</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.40%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>191,279.33</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>CLASS R</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>MG Trust Company Cust</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>7,211.60</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>9.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>MG Trust Company Cust. FBO</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>28,598.84</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>36.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>MG Trust Custodian</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>13,754.48</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>17.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="52%" background="">&nbsp; </TD>
     <TD noWrap align=left width="26%" background=""></TD>
     <TD noWrap align=left width="20%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>CLASS Y</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Ohio Tuition Trust Authority/</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>College Advantage Program***</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>10,085,385.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>22.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>IBEW Local 3**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>6,767,272.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>15.23%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%" colSpan=3><FONT face=sans-serif size=2>Putnam Limited Duration Government Income Fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>CLASS A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Boston Safe Deposit &amp; Tr Co TTEE</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Marsh &amp; McLennan Employer</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>1166 Avenue Of The Americas</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>New York, NY 10036-2708</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>2,774,735.24</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>7.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Marsh &amp; McLennan Co Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>1166 Avenue Of The Americas</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>New York, NY 10036-2708</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>2,560,430.16</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>CLASS B</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit Of</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Jacksonville, FL 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>704,423.70</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.70%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>CLASS M</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Janney Montgomery Scott LLC</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>1801 Market Street</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Philadelphia, PA 19103</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>67,680.89</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.90%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Concetta Lacorte, Joann Ambrosio &amp;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Ann Marie Derario</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>9005 165th Ave</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Howard Beach, NY 11414-3737</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>71,687.65</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>CLASS R</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
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     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>MG Trust Company Cust. FBO</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>14,062.71</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>36.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>MG Trust Custodian</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>19,206.69</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>49.30%</FONT>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=1>Shareholder Name</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><B><FONT face=sans-serif size=1>Percentage</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=1>and Address</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="26%"><B><FONT face=sans-serif size=1>Holdings</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="17%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS Y</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Electrical Contractors Association And</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Local Union 134, IBEW Joint Pension</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Trust Of Chicago**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>30,476,187.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>95.66%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="81%" colSpan=2><FONT face=sans-serif size=2>Putnam Managed Municipal Income Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>COMMON SHARES</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Cede &amp; Co Fast</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>20 Bowling Green</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>New York, NY 10004-1408</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>40,310,303.64</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>90.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="81%" colSpan=2><FONT face=sans-serif size=2>Putnam Massachusetts Tax Exempt Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Of Its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Jacksonville, FL 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>1,403,572.48</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>5.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS B</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Of Its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Jacksonville, FL 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>396,892.57</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>8.70%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="55%" background="">&nbsp; </TD>
     <TD noWrap align=left width="26%" background=""></TD>
     <TD noWrap align=left width="17%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS C</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Jeanne Craig</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>28 Tower Hill Rd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Braintree, MA 02184-5315</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>27,844.61</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>6.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Joan A Fitzgerald, Elaine Greene</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>JTWROS TOD, Walter D Fitzgerald, III</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>40 Rockingham Ave Apt 214</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>West Roxbury, MA 02132-4523</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>30,132.02</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>6.60%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="81%" colSpan=2><FONT face=sans-serif size=1>NFS LLC FEBO, Joe G Naylor, Maile Naylor</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>1083 Beacon St Apt 4</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Brookline, MA 02446</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>131,022.12</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>28.60%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Elizabeth F Oshea TOD</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Multiple Beneficiaries</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>P.O. Box 719</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Dennis, MA 02638-0719</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>26,489.03</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>5.80%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS M</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>NFS LLC FEBO, Andrea Matoes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>238 Plymouth Ave</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>E Wareham, MA 02538</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>59,043.96</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>11.80%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Of Its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Jacksonville, FL 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>29,314.38</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>5.90%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>UBS Financial Services Inc. FBO,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>John M. Whittier Jr GST,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Bancroft R Wheeler TTEE</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>155 Seaport Blvd 7th Floor</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Boston, MA 02210-2698</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>72,016.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>14.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Leonard Joiner &amp; Leigh A Joiner JTWROS</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>150 Hampshire Rd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Methuen, MA 01844-1117</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>33,481.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>6.70%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="81%" colSpan=2><FONT face=sans-serif size=2>Putnam Master Intermediate Income Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>COMMON SHARES</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Cede &amp; Co Fast</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>20 Bowling Green</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>New York, NY 10004-1408</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>87,198,558.59</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>95.40%</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>J-12</FONT></P>
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<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><B><FONT face=sans-serif size=1>Shareholder Name</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Percentage</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><B><FONT face=sans-serif size=1>and Address</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="26%"><B><FONT face=sans-serif size=1>Holdings</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="78%" colSpan=2><FONT face=sans-serif size=2>Putnam Michigan Tax Exempt Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>CLASS A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>2,292,562.25</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>20.60%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%" colSpan=3><FONT face=sans-serif size=2>Putnam Michigan Tax Exempt Income Fund, continued</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>CLASS B</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>113,485.59</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.60%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>CLASS C</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Raymond James &amp; Assoc Inc</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>880 Carillon Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>St Petersburg, FL 33716</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>2,639.35</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>70.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Putnam LLC</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>The Putnam Companies, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>One Post Office Square</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Boston, MA 02109-2106</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>1,122.21</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>29.80%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="52%" background="">&nbsp; </TD>
     <TD noWrap align=left width="26%" background=""></TD>
     <TD noWrap align=left width="20%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>CLASS M</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Frank R Farkas</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>840 Ducey Ave</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Muskegon, MI 49442-2102</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>23,432.95</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>16.60%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>9,353.41</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.60%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Pauline B Pickford Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>64 Pleasant St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Oxford, MI 48371-4648</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>14,317.89</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>10.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>UBS Financial Services Inc. FBO,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Robert E. Hunter Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>5470 Waterfield Ct</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Ann Arbor, MI 48108-2749</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>10,032.16</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>7.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>AG Edwards &amp; Sons Inc</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>1 N Jefferson Ave</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Saint Louis, MO 63103</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>16,603.41</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>11.80%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>AG Edwards &amp; Sons Inc FBO</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>1 N Jefferson Ave</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Saint Louis, MO 63103</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>46,004.92</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>32.60%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=2>Putnam Mid Cap Value Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>CLASS A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>4,563,143.89</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>10.70%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>CLASS B</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>876,811.77</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>CLASS M</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>49,902.02</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>CLASS R</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>AST Trust Company Cust</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Anderson Zurmuehlen &amp; Co 401k</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>P.O. Box 52129</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Phoenix, AZ 85072-2129</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>25,381.29</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>7.00%</FONT>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=1>Shareholder Name</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Percentage</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=1>and Address</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="23%"><B><FONT face=sans-serif size=1>Holdings</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS R</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>MFS Heritage Trust Co FBO, Certain</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Company Benefit Plans</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>P.O. Box 55824</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Boston, MA 02205-5824</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>18,557.60</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>GPC As Agent For DMG Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>401k Plan &amp; Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>P.O. Box 79377</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Atlanta, GA 30357-7377</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>45,642.71</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>12.70%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS R</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
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<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
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     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Capital Bank &amp; Trust Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Hillerich &amp; Bradsby</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>8515 E Orchard Rd # 2T2</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Greenwood Vlg, CO 80111-5002</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>24,121.68</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.70%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS Y</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Marsh &amp; McLennan Supplemental</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Retirement Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>2,075,797.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>65.23%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Putnam Investments Profit Sharing Plan*</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>638,891.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>20.08%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Marsh &amp; McLennan Deferred</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Compensation Plans</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>1166 Avenue Of The Americas</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>New York, NY 10036-2774</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>246,603.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>7.76%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
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     <TD noWrap align=left width="78%" colSpan=2><FONT face=sans-serif size=2>Putnam Minnesota Tax Exempt Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
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<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
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     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>2,550,777.62</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>24.70%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS B</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
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<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>130,657.17</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>7.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS C</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
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<TR>
     <TD width="98%" colSpan=3>
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<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
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     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Putnam LLC</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>The Putnam Companies, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>One Post Office Square</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Boston, MA 02109-2106</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>1,125.02</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>100.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS M</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
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<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>LPL Financial Services</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>9785 Towne Centre Dr</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>San Diego, CA 92121</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>9,793.50</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>12.90%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Stifel Nicolaus &amp; Co Inc, Richard E &amp;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Charlotte A Wuttke</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>501 North Broadway</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>St Louis, MO 63102</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>8,402.97</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>11.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Barbara A Aune</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>2510 Oregon Ave S</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>St Loius Park, MN 55426-2608</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>4,511.77</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.90%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Barbara J Greenhalgh</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>2224 E 36th St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Minneapolis, MN 55407-3015</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>3,974.23</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Gertrude L Palubicki</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>576 E 2nd St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Winona, MN 55987-4217</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>10,788.38</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>14.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>James T Biesanz Jr</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>270 W Broadway St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Winona, MN 55987-5224</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>4,593.98</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Mernab &amp; Company</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>P.O. Box 248</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Winona, MN 55987-0248</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>4,593.51</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.00%</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>J-13</FONT></P>
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<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><B><FONT face=sans-serif size=1>Shareholder Name</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Percentage</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><B><FONT face=sans-serif size=1>and Address</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="27%"><B><FONT face=sans-serif size=1>Holdings</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="79%" colSpan=2><FONT face=sans-serif size=2>Putnam Minnesota Tax Exempt Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>CLASS M</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Scott K Biesanz</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>724 Washington St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Winona, MN 55987-3350</FONT>&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=sans-serif size=1>4,593.99</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Steven T Biesanz</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>11 Knollwood Ln</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Winona, MN 55987-9303</FONT>&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=sans-serif size=1>4,593.98</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=2>Putnam Money Market Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>CLASS M</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Mercer Trust Company</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>1 Investors Way</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Norwood, MA 02062-1599</FONT>&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=sans-serif size=1>5,374,937.35</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>13.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>CLASS R</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
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<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Pershing LLC</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>P. O. Box 2052</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Jersey City, NJ 07303</FONT>&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=sans-serif size=1>145,910,080.14</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>96.80%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>CLASS T</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
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     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Mercer Trust Company</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>1 Investors Way</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Norwood, MA 02062-1599</FONT>&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=sans-serif size=1>4,165,894.21</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>33.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>MG Trust Company</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=sans-serif size=1>2,759,727.09</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>21.90%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
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     <TD noWrap align=left width="52%"><FONT face=sans-serif size=2>Putnam Municipal Bond Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>COMMON SHARES</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
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<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
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     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Cede &amp; Co Fast</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>20 Bowling Green</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>New York, NY 10004-1408</FONT>&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=sans-serif size=1>15,797,882.01</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>94.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="79%" colSpan=2><FONT face=sans-serif size=2>Putnam Municipal Opportunities Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>COMMON SHARES</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Cede &amp; Co Fast</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>20 Bowling Green</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>New York, NY 10004-1408</FONT>&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=sans-serif size=1>14,524,380.40</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>95.70%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="79%" colSpan=2><FONT face=sans-serif size=2>Putnam New Jersey Tax Exempt Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>CLASS A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
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<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Citigroup Global Markets Inc</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>333 W 34th St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>New York, NY 10001-2402</FONT>&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=sans-serif size=1>1,539,482.67</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>8.90%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Of Its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Jacksonville, FL 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=sans-serif size=1>1,360,352.20</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>7.90%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>CLASS B</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
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<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Citigroup Global Markets Inc</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>333 W 34th St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>New York, NY 10001-2402</FONT>&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=sans-serif size=1>382,219.59</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>8.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>CLASS C</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Putnam LLC</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>The Putnam Companies, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>One Post Office Square</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Boston, Ma 02109-2106</FONT>&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=sans-serif size=1>1,091.55</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>16.70%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>UBS Financial Services Inc. FBO</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>P.O. Box 3321</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Weehawken, NJ 07086-8154</FONT>&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=sans-serif size=1>5,434.78</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>83.20%</FONT>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><B><FONT face=sans-serif size=1>Shareholder Name</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Percentage</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><B><FONT face=sans-serif size=1>and Address</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="24%"><B><FONT face=sans-serif size=1>Holdings</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS M</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Shaila Y Karandikar</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>203 Sherwood Ct</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Somerset, NJ 08873-6029</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>21,367.52</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>12.70%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Of Its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Jacksonville, FL 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>19,576.32</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>11.60%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS M</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Leonard Cavaliere &amp;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Joseph Cavaliere JTWROS</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>21 King George Rd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Warren, NJ 07059-7014</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>13,688.77</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>8.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Marie Franklin Marsh Exec</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>683 Rt 579</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Pittstown, NJ 08867</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>66,842.56</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>39.80%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="78%" colSpan=2><FONT face=sans-serif size=2>Putnam New Opportunities Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>4,292,680.74</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="54%" background="">&nbsp; </TD>
     <TD noWrap align=left width="24%" background=""></TD>
     <TD noWrap align=left width="20%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS C</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Of Its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Jacksonville, FL 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>52,182.88</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.60%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS M</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>82,978.87</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS R</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>MG Trust Company Cust. FBO</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>8,353.65</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>25.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>MG Trust Custodian</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>4,364.54</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>13.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>GPC As Agent For Chinburg</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Builders Inc 401k Plan</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>P.O. Box 79377</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Atlanta, GA 30357-7377</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>5,747.85</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>17.40%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS Y</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>IBEW Local 3**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>3,896,791.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>47.92%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>United Technology Carriers**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>1,438,457.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>17.69%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Marsh &amp; McLennan Supplemental</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Retirement Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>574,225.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>7.06%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Putnam Investments Profit Sharing Plan*</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>461,519.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.67%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>Putnam New Value Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>20,686,008.05</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>28.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS B</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>2,610,553.58</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>12.10%</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>J-14</FONT></P>
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<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><B><FONT face=sans-serif size=1>Shareholder Name</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Percentage</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><B><FONT face=sans-serif size=1>and Address</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="24%"><B><FONT face=sans-serif size=1>Holdings</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="78%" colSpan=2><FONT face=sans-serif size=2>Putnam New Value Fund, continued</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS C</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Citigroup Global Markets Inc</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>333 W 34th St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>New York, NY 10001-2402</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>336,850.66</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>9.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Of Its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Jacksonville, FL 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>569,822.38</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>15.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS M</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Citigroup Global Markets Inc</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>333 W 34th St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>New York, NY 10001-2402</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>128,220.60</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>7.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>377,251.33</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>21.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS R</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>MG Trust Company Cust. FBO</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>22,730.23</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>17.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>MG Trust Custodian</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>32,097.08</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>24.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Union Bank Of California N.A.,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>C Ceronix Inc PSP</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>P.O. Box 85484</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>San Diego, CA 92186-5484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>13,372.75</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>10.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="54%" background="">&nbsp; </TD>
     <TD noWrap align=left width="24%" background=""></TD>
     <TD noWrap align=left width="20%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS Y</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Ohio Tuition Trust Authority/</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>College Advantage Program***</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>5,231,927.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>77.40%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Putnam Investments Profit Sharing Plan*</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>825,301.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>12.27%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="98%" colSpan=3><FONT face=sans-serif size=2>Putnam New York Investment Grade Municipal Trust</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>COMMON SHARES</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
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<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
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     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Cede &amp; Co Fast</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>20 Bowling Green</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>New York, NY 10004-1408</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>2,606,021.83</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>93.80%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="78%" colSpan=2><FONT face=sans-serif size=2>Putnam New York Tax Exempt Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Citigroup Global Markets Inc</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>333 W 34th St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>New York, NY 10001-2402</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>9,090,340.21</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>7.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Of Its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Jacksonville, FL 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>11,326,818.45</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>9.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS B</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Citigroup Global Markets Inc</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>333 W 34th St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>New York, NY 10001-2402</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>471,385.07</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.90%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Of Its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Jacksonville, FL 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>483,768.19</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>7.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS C</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Citigroup Global Markets Inc</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>333 W 34th St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>New York, NY 10001-2402</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>120,582.81</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>9.50%</FONT>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><B><FONT face=sans-serif size=1>Shareholder Name</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Percentage</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><B><FONT face=sans-serif size=1>and Address</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="21%"><B><FONT face=sans-serif size=1>Holdings</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>CLASS C</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Of Its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Jacksonville, FL 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>257,484.93</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>20.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>CLASS M</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>32,386.37</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>12.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>CLASS M</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>NFS LLC FEBO</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Joan Gramolini</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>208 West Street</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Mamaroneck, NY 10543</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>28,166.17</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>10.40%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Albert Detiberiis, Louise Detiberiis,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Paul Detiberiis &amp; Louis Detiberiis JTWROS</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>8905 103rd Ave</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Ozone Park, NY 11417-1358</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>29,656.43</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>11.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Pershing LLC</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>P.O. Box 2052</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Jersey City, NY 07303-9998</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>84,485.70</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>31.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="78%" colSpan=2><FONT face=sans-serif size=2>Putnam Ohio Tax Exempt Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>CLASS A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>3,045,736.47</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>19.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>CLASS B</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>124,627.35</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>7.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Of Its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Jacksonville, Fl 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>176,952.21</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>10.40%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>CLASS C</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>LPL Financial Services</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>9785 Towne Centre Dr</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>San Diego, CA 92121</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>929.20</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>21.80%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Putnam LLC</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>The Putnam Companies, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>One Post Office Square</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Boston, MA 02109-2106</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>1,111.73</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>26.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Dean Witter For The Benefit Of</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>P.O. Box 250 Church Street Station</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>New York, NY 10008-0250</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>2,209.25</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>51.90%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>CLASS M</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
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     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>29,555.79</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>19.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Of Its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Jacksonville, FL 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>17,687.58</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>11.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>UBS Financial Services Inc. FBO</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Pine Hills Golf Club Inc</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>433 West 130th Street</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Hinckley, OH 44233-9566</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>56,763.50</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>37.10%</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>J-15</FONT></P>
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<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><B><FONT face=sans-serif size=1>Shareholder Name</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><B><FONT face=sans-serif size=1>Percentage</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><B><FONT face=sans-serif size=1>and Address</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="24%"><B><FONT face=sans-serif size=1>Holdings</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="19%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="80%" colSpan=2><FONT face=sans-serif size=2>Putnam OTC &amp; Emerging Growth Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>CLASS C</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
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     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Citigroup Global Markets Inc</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>333 W 34th St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>New York, NY 10001-2402</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>88,721.40</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>5.90%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>CLASS M</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Mercer Trust Company</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>1 Investors Way</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Norwood, MA 02062-1599</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>119,356.83</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>6.80%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="80%" colSpan=2><FONT face=sans-serif size=1>Carwash &amp; Co ADP/State St Collective Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>200 Newport Avenue Ext</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Quincy, MA 02171-2102</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>133,715.89</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>7.80%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>CLASS R</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit Of</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Jacksonville, FL 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>3,573.67</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>19.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>MG Trust Custodian</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>10,936.63</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>58.70%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>D Nederveld &amp; J Mckelvey TTEES</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>5925 Imperial Pkwy Ste 226</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Mulberry, FL 33860-8690</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>1,289.94</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>6.90%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Trustlynx &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>P.O. Box 173736</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Denver, CO 80217-3736</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>969.74</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>5.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="56%" background="">&nbsp; </TD>
     <TD noWrap align=left width="24%" background=""></TD>
     <TD noWrap align=left width="19%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>CLASS Y</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Chicago District Council Of Carpenters</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Pension Fund Supplemental Annuity Plan*</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>2,325,671.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>45.36%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Putnam Investments Profit Sharing Plan*</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>1,218,509.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>23.77%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>The Idaho Power Company</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Employee Savings Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>638,153.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>12.45%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="80%" colSpan=2><FONT face=sans-serif size=2>Putnam Pennsylvania Tax Exempt Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>CLASS A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Citigroup Global Markets Inc</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>333 W 34th St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>New York, NY 10001-2402</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>815,461.02</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>5.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>CLASS C</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>NFS LLC FEBO David W Stracener,</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Tod Myrna F Stracener</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>1566 Carousel Dr</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Warminster, PA 18974</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>11,049.21</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>32.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>J.J.B. Hilliard, W.L. Lyons, Inc</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>George P Fertenbaugh</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>500 West Jefferson Street</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Louisville, KY 40202</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>10,893.24</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>31.90%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Kim L Szoke</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>4827 N Cypress Rd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Walnutport, PA 18088-9117</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>5,538.28</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>16.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Randal L Szoke</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>4827 N Cypress Rd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Walnutport, PA 18088-9117</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>5,538.28</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>16.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>CLASS M</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Lawrence A Dangelo &amp;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Elizabeth B Dangelo JTWROS</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>906 General Howe Dr</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>West Chester, PA 19382-7106</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>28,034.17</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>11.00%</FONT>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><B><FONT face=sans-serif size=1>Shareholder Name</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Percentage</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><B><FONT face=sans-serif size=1>and Address</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="26%"><B><FONT face=sans-serif size=1>Holdings</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>CLASS M</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>J.J.B. Hilliard, W.L. Lyons, Inc</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Jill F Willcox</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>501 S.4th Street</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Louisville, KY 40202</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>16,718.21</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.60%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>John J Handley &amp; Joyce A Handley</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Ten In Comm</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>RR 3 Box 294-4</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Dallas, PA 18612-9454</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>102,150.68</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>40.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>UBS Financial Services Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>FBO Mary N Stewart</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Light House Point-Apt 316</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>500 Chapel Harbor Drive</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Pittsburgh, PA 15238-3144</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>32,422.63</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>12.70%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=2>Putnam Premier Income Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>COMMON SHARES</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
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<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Cede &amp; Co Fast</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>20 Bowling Green</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>New York, NY 10004-1408</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>167,609,373.23</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>93.70%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="78%" colSpan=2><FONT face=sans-serif size=2>Putnam Prime Money Market Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>CLASS A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>The Putnam Companies, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>One Post Office Square</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Boston, MA 02108-2106</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>1,091.28</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>100.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>CLASS I</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Band &amp; Co C/O US Bank</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>P.O. Box 1787</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Milwaukee, WI 53201-1787</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>140,843,767.48</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.60%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Bear Stearns Securities Corp</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>1 Metrotech Ctr</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Brooklyn, NY 11201-3831</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>276,317,506.89</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>11.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Goldman Sachs Global Cash Svcs</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>71 S Wacker Dr Ste 500</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Chicago, IL 60606-4673</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>508,853,807.57</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>20.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Hare &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>C/O Bank Of New York</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>1 Wall St Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>New York, NY 10005</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>448,653,089.53</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>18.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Mellon Bank</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>One Freedom Valley Drive</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Oaks, PA 19456</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>644,200,818.59</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>26.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>CLASS P</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>The George Putnam Fund of Boston</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>1 Investors Way</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Norwood, MA 02062-1599</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>213,232,130.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>9.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Putnam Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>1 Investors Way</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Norwood, MA 02062-1599</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>210,012,399.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>8.90%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Putnam Premier Income Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>1 Investors Way</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Norwood, MA 02062-1599</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>180,912,188.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>7.70%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Putnam Master Intermediate</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Income Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>1 Investors Way</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Norwood, MA 02062-1599</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>134,746,325.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.70%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Putnam Asset Allocation:</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Growth Portfolio</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>1 Investors Way</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="52%"><FONT face=sans-serif size=1>Norwood, MA 02062-1599</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>122,418,253.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.20%</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>J-16</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><B><FONT face=sans-serif size=1>Shareholder Name</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><B><FONT face=sans-serif size=1>Percentage</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><B><FONT face=sans-serif size=1>and Address</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="26%"><B><FONT face=sans-serif size=1>Holdings</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="19%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="79%" background="" colSpan=2>&nbsp;</TD>
     <TD noWrap align=left width="19%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="79%" colSpan=2><FONT face=sans-serif size=2>Putnam Prime Money Market Fund, continued</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>CLASS P</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>Putnam Asset Allocation:</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>Balanced Portfolio</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>1 Investors Way</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>Norwood, MA 02062-1599</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>296,067,637.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>12.60%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>Putnam Asset Allocation:</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>Conservative Portfolio</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>1 Investors Way</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>Norwood, MA 02062-1599</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>117,488,972.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>5.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>PYXIS ABS</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>c/o Maples Finance Limited</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>P.O. Box 1039GT</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>Queensgate House, South Church St.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>George Town, Grand Cayman</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>Cayman Islands</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>130,000,000.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>5.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>CLASS R</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD noWrap align=left width="53%" background=""></TD>
     <TD noWrap align=left width="26%" background=""></TD>
     <TD noWrap align=left width="19%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>Putnam LLC</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>One Post Office Square</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>Boston, MA 02109-2106</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>1,084.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>100.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="53%" background="">&nbsp; </TD>
     <TD noWrap align=left width="26%" background=""></TD>
     <TD noWrap align=left width="19%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>CLASS S</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>Putnam LLC</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>One Post Office Square</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>Boston , MA 02109-2106</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>1,095.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>100.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=2>Putnam Research Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>CLASS A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>3,421,284.12</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>11.60%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>CLASS B</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>686,594.71</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>5.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>CLASS C</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>Citigroup Global Markets Inc</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>333 W 34th St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>New York, NY 10001-2402</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>97,808.65</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>5.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>Of Its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>Jacksonville, FL 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>112,741.37</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>5.90%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>CLASS M</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>66,473.96</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>8.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>CLASS R</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>Transamerica Life Insurance Company</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>1150 S Olive St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>Los Angeles, CA 90015-2209</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>11,311.54</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>78.40%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>CLASS Y</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>Marsh &amp; McLennan Supplemental</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>Retirement Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>2,394,507.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>51.61%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>Ardent Health Services**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>1,313,185.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>28.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>Putnam Investments Profit Sharing Plan*</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>415,217.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>8.95%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>Lovelace Pension Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>283,713.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>6.11%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="79%" colSpan=2><FONT face=sans-serif size=2>Putnam RetirementReady 2010 Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>CLASS A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>The TXI Inc. Retirement Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>133,899.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>17.38%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="53%"><FONT face=sans-serif size=1>Radio Shack 401(K) Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>111,288.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>14.45%</FONT>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><B><FONT face=sans-serif size=1>Shareholder Name</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Percentage</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><B><FONT face=sans-serif size=1>and Address</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="21%"><B><FONT face=sans-serif size=1>Holdings</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>CLASS B</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
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<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
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     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>First Baptist Church Of West</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>13350 Maxella Ave Unit 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
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     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Marina Dl Rey, CA 90292</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>608.17</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>13.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
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     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>USD LLC</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
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     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>1415 Franklin Ave</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
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     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>River Forest, IL 60305</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>342.16</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>7.40%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
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     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Unified School District 409</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
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     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>17727 286th Rd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
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     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Atchison, KS 66002</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>1,206.78</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>26.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
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     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Cheryl S. Smith</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>435 E Shoreline Dr</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
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     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>North Augusta, SC 29841</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>245.67</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
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     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Hua Hsing Wei</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>9146 Emperor Ave</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>San Gabriel, CA 91775</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>281.20</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
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     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>LPL Financial Services</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>9785 Towne Centre Dr</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>San Diego, CA 92121</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>465.12</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>10.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
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     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>CLASS C</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
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     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Mark J Ruthenberg</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>1001 N Stockton Hill Rd Apt B</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Kingman, AZ 86401</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>124.17</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>11.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Shin Nan Ho</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>14321 Don Julian Rd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>City Industry, CA 91746</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>123.48</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>11.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
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     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Nancy A. Smith</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>49 E 27th Cir</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
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     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Fayetteville, AR 72701</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>65.41</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.90%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>City Of Taunton</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>75 Bayview Ave</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Berkley, MA 02779</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>389.62</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>35.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Peggy J. Ward</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>8609 Jenner Ln S</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Cottage Grove, MN 55016</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>75.13</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.80%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Midland Schools</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>913 Country Club Dr</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Maquoketa, IA 52060</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>59.84</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.40%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>CLASS M</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
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     <TD width="98%" colSpan=3>
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<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>California State University</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>1205 Riverside Dr</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Fullerton, CA 92831</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>130.56</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Dora G. Cota</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>2109 Hillcrest St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Carlsbad, NM 88220</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>177.50</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>7.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Midland Schools</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>913 Country Club Dr</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Maquoketa, IA 52060</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>738.41</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>30.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Sarah A. Dobroth</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>P.O. Box 368</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Grover Beach, CA 93483</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>187.25</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>7.70%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>CLASS R</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
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<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>MG Trust Company Cust</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>930.79</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>24.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>MG Trust Company Trustee</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>1,211.73</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>31.40%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Wachovia Bank Various Retirement Plans</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>1525 West Wt Harris Blvd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Charlotte, NC 28288-1151</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>359.25</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>9.30%</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>J-17</FONT></P>
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<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><B><FONT face=sans-serif size=1>Shareholder Name</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><B><FONT face=sans-serif size=1>Percentage</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><B><FONT face=sans-serif size=1>and Address</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="23%"><B><FONT face=sans-serif size=1>Holdings</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="17%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="81%" background="" colSpan=2>&nbsp;</TD>
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<TR vAlign=bottom>
     <TD noWrap align=left width="81%" colSpan=2><FONT face=sans-serif size=2>Putnam RetirementReady 2010 Fund, continued</FONT>&nbsp; </TD>
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     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>CLASS A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
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     <TD width="98%" colSpan=3>
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     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Union Bank Tr Nominee FBO</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>P.O. Box 85484</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>San Diego, CA 92186-5484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>1,282.29</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>33.30%</FONT>&nbsp; </TD></TR>
<TR>
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     <TD noWrap align=left width="23%" background=""></TD>
     <TD noWrap align=left width="17%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>CLASS Y</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR>
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</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Quebecor World (USA) Inc. 401(K) Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>114,297.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>22.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="58%" background=""></TD>
     <TD noWrap align=right width="23%" background=""></TD>
     <TD noWrap align=right width="17%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>First Hawaiian Future Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>104,803.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>20.45%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="58%" background=""></TD>
     <TD noWrap align=right width="23%" background=""></TD>
     <TD noWrap align=right width="17%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Ardent Health Services**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>55,186.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>10.77%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="58%" background=""></TD>
     <TD noWrap align=left width="23%" background=""></TD>
     <TD noWrap align=left width="17%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Genlyte Thomas Group Retirement</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Savings And Investment Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>44,503.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>8.68%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="58%" background=""></TD>
     <TD noWrap align=left width="23%" background=""></TD>
     <TD noWrap align=left width="17%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Briggs &amp; Stratton Corporation Employee</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Savings And Investment Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>40,291.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>7.86%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="58%" background=""></TD>
     <TD noWrap align=left width="23%" background=""></TD>
     <TD noWrap align=left width="17%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>National Waterworks, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Retirement Savings Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>30,781.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>6.01%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="58%" background=""></TD>
     <TD noWrap align=left width="23%" background=""></TD>
     <TD noWrap align=left width="17%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>The Canadaigua Brands, Inc. 401(K)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>And Profit Sharing Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>28,787.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>5.62%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="58%" background=""></TD>
     <TD noWrap align=right width="23%" background=""></TD>
     <TD noWrap align=right width="17%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Church &amp; Dwight Co., Inc.**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>33,110.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>6.46%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="81%" colSpan=2><FONT face=sans-serif size=2>Putnam RetirementReady 2015 Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="58%" background=""></TD>
     <TD noWrap align=left width="23%" background=""></TD>
     <TD noWrap align=left width="17%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>CLASS A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Asbestos Workers Local No. 6*</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>247,961.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>18.01%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="58%" background=""></TD>
     <TD noWrap align=right width="23%" background=""></TD>
     <TD noWrap align=right width="17%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Radio Shack 401(K) Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>195,899.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>14.23%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="58%" background=""></TD>
     <TD noWrap align=right width="23%" background=""></TD>
     <TD noWrap align=right width="17%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>The TXI Inc. Retirement Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>106,907.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>7.76%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="58%" background="">&nbsp; </TD>
     <TD noWrap align=left width="23%" background=""></TD>
     <TD noWrap align=left width="17%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>CLASS B</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Dean C. Holmquist</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>1255 Brighton Sq</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Saint Paul, MN 55112</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>608.81</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>5.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="58%" background=""></TD>
     <TD noWrap align=left width="23%" background=""></TD>
     <TD noWrap align=left width="17%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>HSBC Securities (USA) Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>452 Fifth Avenue</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>New York, NY 10018</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>890.86</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>8.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="58%" background=""></TD>
     <TD noWrap align=left width="23%" background=""></TD>
     <TD noWrap align=left width="17%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>NFS LLC FEBO</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>77 Rocky Rd E</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Harwinton, CT 06791</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>763.62</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>7.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="58%" background=""></TD>
     <TD noWrap align=left width="23%" background=""></TD>
     <TD noWrap align=left width="17%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Pershing LLC</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>P.O. Box 2052</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Jersey City, NJ 07303-9998</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>2,545.03</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>23.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="58%" background="">&nbsp; </TD>
     <TD noWrap align=left width="23%" background=""></TD>
     <TD noWrap align=left width="17%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>CLASS C</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Kathy W. Rodgers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>127 Township Road 1266</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Proctorville, OH 45669</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>1,119.34</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>31.40%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="58%" background="">&nbsp;</TD>
     <TD noWrap align=left width="23%" background=""></TD>
     <TD noWrap align=left width="17%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>James Schall</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>9396 Jonathan Rd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Woodbury, MN 55125</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>235.27</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>6.60%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="58%" background=""></TD>
     <TD noWrap align=left width="23%" background=""></TD>
     <TD noWrap align=left width="17%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Judy A. Schall</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>9396 Jonathan Rd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Woodbury, MN 55125</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>235.27</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>6.60%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="58%" background=""></TD>
     <TD noWrap align=left width="23%" background=""></TD>
     <TD noWrap align=left width="17%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Ann Dobroth</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>P.O. Box 368</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Grover Beach, CA 93483</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>1,122.56</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>31.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="58%" background="">&nbsp; </TD>
     <TD noWrap align=left width="23%" background=""></TD>
     <TD noWrap align=left width="17%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>CLASS M</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" background="" colSpan=3></TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Mercer Trust Company</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>1 Investors Way</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Norwood, MA 02062-1599</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>176.68</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>7.20%</FONT>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><B><FONT face=sans-serif size=1>Shareholder Name</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Percentage</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><B><FONT face=sans-serif size=1>and Address</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Holdings</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>CLASS M</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Jackie L. Hallack</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>10120 Arrowhead Dr Apt 7</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Jacksonville, FL 32257</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>219.46</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>9.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Doris M. Foster</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>1827 Miami Ave</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Kingman, AZ 86401</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>791.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>32.60%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Terry A. Stewart</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>215 Ridge Rock Rd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Sedona, AZ 86351</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>353.45</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>14.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Sarah A. Dobroth</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>P.O. Box 368</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Grover Beach, CA 93483</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>166.98</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.80%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>CLASS R</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
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<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
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     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>MG Trust Company Cust. FBO</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
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     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>231.53</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>77.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Wachovia Bank Various Retirement Plans</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>1525 West Wt Harris Blvd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Charlotte, NC 28288-1151</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>22.33</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>7.40%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="58%" background="">&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>CLASS Y</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>First Hawaiian Future Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>163,575.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>19.95%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Quebecor World (USA) Inc. 401(K) Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>150,493.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>18.35%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Church &amp; Dwight Co., Inc.**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>104,823.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>12.78%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>The Canadaigua Brands, Inc. 401(K)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>And Profit Sharing Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>96,333.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>11.75%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Ardent Health Services**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>92,087.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>11.23%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Briggs &amp; Stratton Corporation Employee</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Savings And Investment Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>53,135.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.47%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="78%" colSpan=2><FONT face=sans-serif size=2>Putnam RetirementReady 2020 Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>CLASS A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Radio Shack 401(K) Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>233,578.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>16.12%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>The TXI Inc. Retirement Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>103,808.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>7.17%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>CLASS B</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
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<TR>
     <TD width="98%" colSpan=3>
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<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
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     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Patricia A. Eaton</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>14 Woods Ln</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Lancaster, MA 01523</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>869.70</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>8.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>NFS LLC FEBO</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>5769 Pray St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Bonita, CA 91902</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>586.82</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Paul H. Batchelder Ira</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>P.O. Box 438</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Drexel, MO 64742</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>555.90</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>CLASS C</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
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<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>George A. Ozuna</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>405 Happy Trl</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Shavano Park, TX 78231</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>582.33</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>27.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Nancy A. Smith</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>49 E 27th Cir</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Fayetville, AR 72701</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>141.21</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Mark E. Hall</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>5121 N Bank Rd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Crescent City, CA 95531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>331.25</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>15.40%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Victoria A. Skajewski</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>6176 Gettysburg Ave N</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>New Hope, MN 55428</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>123.69</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.70%</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>J-18</FONT></P>
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<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><B><FONT face=sans-serif size=1>Shareholder Name</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><B><FONT face=sans-serif size=1>Percentage</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><B><FONT face=sans-serif size=1>and Address</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="23%"><B><FONT face=sans-serif size=1>Holdings</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="17%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="81%" background="" colSpan=2>&nbsp; </TD>
     <TD noWrap align=left width="17%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="81%" colSpan=2><FONT face=sans-serif size=2>Putnam RetirementReady 2020 Fund, continued</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="58%" background="">&nbsp; </TD>
     <TD noWrap align=left width="23%" background=""></TD>
     <TD noWrap align=left width="17%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>CLASS C</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Kristine Dierks</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>697 Blue Jay Ln</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Hudson, WI 54016</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>156.90</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>7.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="58%" background="">&nbsp;</TD>
     <TD noWrap align=left width="23%" background=""></TD>
     <TD noWrap align=left width="17%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Todd Dierks</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>697 Blue Jay Ln</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Hudson, WI 54016</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>156.90</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>7.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="58%" background="">&nbsp; </TD>
     <TD noWrap align=left width="23%" background=""></TD>
     <TD noWrap align=left width="17%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>CLASS M</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>John J. McClary</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>205 E 26th St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Yuma, AZ 85364</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>509.35</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>5.90%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="58%" background="">&nbsp;</TD>
     <TD noWrap align=left width="23%" background=""></TD>
     <TD noWrap align=left width="17%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Margaret C. Smith</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>4425 Saddleback St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Cocoa, FL 32927</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>620.04</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>7.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="58%" background="">&nbsp;</TD>
     <TD noWrap align=left width="23%" background=""></TD>
     <TD noWrap align=left width="17%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Barstow Unified School District</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>481 McBroom Ave</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Barstow, CA 92311</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>569.17</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>6.60%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="58%" background="">&nbsp;&nbsp; </TD>
     <TD noWrap align=left width="23%" background=""></TD>
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     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Beverly R Mracek</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
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     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>6505 E Crumb Rd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
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     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Kingman, AZ 86401-6565</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>1,110.77</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>13.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="58%" background="">&nbsp; </TD>
     <TD noWrap align=left width="23%" background=""></TD>
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     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Sarah A Dobroth</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
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     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>P.O. Box 368</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
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     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Grover Beach, CA 93483</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>555.06</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>6.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="58%" background="">&nbsp; </TD>
     <TD noWrap align=left width="23%" background=""></TD>
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     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>CLASS R</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
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     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>MG Trust Company Cust. FBO</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
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     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
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     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>761.14</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>34.40%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="58%" background="">&nbsp; </TD>
     <TD noWrap align=left width="23%" background=""></TD>
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     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Wachovia Bank</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Various Retirement Plans</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>1525 West Wt Harris Blvd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
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     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Charlotte, NC 28288-1151</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>1,298.78</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>59.30%</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="58%" background="">&nbsp; </TD>
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     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>CLASS Y</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
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     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Quebecor World (USA) Inc. 401(K) Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>199,833.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>24.47%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="58%" background=""></TD>
     <TD noWrap align=right width="23%" background=""></TD>
     <TD noWrap align=right width="17%" background=""></TD></TR>
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     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>First Hawaiian Future Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>127,167.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>15.57%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="58%" background=""></TD>
     <TD noWrap align=right width="23%" background=""></TD>
     <TD noWrap align=right width="17%" background=""></TD></TR>
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     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Ardent Health Services**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>107,728.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>13.19%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="58%" background=""></TD>
     <TD noWrap align=left width="23%" background=""></TD>
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     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>The Canadaigua Brands, Inc. 401(K)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="58%" background=""></TD>
     <TD noWrap align=right width="23%" background=""></TD>
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     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>And Profit Sharing Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>80,310.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>9.83%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="58%" background=""></TD>
     <TD noWrap align=right width="23%" background=""></TD>
     <TD noWrap align=right width="17%" background=""></TD></TR>
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     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Church &amp; Dwight Co., Inc.**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>84,010.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>10.29%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="58%" background=""></TD>
     <TD noWrap align=left width="23%" background=""></TD>
     <TD noWrap align=left width="17%" background=""></TD></TR>
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     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Briggs &amp; Stratton Corporation Employee</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="58%" background=""></TD>
     <TD noWrap align=right width="23%" background=""></TD>
     <TD noWrap align=right width="17%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Savings And Investment Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>77,745.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>9.52%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="81%" colSpan=2><FONT face=sans-serif size=2>Putnam RetirementReady 2025 Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="58%" background="">&nbsp;</TD>
     <TD noWrap align=left width="23%" background=""></TD>
     <TD noWrap align=left width="17%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>CLASS A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Radio Shack 401(K) Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>208,704.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>20.84%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="58%" background="">&nbsp;</TD>
     <TD noWrap align=right width="23%" background=""></TD>
     <TD noWrap align=right width="17%" background=""></TD></TR>
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     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>DS Waters Of America LP**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>83,399.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>8.33%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="58%" background="">&nbsp;</TD>
     <TD noWrap align=right width="23%" background=""></TD>
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     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>The TXI Inc. Retirement Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>75,616.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>7.55%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="58%" background="">&nbsp; </TD>
     <TD noWrap align=left width="23%" background=""></TD>
     <TD noWrap align=left width="17%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>CLASS B</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
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     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Daniel L Kiskis</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>4968 S Ridgeside Cir</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Ann Arbor, MI 48105-9447</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>1,156.91</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>8.70%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="58%" background="">&nbsp; </TD>
     <TD noWrap align=left width="23%" background=""></TD>
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     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>LPL Financial Services</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>9785 Towne Centre Drive</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>San Diego, CA 92121-1968</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>1,031.58</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>7.70%</FONT>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><B><FONT face=sans-serif size=1>Shareholder Name</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Percentage</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><B><FONT face=sans-serif size=1>and Address</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Holdings</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>CLASS B</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp;&nbsp; </TD></TR>
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     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Memorial Medical Center (IL)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>2500 E Lake Shore Dr</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
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     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Springfield, IL 62712-5500</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>1,094.45</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>8.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp;&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>NFS LLC FEBO</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>2653 Sawmill Rd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Hickory Grove, SC 29717</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>1,570.12</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>11.70%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
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     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>James E Rembert</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>P.O. Box 101</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Greenwood, IL 60425</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>698.24</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>CLASS C</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
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<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
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<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
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     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Debra F Parsons</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
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     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>19 Webster Ave</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Wheeling, WV 26003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>171.05</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>8.80%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>George A Ozuna</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>405 Happy Trl</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
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     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Shavano Park, TX 78231</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>543.46</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>28.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Muriel B Quesenberry</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>5105 E Camelback Loop</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
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<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Kingman, AZ 86409</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>226.62</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>11.60%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Otto Eachus</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>805 Mason Dr</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Roswell, NM 88201</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>331.43</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>17.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="58%" background="">&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
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<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>CLASS M</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
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     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Barbara M Toth</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>2151 Chinook Dr</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Kingman, AZ 86401</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>227.11</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.40%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Joan S Walker</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>2490 Avalon Ln</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Lk Havasu City, AZ 86404</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>226.03</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.40%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Susan M Stalhut</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>3089 W Carmichael Rd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Kingman, AZ 86413</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>389.39</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>9.40%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Corinne C Kovacsics</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>3620 S Pima Dr</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Flagstaff, AZ 86001</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>338.01</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>8.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Robyn S Allen</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>3815 N Melody St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Kingman, AZ 86409</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>229.23</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Sarah A Dobroth</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>P.O. Box 368</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Grover Beach, CA 93483</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>388.44</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>9.40%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>CLASS R</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>MG Trust Company Cust. FBO</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>1,832.06</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>88.90%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>CLASS Y</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Quebecor World (USA) Inc. 401(K) Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>170,363.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>22.83%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Ardent Health Services**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>107,363.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>14.39%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>First Hawaiian Future Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>100,349.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>13.45%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp;&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>The Canadaigua Brands, Inc. 401(K)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>And Profit Sharing Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>78,835.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>10.57%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Church &amp; Dwight Co., Inc.**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>60,280.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>8.08%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Kohl&#146;s Department Stores, Inc.**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>43,362.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.81%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Briggs &amp; Stratton Corporation Employee</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Savings And Investment Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>47,435.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.36%</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>J-19</FONT></P>
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<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><B><FONT face=sans-serif size=1>Shareholder Name</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Percentage</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><B><FONT face=sans-serif size=1>and Address</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="22%"><B><FONT face=sans-serif size=1>Holdings</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="79%" colSpan=2><FONT face=sans-serif size=2>Putnam RetirementReady 2030 Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>CLASS A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Radio Shack 401(K) Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>125,612.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>15.49%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>DS Waters Of America LP**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>68,040.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>8.39%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>DR Horton, Inc. Profit Sharing Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>53,930.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.65%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>CLASS B</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Hamilton Southeastern Schools</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>1371 Bentley Way</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Carmel, IN 46032</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>745.73</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>9.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>John B Adams</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>40 Northeast St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>New Columbia, PA 17856</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>495.38</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Elliot Popper</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>4275 Congressional Dr</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Myrtle Beach, SC 29579</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>601.67</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>7.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Matthew Finn</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>4647 Hannover Ave</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Saint Louis, MO 63123</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>410.19</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
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     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Cuzin G Inc</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>584 Fieldstone Ln</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Ballwin, MO 63011</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>661.07</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>8.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
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     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>John F Keating</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>7330 Darien Ln</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Darien, IL 60561</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>777.05</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>9.70%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="57%" background="">&nbsp; </TD>
     <TD noWrap align=left width="22%" background=""></TD>
     <TD noWrap align=left width="20%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>CLASS C</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
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<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Karla J Stein</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>1026 Atkins St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Porterville, CA 93257</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>123.79</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>21.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Amy Disbury</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>108 Miller Dr</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
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     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>East Syracuse, NY 13057</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>142.60</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>24.80%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
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     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Randall L Case</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
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     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>11194 Thornberry Dr</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
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     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Freeland, MI 48623</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>43.81</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>7.60%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Noah R Ring</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
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     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>27 Kirkwood Dr</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
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     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Newton, PA 18940</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>74.61</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>13.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
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     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Michelle L Kvernmo</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>503 Grindstone Ln</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
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     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Dundas, MN 55019</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>64.42</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>11.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Steve Kvernmo</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>503 Grindstone Ln</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Dundas, MN 55019</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>75.56</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>13.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>CLASS M</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
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     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Mercer Trust Company</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>1 Investors Way</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
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     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Norwood, MA 02062-1599</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>9,259.38</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>89.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
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     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>CLASS R</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
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     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>MG Trust Company Cust. FBO</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>696.77</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>36.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; &nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Wachovia Bank Various Retirement Plans</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>1525 West Wt Harris Blvd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Charlotte, NC 28288-1151</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>942.41</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>49.30%</FONT>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><B><FONT face=sans-serif size=1>Shareholder Name</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Percentage</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><B><FONT face=sans-serif size=1>and Address</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Holdings</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="58%" background="">&nbsp;&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>CLASS Y</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Quebecor World (USA) Inc. 401(K) Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>108,781.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>21.36%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="58%" background="">&nbsp;</TD>
     <TD noWrap align=right width="20%" background=""></TD>
     <TD noWrap align=right width="20%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>First Hawaiian Future Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>91,181.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>17.91%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="58%" background="">&nbsp;</TD>
     <TD noWrap align=right width="20%" background=""></TD>
     <TD noWrap align=right width="20%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Ardent Health Services**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>54,862.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>10.77%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="58%" background="">&nbsp;</TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>The Canadaigua Brands, Inc. 401(K)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="58%" background="">&nbsp;</TD>
     <TD noWrap align=right width="20%" background=""></TD>
     <TD noWrap align=right width="20%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>And Profit Sharing Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>44,176.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>8.67%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="58%" background="">&nbsp;</TD>
     <TD noWrap align=right width="20%" background=""></TD>
     <TD noWrap align=right width="20%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Church &amp; Dwight Co., Inc.**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>43,473.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>8.54%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="58%" background="">&nbsp;</TD>
     <TD noWrap align=right width="20%" background=""></TD>
     <TD noWrap align=right width="20%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Kohl&#146;s Department Stores, Inc.**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>38,383.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>7.54%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="58%" background="">&nbsp;</TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>National Waterworks, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="58%" background="">&nbsp;</TD>
     <TD noWrap align=right width="20%" background=""></TD>
     <TD noWrap align=right width="20%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Retirement Savings Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>25,958.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="58%" background="">&nbsp;</TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Briggs &amp; Stratton Corporation Employee</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="58%" background="">&nbsp;</TD>
     <TD noWrap align=right width="20%" background=""></TD>
     <TD noWrap align=right width="20%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Savings And Investment Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>33,259.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.41%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD noWrap align=left width="78%" background="" colSpan=2>&nbsp;</TD>
     <TD noWrap align=left width="20%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="78%" colSpan=2><FONT face=sans-serif size=2>Putnam RetirementReady 2035 Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="58%" background="">&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>CLASS A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Radio Shack 401(K) Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>80,724.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>14.24%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="58%" background=""></TD>
     <TD noWrap align=right width="20%" background=""></TD>
     <TD noWrap align=right width="20%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>DR Horton, Inc. Profit Sharing Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>60,399.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>10.65%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="58%" background=""></TD>
     <TD noWrap align=right width="20%" background=""></TD>
     <TD noWrap align=right width="20%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>DS Waters Of America LP**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>58,875.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>10.38%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="58%" background=""></TD>
     <TD noWrap align=right width="20%" background=""></TD>
     <TD noWrap align=right width="20%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>ASML US Employees Savings**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>33,638.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.94%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="58%" background="">&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>CLASS B</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>USD LLC</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>1415 Franklin Ave</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>River Forest, IL 60305</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>796.34</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>13.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="58%" background="">&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Primevest Financial Services (FB)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>400 First Street So Suite 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>St Cloud, MN 56302</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>314.95</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="58%" background="">&nbsp;</TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>HSBC Securities (USA) Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>452 Fifth Avenue</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>New York, NY 10018</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>751.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>12.70%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="58%" background="">&nbsp;&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Michelle M Presby</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>77 Arnold Rd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>South China, ME 04358</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>359.82</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="58%" background="">&nbsp; </TD>
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     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Pershing LLC</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
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     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>P. O. Box 2052</FONT>&nbsp; </TD>
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     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Jersey City, NJ 07303</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>301.13</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.10%</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>CLASS C</FONT>&nbsp; </TD>
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     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Laura L Weber</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
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     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>118 Atglen St</FONT>&nbsp; </TD>
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     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Lyndora, PA 16045</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>322.56</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>43.30%</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>2748 Bradfordt Dr # 316</FONT>&nbsp; </TD>
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     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>W Melbourne, FL 32904</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>63.28</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>8.50%</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Joy P Olson-McVay</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
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     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>2748 Bradfordt Dr # 316</FONT>&nbsp; </TD>
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     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>W Melbourne, FL 32904</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>63.28</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>8.50%</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>San Diego Unified School Dist</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
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     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>7445 Charmant Dr Unit 1714</FONT>&nbsp; </TD>
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     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>San Diego, CA 92122</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>207.29</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>27.90%</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Karen Nixon</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>993 Mount View Rd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
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     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Wheeling, WV 26003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>64.85</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>8.70%</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>CLASS M</FONT>&nbsp; </TD>
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     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Mercer Trust Company</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
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     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>1 Investors Way</FONT>&nbsp; </TD>
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     <TD noWrap align=left width="58%"><FONT face=sans-serif size=1>Norwood, MA 02062-1599</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>52.20</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.90%</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>J-20</FONT></P>
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     <TD noWrap align=left width="59%"><B><FONT face=sans-serif size=1>Shareholder Name</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><B><FONT face=sans-serif size=1>Percentage</FONT></B>&nbsp; </TD></TR>
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     <TD noWrap align=left width="59%"><B><FONT face=sans-serif size=1>and Address</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="22%"><B><FONT face=sans-serif size=1>Holdings</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="17%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
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     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>CLASS M</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
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     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
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     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>1001 N Stockton Hill Rd Apt B</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
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     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Kingman, AZ 86401</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>81.66</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>10.80%</FONT>&nbsp; </TD></TR>
<TR>
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     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Daryl M Eason</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
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     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>12415 Pathos Ln</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
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     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>San Diego, CA 92129</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>307.77</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>40.60%</FONT>&nbsp; </TD></TR>
<TR>
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     <TD noWrap align=left width="22%">&nbsp; </TD>
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     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>805 Mason Dr</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
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     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Roswell, NM 88201</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>77.35</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>10.20%</FONT>&nbsp; </TD></TR>
<TR>
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     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Sarah A Dobroth</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
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     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>P.O. Box 368</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
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     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Grover Beach, CA 93483</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>124.99</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>16.50%</FONT>&nbsp; </TD></TR>
<TR>
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<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>CLASS R</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
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     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>MG Trust Company Cust. FBO</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
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     <TD noWrap align=left width="22%">&nbsp; </TD>
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     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
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     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>1,133.16</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>59.70%</FONT>&nbsp; </TD></TR>
<TR>
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     <TD noWrap align=left width="22%" background=""></TD>
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<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Wachovia Bank Various Retirement Plans</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
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     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>1525 West Wt Harris Blvd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Charlotte, NC 28288-1151</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>509.23</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>26.90%</FONT>&nbsp; </TD></TR>
<TR>
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     <TD noWrap align=left width="22%" background=""></TD>
     <TD noWrap align=left width="17%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>CLASS Y</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
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<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>The Canadaigua Brands, Inc. 401(K)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>And Profit Sharing Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>61,117.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>18.04%</FONT>&nbsp; </TD></TR>
<TR>
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     <TD noWrap align=right width="22%" background=""></TD>
     <TD noWrap align=right width="17%" background=""></TD></TR>
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     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Quebecor World (USA) Inc. 401(K) Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>57,305.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>16.92%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="59%" background=""></TD>
     <TD noWrap align=right width="22%" background=""></TD>
     <TD noWrap align=right width="17%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Ardent Health Services**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>43,585.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>12.87%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="59%" background=""></TD>
     <TD noWrap align=right width="22%" background=""></TD>
     <TD noWrap align=right width="17%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Kohl&#146;s Department Stores, Inc.**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>38,206.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>11.28%</FONT>&nbsp; </TD></TR>
<TR>
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     <TD noWrap align=right width="22%" background=""></TD>
     <TD noWrap align=right width="17%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>First Hawaiian Future Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>33,960.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>10.03%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="59%" background=""></TD>
     <TD noWrap align=right width="22%" background=""></TD>
     <TD noWrap align=right width="17%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Church &amp; Dwight Co., Inc.**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>29,147.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>8.61%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="59%" background=""></TD>
     <TD noWrap align=left width="22%" background=""></TD>
     <TD noWrap align=left width="17%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Briggs &amp; Stratton Corporation Employee</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Savings And Investment Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>19,190.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>5.67%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="81%" colSpan=2><FONT face=sans-serif size=2>Putnam RetirementReady 2040 Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="59%" background="">&nbsp;</TD>
     <TD noWrap align=left width="22%" background=""></TD>
     <TD noWrap align=left width="17%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>CLASS A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Radio Shack 401(K) Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>51,303.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>13.10%</FONT>&nbsp; </TD></TR>
<TR>
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     <TD noWrap align=right width="22%" background=""></TD>
     <TD noWrap align=right width="17%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>DR Horton, Inc. Profit Sharing Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>49,462.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>12.63%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="59%" background=""></TD>
     <TD noWrap align=right width="22%" background=""></TD>
     <TD noWrap align=right width="17%" background=""></TD></TR>
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     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>DS Waters Of America LP**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>46,559.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>11.89%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="59%" background="">&nbsp;</TD>
     <TD noWrap align=left width="22%" background=""></TD>
     <TD noWrap align=left width="17%" background=""></TD></TR>
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     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>CLASS B</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
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     <TD width="98%" colSpan=3>
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     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Jacob Hoida</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
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     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>1006 Hillside Cir</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
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     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Verona, WI 53593</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>203.23</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>6.90%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="59%" background="">&nbsp;</TD>
     <TD noWrap align=left width="22%" background=""></TD>
     <TD noWrap align=left width="17%" background=""></TD></TR>
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     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Lauren M Hall</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
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     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>11941 Havermale Rd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
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     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>New Lebanon, OH 45345</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>246.52</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>8.40%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="59%" background="">&nbsp;</TD>
     <TD noWrap align=left width="22%" background=""></TD>
     <TD noWrap align=left width="17%" background=""></TD></TR>
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     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Ryan Hall</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>11941 Havermale Rd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
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     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>New Lebanon, OH 45345</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>251.21</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>8.60%</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="59%" background="">&nbsp;</TD>
     <TD noWrap align=left width="22%" background=""></TD>
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     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Heather M Prondzinski</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
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     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>19685 Near Mountain Blvd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
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     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Excelsior, MN 55331</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>147.94</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>5.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="59%" background="">&nbsp;</TD>
     <TD noWrap align=left width="22%" background=""></TD>
     <TD noWrap align=left width="17%" background=""></TD></TR>
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     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Joel J Klein</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>22102 Stonehedge St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
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     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Boyds, MD 20841</FONT>&nbsp;&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>209.92</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>7.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="59%" background="">&nbsp;</TD>
     <TD noWrap align=left width="22%" background=""></TD>
     <TD noWrap align=left width="17%" background=""></TD></TR>
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     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Mark J Funk</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>36022 Rimcrest Rd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
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     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Freeport, MN 56331</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>352.29</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>12.00%</FONT>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><B><FONT face=sans-serif size=1>Shareholder Name</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Percentage</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><B><FONT face=sans-serif size=1>and Address</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="19%"><B><FONT face=sans-serif size=1>Holdings</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
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     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>CLASS B</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
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     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>David J Walters</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>583 Halverson Ct</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
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     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Jacksonville, FL 32225</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>332.50</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>11.40%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
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     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Deborah L Gruneberg</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>825 Foxland Dr</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
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     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Pittsburgh, PA 15243</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>188.78</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.40%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
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     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Pershing LLC</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>P. O. Box 2052</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
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     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Jersey City, NJ 07303</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>227.17</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>7.70%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
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     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>CLASS C</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
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<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
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     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>John P Dold</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>14536 55th St NE</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Saint Michael, MN 55376</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>8.21</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>17.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Victoria D Dold</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>14536 55th St NE</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Saint Michael, MN 55376</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>8.21</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>17.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Heather M Preston</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>17486 308th St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Shafer, MN 55074</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>4.23</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>9.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>John R Preston</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>17486 308th St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Shafer, MN 55074</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>4.23</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>9.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Putnam LLC</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>The Putnam Companies, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>One Post Office Square</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
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     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Boston, MA 02109-2106</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>18.08</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>38.60%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="59%" background="">&nbsp;</TD>
     <TD noWrap align=left width="19%" background=""></TD>
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<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>CLASS M</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
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     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
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<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
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     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Mercer Trust Company</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>1 Investors Way</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
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     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Norwood, MA 02062-1599</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>362.42</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>65.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Mark J Ruthenberg</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>1001 N Stockton Hill Rd Apt B</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
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     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Kingman, AZ 86401</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>106.14</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>19.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Tatyana T Ruthenberg</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>1001 N Stockton Hill Rd Apt B</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Kingman, AZ 86401</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>33.24</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.90%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>California State Univ Fullerton</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>1548 E Brookdale Pl</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
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     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Fullerton, CA 92831</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>34.48</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>CLASS R</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
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<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
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     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>MG Trust Company Cust. FBO</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
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     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
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     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>832.42</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>69.70%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Wachovia Bank Various Retirement Plans</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>1525 West Wt Harris Blvd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Charlotte, NC 28288-1151</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>204.61</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>17.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>CLASS Y</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>The Canadaigua Brands, Inc. 401(K)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>And Profit Sharing Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>27,941.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>15.63%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Quebecor World (USA) Inc. 401(K) Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>27,926.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>15.62%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>First Hawaiian Future Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>24,743.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>13.84%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Church &amp; Dwight Co., Inc.**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>21,180.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>11.85%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Kohl&#146;s Department Stores, Inc.**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>18,665.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>10.44%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Ardent Health Services**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>13,323.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>7.45%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Putnam Investments Profit Sharing Plan*</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>11,933.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.68%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Briggs &amp; Stratton Corporation Employee</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Savings And Investment Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>12,972.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>7.26%</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>J-21</FONT></P>
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<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><B><FONT face=sans-serif size=1>Shareholder Name</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Percentage</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><B><FONT face=sans-serif size=1>and Address</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="19%"><B><FONT face=sans-serif size=1>Holdings</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="78%" colSpan=2><FONT face=sans-serif size=2>Putnam RetirementReady 2045 Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>CLASS A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Radio Shack 401(K) Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>46,758.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>16.26%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>DR Horton, Inc. Profit Sharing Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>32,299.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>11.23%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>DS Waters Of America LP**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>25,895.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>9.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>ASML US Employees Savings**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>16,850.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.86%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>CLASS A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Angela L Bragg</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>18811 Arrowhead Ave</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Cleveland, OH 44119</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>158.74</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>9.60%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Suzann K Benge</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>21417 Naples St NW</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Elk River, MN 55330</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>111.22</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.70%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Jason J Pidgeon</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>35 Bilodeau Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Burlington, VT 05401</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>109.71</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.60%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>J.J.B. Hilliard, W.L. Lyons, Inc</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>501 S.4th Street</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Louisville, KY 40202</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>181.26</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>11.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>NFS LLC FEBO</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>5769 Pray St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Bonita, CA 91902</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>236.30</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>14.40%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Carmen R Grair</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>7905 Via Stefano</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Burbank, CA 91504</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>238.09</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>14.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>George Grair</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>7905 Via Stefano</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Burbank, CA 91504</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>234.59</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>14.30%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>CLASS C</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
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<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Julie F Wilson</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>1014 W Orangewood Ave</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Phoenix, AZ 85021</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>30.18</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>19.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Lyrics HQ</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>611 S Port St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Baltimore, MD 21224</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>106.09</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>67.40%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Precision Inc</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>7118 E 30th St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Tucson, AZ 85710</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>11.54</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>7.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>CLASS M</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
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<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
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     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Mercer Trust Company</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>1 Investors Way</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Norwood, MA 02062-1599</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>84.77</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>98.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>CLASS R</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
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<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>MG Trust Company Cust. FBO</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>356.87</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>35.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Wachovia Bank Various Retirement Plans</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>1525 West Wt Harris Blvd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Charlotte, NC 28288-1151</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>562.11</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>55.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>CLASS Y</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>First Hawaiian Future Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>52,299.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>32.79%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Quebecor World (USA) Inc. 401(K) Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>22,785.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>14.28%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Kohl&#146;s Department Stores, Inc.**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>17,143.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>10.75%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>The Canadaigua Brands, Inc. 401(K)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>And Profit Sharing Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>17,071.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>10.70%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="59%"><FONT face=sans-serif size=1>Ardent Health Services**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>10,221.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.41%</FONT>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><B><FONT face=sans-serif size=1>Shareholder Name</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Percentage</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><B><FONT face=sans-serif size=1>and Address</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="17%"><B><FONT face=sans-serif size=1>Holdings</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=sans-serif size=1>CLASS Y</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=sans-serif size=1>Church &amp; Dwight Co., Inc.**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>10,194.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.39%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=sans-serif size=1>Briggs &amp; Stratton Corporation Employee</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=sans-serif size=1>Savings And Investment Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>9,566.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="78%" colSpan=2><FONT face=sans-serif size=2>Putnam RetirementReady 2050 Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=sans-serif size=1>CLASS A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=sans-serif size=1>Radio Shack 401(K) Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>12,465.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>10.70%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=sans-serif size=1>DR Horton, Inc. Profit Sharing Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>9,448.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>8.11%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=sans-serif size=1>Western States Asbestos Workers&#146;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=sans-serif size=1>Individual Account Plan*</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>7,435.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.38%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=sans-serif size=1>ASML US Employees Savings**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>7,399.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.35%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=sans-serif size=1>IBEW Local 150 Supplemental Pension Fund**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>7,283.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.25%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=sans-serif size=1>IBEW Local 38 401k Retirement Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>6,209.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.33%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=sans-serif size=1>CLASS B</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=sans-serif size=1>Arlington Storage Corp</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=sans-serif size=1>15 Bennett St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=sans-serif size=1>Canisteo, NY 14823</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>282.67</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>14.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=sans-serif size=1>Derek C Kulwicki</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=sans-serif size=1>1709 Mead Ln</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=sans-serif size=1>Moore, OK 73170</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>121.05</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=sans-serif size=1>Jia Tzong Kou</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=sans-serif size=1>19158 Shakespeare Dr</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=sans-serif size=1>Walnut, CA 91789</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>221.12</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>11.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=sans-serif size=1>Hsuen-Ting Ho</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=sans-serif size=1>2944 Castle Rock Rd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=sans-serif size=1>Diamond Bar, CA 91765</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>240.12</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>12.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=sans-serif size=1>Stephen J Hoffman</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=sans-serif size=1>3450 N Lake Shore Dr Apt 2910</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=sans-serif size=1>Chicago, IL 60657</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>139.20</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>7.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=sans-serif size=1>NFS LLC FEBO</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=sans-serif size=1>its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=sans-serif size=1>5769 Pray St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=sans-serif size=1>Bonita, CA 91902</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>189.35</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>9.60%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=sans-serif size=1>Brett A Beal</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=sans-serif size=1>6800 W Fortuna St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=sans-serif size=1>Wichita, KS 67215</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>183.62</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>9.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="61%" background="">&nbsp; </TD>
     <TD noWrap align=left width="17%" background=""></TD>
     <TD noWrap align=left width="20%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=sans-serif size=1>CLASS C</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=sans-serif size=1>Putnam LLC</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=sans-serif size=1>The Putnam Companies, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=sans-serif size=1>One Post Office Square</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=sans-serif size=1>Boston, MA 02109-2106</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>20.99</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>100.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=sans-serif size=1>CLASS M</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=sans-serif size=1>Mercer Trust Company</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=sans-serif size=1>1 Investors Way</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=sans-serif size=1>Norwood, MA 02062-1599</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>15.89</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>42.90%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=sans-serif size=1>Putnam LLC</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=sans-serif size=1>The Putnam Companies, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=sans-serif size=1>One Post Office Square</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=sans-serif size=1>Boston, MA 02109-2106</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>21.10</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>57.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=sans-serif size=1>CLASS R</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=sans-serif size=1>MG Trust Company Cust. FBO</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=sans-serif size=1>its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>286.11</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>71.70%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=sans-serif size=1>MG Trust Company Trustee</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="61%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>58.52</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>14.60%</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>J-22</FONT></P>
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<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><B><FONT face=sans-serif size=1>Shareholder Name</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Percentage</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><B><FONT face=sans-serif size=1>and Address</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="19%"><B><FONT face=sans-serif size=1>Holdings</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="79%" background="" colSpan=2>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="79%" colSpan=2><FONT face=sans-serif size=2>Putnam RetirementReady 2050 Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="60%" background="">&nbsp; </TD>
     <TD noWrap align=left width="19%" background=""></TD>
     <TD noWrap align=left width="20%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>CLASS R</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
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     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Putnam LLC</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>The Putnam Companies, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>One Post Office Square</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Boston, MA 02109-2106</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>21.22</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="60%" background="">&nbsp; </TD>
     <TD noWrap align=left width="19%" background=""></TD>
     <TD noWrap align=left width="20%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>CLASS Y</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Quebecor World (USA) Inc. 401(K) Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>8,335.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>21.76%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="60%" background="">&nbsp;</TD>
     <TD noWrap align=right width="19%" background=""></TD>
     <TD noWrap align=right width="20%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Kohl&#146;s Department Stores, Inc.**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>7,324.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>19.11%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="60%" background="">&nbsp;</TD>
     <TD noWrap align=left width="19%" background=""></TD>
     <TD noWrap align=left width="20%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Briggs &amp; Stratton Corporation Employee</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Savings And Investment Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>4,372.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>11.31%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="60%" background="">&nbsp;</TD>
     <TD noWrap align=right width="19%" background=""></TD>
     <TD noWrap align=right width="20%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Church &amp; Dwight Co., Inc.**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>4,023.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>10.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="60%" background="">&nbsp;</TD>
     <TD noWrap align=left width="19%" background=""></TD>
     <TD noWrap align=left width="20%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>The Canadaigua Brands, Inc. 401(K)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>And Profit Sharing Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>3,528.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>9.21%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="60%" background="">&nbsp;</TD>
     <TD noWrap align=left width="19%" background=""></TD>
     <TD noWrap align=left width="20%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Genlyte Thomas Group Retirement</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Savings &amp; Investment Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>2,466.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.44%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="60%" background="">&nbsp;</TD>
     <TD noWrap align=right width="19%" background=""></TD>
     <TD noWrap align=right width="20%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Mechanical Union Savings Trust 401(K) Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>2,031.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="79%" colSpan=2><FONT face=sans-serif size=2>Putnam RetirementReady Maturity Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="60%" background="">&nbsp;</TD>
     <TD noWrap align=left width="19%" background=""></TD>
     <TD noWrap align=left width="20%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>CLASS A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>IBEW Local 150 Supplemental Pension Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>115,715.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>20.90%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="60%" background="">&nbsp;</TD>
     <TD noWrap align=right width="19%" background=""></TD>
     <TD noWrap align=right width="20%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>The TXI Inc. Retirement Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>82,847.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>14.97%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="60%" background="">&nbsp;</TD>
     <TD noWrap align=right width="19%" background=""></TD>
     <TD noWrap align=right width="20%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Radio Shack 401(K) Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>44,196.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>7.98%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="60%" background="">&nbsp;</TD>
     <TD noWrap align=right width="19%" background=""></TD>
     <TD noWrap align=right width="20%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Roofers Local Union 33 Thrift Fund**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>28,424.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.13%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="60%" background="">&nbsp;</TD>
     <TD noWrap align=left width="19%" background=""></TD>
     <TD noWrap align=left width="20%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>CLASS B</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Donna E Mansell</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>4907 Cassia St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Boise, ID 83705-1907</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>200.63</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>7.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="60%" background="">&nbsp;</TD>
     <TD noWrap align=left width="19%" background=""></TD>
     <TD noWrap align=left width="20%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Mabel R Adams</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>2012 N 24th St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Boise, ID 83702-0205</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>330.09</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>12.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="60%" background="">&nbsp;</TD>
     <TD noWrap align=left width="19%" background=""></TD>
     <TD noWrap align=left width="20%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Putnam LLC</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>One Post Office Square</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Boston, MA 02109-2106</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>1,831.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>67.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="60%" background="">&nbsp; </TD>
     <TD noWrap align=left width="19%" background=""></TD>
     <TD noWrap align=left width="20%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>CLASS C</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Donna J Fritz</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>336 Brook Dr</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Romeo, MI 48065</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>454.91</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>95.90%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="60%" background="">&nbsp; </TD>
     <TD noWrap align=left width="19%" background=""></TD>
     <TD noWrap align=left width="20%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>CLASS M</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Mercer Trust Company</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>1 Investors Way</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Norwood, MA 02062-1599</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>1,371.66</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>84.80%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="60%" background="">&nbsp; </TD>
     <TD noWrap align=left width="19%" background=""></TD>
     <TD noWrap align=left width="20%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>James T Brewer Jr</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>RR 1 Box 275</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Williamstown, WV 26187</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>226.22</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>13.90%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="60%" background="">&nbsp; </TD>
     <TD noWrap align=left width="19%" background=""></TD>
     <TD noWrap align=left width="20%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>CLASS R</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>MG Trust Company Cust. FBO</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>1,139.17</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>92.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="60%" background="">&nbsp; </TD>
     <TD noWrap align=left width="19%" background=""></TD>
     <TD noWrap align=left width="20%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>CLASS Y</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Quebecor World (USA) Inc. 401(K) Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>40,631.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>23.97%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="60%" background=""></TD>
     <TD noWrap align=right width="19%" background=""></TD>
     <TD noWrap align=right width="20%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Ardent Health Services**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>29,098.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>17.17%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="60%" background=""></TD>
     <TD noWrap align=right width="19%" background=""></TD>
     <TD noWrap align=right width="20%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>First Hawaiian Future Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>27,732.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>16.36%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="60%" background=""></TD>
     <TD noWrap align=right width="19%" background=""></TD>
     <TD noWrap align=right width="20%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="60%"><FONT face=sans-serif size=1>Kohl&#146;s Department Stores, Inc.**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>12,236.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>7.22%</FONT>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><B><FONT face=sans-serif size=1>Shareholder Name</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Percentage</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><B><FONT face=sans-serif size=1>and Address</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="22%"><B><FONT face=sans-serif size=1>Holdings</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>CLASS Y</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>National Waterworks, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Retirement Savings Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>11,810.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.97%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>The Canadaigua Brands, Inc. 401(K)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>And Profit Sharing Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>10,809.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.38%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Church &amp; Dwight Co., Inc.**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>9,170.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.41%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Briggs &amp; Stratton Corporation Employee</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Savings And Investment Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>8,625.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.09%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=2>Putnam Small Cap Growth Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>CLASS A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Of Its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Jacksonville, FL 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>907,310.35</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>CLASS C</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Citigroup Global Markets Inc</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>333 W 34th St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>New York, NY 10001-2402</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>53,444.05</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Of Its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Jacksonville, FL 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>195,992.98</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>20.40%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="56%" background="">&nbsp; </TD>
     <TD noWrap align=left width="22%" background=""></TD>
     <TD noWrap align=left width="20%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>CLASS M</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Counsel Trust Co Beneco, Inc Polaris</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Plus Master#2 DBA Mid Atlantic Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>The Times Building</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>336 4th Ave St 5</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>PIttsburgh, PA 15222-2004</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>50,783.63</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>20.60%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>CLASS R</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Of Its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Jacksonville, FL 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>36,077.96</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>7.70%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>NFS LLC FEBO</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>P.O. Box 1467</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Muncie, IN 47308-1467</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>197,084.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>42.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Hartford Life Insurance</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>P.O. Box 2999</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Hartford, CT 06104-2999</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>30,053.46</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.40%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>CLASS Y</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Rio Tinto America Inc.**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>712,571.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>48.69%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Putnam Investments Profit Sharing Plan*</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>409,830.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>28.01%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>The Idaho Power Company</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Employee Savings Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>143,622.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>9.81%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Putnam Investments**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>78,108.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.34%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Madison Paper Industries Savings &amp;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Investment Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>74,684.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=2>Putnam Small Cap Value Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>CLASS A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>2,169,386.96</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.90%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Of Its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Jacksonville, FL 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=1>2,690,997.11</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>8.60%</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>J-23</FONT></P>
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<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=1>Shareholder Name</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Percentage</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=1>and Address</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="23%"><B><FONT face=sans-serif size=1>Holdings</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="78%" colSpan=2><FONT face=sans-serif size=2>Putnam Small Cap Value Fund, continued</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS B</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Of Its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Jacksonville, FL 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>623,509.92</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS C</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Citigroup Global Markets Inc</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>333 W 34th St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>New York, NY 10001-2402</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>141,060.40</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Of Its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Jacksonville, FL 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>256,953.59</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>10.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS M</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>31,478.21</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.80%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS Y</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Putnam Investments Profit Sharing Plan*</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>1,281,537.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>46.22%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Building Service Local 32b-J Supplemental</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Retirement Savings Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>693,249.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>25.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Wells Fargo &#151; Retirement Plan Services</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>P.O. Box 1533</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Minneapolis, MN 55480-1533</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>278,034.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>10.03%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>National Waterworks, Inc.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Retirement Savings Plan*</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>151,927.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.48%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Putnam Investments**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>151,076.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.45%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="78%" colSpan=2><FONT face=sans-serif size=2>Putnam Tax Exempt Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>30,876,638.29</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>23.90%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS B</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Citigroup Global Markets Inc</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>333 W 34th St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>New York, NY 10001-2402</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>277,981.50</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>372,009.70</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>8.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Of Its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Jacksonville, FL 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>300,193.65</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.70%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS C</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Citigroup Global Markets Inc</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>333 W 34th St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>New York, NY 10001-2402</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>71,982.36</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>7.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Primevest Financial Services</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>(FBO its Customers)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>D Emil Mihelich</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>400 First Street So</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Suite 300, P.O. Box 283</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>St Cloud, MN 56302</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>101,479.59</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>10.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Of Its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Jacksonville, FL 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>64,025.57</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.40%</FONT>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=1>Shareholder Name</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Percentage</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=1>and Address</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="23%"><B><FONT face=sans-serif size=1>Holdings</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS M</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>173,190.65</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>30.40%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>L &amp; F Investments Ltd Partnership</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>4121 N 64th Pl</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Scottsdale, AZ 85251-3109</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>35,682.27</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="78%" colSpan=2><FONT face=sans-serif size=2>Putnam Tax-Free Health Care Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>COMMON SHARES</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Cede &amp; Co Fast</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>20 Bowling Green</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>New York, NY 10004-1408</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>12,555,870.01</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>93.40%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="78%" colSpan=2><FONT face=sans-serif size=2>Putnam Tax-Free High Yield Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>16,753,981.04</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>17.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS B</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Citigroup Global Markets Inc</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>333 W 34th St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>New York, NY 10001-2402</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>549,009.80</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>1,080,532.92</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>10.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Of Its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Jacksonville, FL 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>852,599.63</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>8.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS C</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Citigroup Global Markets Inc</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>333 W 34th St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>New York, NY 10001-2402</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>92,928.50</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.90%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Of Its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Jacksonville, FL 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>257,601.66</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>16.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS M</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>184,128.53</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>20.90%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Pershing LLC</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>P.O. Box 2052</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Jersey City, NJ 07303-9998</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>46,702.74</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Putnam Tax Smart Equity Fund&#174;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>907,628.06</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>7.60%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS B</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Of Its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="23%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Jacksonville, FL 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="23%"><FONT face=sans-serif size=1>651,291.80</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>8.00%</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>J-24</FONT></P>
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<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=1>Shareholder Name</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Percentage</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=1>and Address</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="24%"><B><FONT face=sans-serif size=1>Holdings</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="79%" colSpan=2><FONT face=sans-serif size=2>Putnam Tax Smart Equity Fund&#174;, continued</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS C</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Of Its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Jacksonville, FL 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>375,163.05</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>13.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS M</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Pershing LLC</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>P.O. Box 2052</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Jersey City, NJ 07303-9998</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>18,250.27</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.40%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Stephen M Schwartz &amp;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Valerie B Schwartz JTWROS</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>5922 New England Woods Dr</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Burke, VA 22015-2910</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>24,917.95</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>7.40%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="79%" colSpan=2><FONT face=sans-serif size=2>Putnam U.S. Government Income Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>3,956,317.55</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.00%</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS C</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Citigroup Global Markets Inc</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>333 W 34th St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>New York, NY 10001-2402</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>110,884.74</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>9.70%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Of Its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Jacksonville, FL 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>136,312.66</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>12.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS M</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Mitsubishi UFJ Securities Co Ltd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Marunouchi Building 2-4-1</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Marunouchi Chiyoda-Ku</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Tokyo 100-6317 Japan</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>1,866,450.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>82.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS R</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>MG Trust Company Cust</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>13,417.41</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>31.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>MG Trust Company As Agent For</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>7,611.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>17.60%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>MG Trust Company Cust. FBO</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>4,797.29</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>11.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>MG Trust Custodian</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>5,988.60</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>13.90%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS Y</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Putnam Investments Profit Sharing Plan*</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>137,549.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>40.55%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Ann M. Gray</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>6031 Dundee Dr.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Huntington Beach, CA 92647-2408</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>18,245.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="79%" colSpan=2><FONT face=sans-serif size=2>Putnam Utilities Growth and Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>5,155,422.56</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>12.90%</FONT>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><B><FONT face=sans-serif size=1>Shareholder Name</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Percentage</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><B><FONT face=sans-serif size=1>and Address</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="24%"><B><FONT face=sans-serif size=1>Holdings</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS M</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>32,483.05</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>12.80%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS R</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>MG Trust Custodian</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>14,029.30</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>52.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>MG Trust Company As Agent For</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>1,681.50</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>MG Trust Company Cust. FBO</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>6,442.95</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>23.60%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS Y</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Putnam Investments Profit Sharing Plan*</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>197,634.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>66.22%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>Putnam Vista Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="54%" background="">&nbsp; </TD>
     <TD noWrap align=left width="24%" background=""></TD>
     <TD noWrap align=left width="20%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>8,023,595.74</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS M</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Fleet Bank</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Automotive Supply Assn PSP</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>P.O. Box 105779</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Atlanta, GA 30348-5779</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>132,469.58</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS R</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>MG Trust Company Cust. FBO</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>43,154.41</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>24.60%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>MG Trust Custodian</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>14,403.07</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>8.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Reliance Trust Company</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>P.O. Box 48529</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Atlanta, GA 30362-1529</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>37,940.50</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>21.90%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS Y</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Emerson Electric Co. Employee</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Savings Investment Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>5,169,331.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>32.05%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>First Hawaiian Future Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>2,445,542.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>15.16%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Putnam Investments Profit Sharing Plan*</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>1,481,125.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>9.18%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Briggs &amp; Stratton Corporation Employee</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Savings And Investment Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>1,323,347.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>8.21%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Arch Coal, Inc. Employee Thrift Plan**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>887,439.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>Putnam Voyager Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>22,243,919.17</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>7.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS C</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Citigroup Global Markets Inc</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>333 W 34th St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>New York, NY 10001-2402</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>204,537.43</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.20%</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>J-25</FONT></P>
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<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><B><FONT face=sans-serif size=1>Shareholder Name</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=right width="17%"><B><FONT face=sans-serif size=1>Percentage</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><B><FONT face=sans-serif size=1>and Address</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="26%"><B><FONT face=sans-serif size=1>Holdings</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="17%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=2>Putnam Voyager Fund, continued</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>CLASS C</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Of Its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Jacksonville, FL 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>204,628.07</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>5.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>CLASS M</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Edward D Jones &amp; Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>201 Progress Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Maryland Hts, MO 63043-3003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>256,465.11</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>7.80%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>CLASS R</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>MG Trust Company</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>20,045.72</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>17.70%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>MG Trust Custodian</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>700 17th St Ste 300</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Denver, CO 80202-3531</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>6,993.56</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>6.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Transamerica Life Insurance Company</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>1150 S Olive St #T-04-05</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Los Angeles, CA 90015-2209</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>14,093.23</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>12.40%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>MLPF&amp;S For The Sole Benefit</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Of Its Customers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>4800 Deer Lake Dr E Fl 3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Jacksonville, FL 32246-6484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>6,503.48</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>5.70%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Hartford Life Insurance</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>P.O. Box 2999</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Hartford, CT 06104-2999</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>18,469.20</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>16.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="56%" background="">&nbsp; </TD>
     <TD noWrap align=left width="26%" background=""></TD>
     <TD noWrap align=left width="17%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>CLASS Y</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Abbott Laboratories Stock</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Retirement Programs**</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>10,842,670.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>14.13%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="82%" colSpan=2><FONT face=sans-serif size=2>Putnam VT American Government Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>CLASS IA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Hartford Life</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>P.O. Box 2999</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Hartford, CT 06104-2999</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>7,095,432.48</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>100.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>CLASS IB</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Allstate Life Insurance Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>3100 Sanders Rd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Northbrook, IL 60062-7155</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>4,281,106.32</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>75.70%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Allstate Life Of NY</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>3100 Sanders Rd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Northbrook, IL 60062-7155</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>499,514.31</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>8.80%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Hartford Life</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>P.O. Box 2999</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Hartford, CT 06104-2999</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>868,585.45</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>15.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="82%" colSpan=2><FONT face=sans-serif size=2>Putnam VT Capital Appreciation Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>CLASS IA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Hartford Life</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>P.O. Box 2999</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Hartford, CT 06104-2999</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>2,930,173.61</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>100.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>CLASS IB</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Allstate Life Insurance Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>3100 Sanders Rd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="26%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="56%"><FONT face=sans-serif size=1>Northbrook, IL 60062-7155</FONT>&nbsp; </TD>
     <TD noWrap align=right width="26%"><FONT face=sans-serif size=1>1,726,037.05</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=1>73.40%</FONT>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=1>Shareholder Name</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Percentage</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=1>and Address</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="24%"><B><FONT face=sans-serif size=1>Holdings</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS IB</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Allstate Life Of NY</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>3100 Sanders Rd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Northbrook, IL 60062-7155</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>118,800.72</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Hartford Life</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>P.O. Box 2999</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Hartford, CT 06104-2999</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>504,295.33</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>21.40%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="79%" colSpan=2><FONT face=sans-serif size=2>Putnam VT Capital Opportunities Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS IA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Hartford Life &amp; Annuity</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>P.O. Box 2999</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Hartford, CT 06104-2999</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>929,191.01</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>59.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Hartford Life Ins Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>P.O. Box 2999</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Hartford, CT 06104-2999</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>633,586.46</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>40.40%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS IB</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Allstate Life Insurance Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>3100 Sanders Rd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Northbrook, IL 60062-7155</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>523,752.08</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>40.80%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Hartford Life &amp; Annuity</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>P.O. Box 2999</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Hartford, CT 06104-2999</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>604,728.32</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>47.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Hartford Life Ins Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>P.O. Box 2999</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Hartford, CT 06104-2999</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>112,199.39</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>8.70%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="79%" colSpan=2><FONT face=sans-serif size=2>Putnam VT Discovery Growth Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS IA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Hartford Life</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>P.O. Box 2999</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Hartford, CT 06104-2999</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>1,866,144.84</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>100.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS IB</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Allstate Life Insurance Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>3100 Sanders Rd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Northbrook, IL 60062-7155</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>2,709,136.37</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>64.70%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Hartford Life</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>P.O. Box 2999</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Hartford, CT 06104-2999</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>565,328.43</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>13.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="79%" colSpan=2><FONT face=sans-serif size=2>Putnam VT Diversified Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS IA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Hartford Life</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>P.O. Box 2999</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Hartford, CT 06104-2999</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>31,786,088.62</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>98.90%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS IB</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Allstate Life Insurance Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>3100 Sanders Rd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Northbrook, IL 60062-7155</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>9,252,018.14</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>42.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Hartford Life</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>P.O. Box 2999</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Hartford, CT 06104-2999</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>9,728,774.18</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>44.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Putnam VT Equity Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS IA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Hartford Life &amp; Annuity</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>P.O. Box 2999</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Hartford, CT 06104-2999</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>5,568,157.55</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>67.40%</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>J-26</FONT></P>
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<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><B><FONT face=sans-serif size=1>Shareholder Name</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><B><FONT face=sans-serif size=1>Percentage</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><B><FONT face=sans-serif size=1>and Address</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="27%"><B><FONT face=sans-serif size=1>Holdings</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="18%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="81%" colSpan=2><FONT face=sans-serif size=2>Putnam VT Equity Income Fund, continued</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS IA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Hartford Life Ins Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>P.O. Box 2999</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Hartford, CT 06104-2999</FONT>&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=sans-serif size=1>2,655,979.74</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>32.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS IB</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Allstate Life Insurance Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>3100 Sanders Rd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Northbrook, IL 60062-7155</FONT>&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=sans-serif size=1>2,347,623.60</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>32.80%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Metlife Investors VA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>501 Boylston St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Boston MA 02116-3769</FONT>&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=sans-serif size=1>2,546,924.91</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>35.60%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Hartford Life &amp; Annuity</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>P.O. Box 2999</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Hartford, CT 06104-2999</FONT>&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=sans-serif size=1>1,406,503.15</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>19.60%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Hartford Life Ins Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>P.O. Box 2999</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Hartford, CT 06104-2999</FONT>&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=sans-serif size=1>442,979.99</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>6.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="81%" colSpan=2><FONT face=sans-serif size=2>Putnam VT The George Putnam Fund of Boston</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="54%" background="">&nbsp;</TD>
     <TD noWrap align=left width="27%" background=""></TD>
     <TD noWrap align=left width="18%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS IA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Hartford Life</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>P.O. Box 2999</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Hartford, CT 06104-2999</FONT>&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=sans-serif size=1>24,806,333.40</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>99.40%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS IB</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Allstate Life Insurance Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>3100 Sanders Rd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Northbrook, IL 60062-7155</FONT>&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=sans-serif size=1>16,668,306.31</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>72.70%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Allstate Life Of NY</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>3100 Sanders Rd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Northbrook, IL 60062-7155</FONT>&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=sans-serif size=1>1,315,271.52</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>5.70%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Hartford Life</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>P.O. Box 2999</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Hartford, CT 06104-2999</FONT>&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=sans-serif size=1>4,599,069.08</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>20.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="81%" colSpan=2><FONT face=sans-serif size=2>Putnam VT Global Asset Allocation Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS IA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Hartford Life</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>P.O. Box 2999</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Hartford, CT 06104-2999</FONT>&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=sans-serif size=1>18,225,157.29</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>98.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS IB</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Allstate Life Insurance Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>3100 Sanders Rd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Northbrook, IL 60062-7155</FONT>&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=sans-serif size=1>3,173,145.26</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>58.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Allstate Life Of NY</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>3100 Sanders Rd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Northbrook, IL 60062-7155</FONT>&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=sans-serif size=1>569,536.83</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>10.40%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Hartford Life</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>P.O. Box 2999</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Hartford, CT 06104-2999</FONT>&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=sans-serif size=1>1,693,534.83</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>31.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>Putnam VT Global Equity Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS IA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Hartford Life</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>P.O. Box 2999</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Hartford, CT 06104-2999</FONT>&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=sans-serif size=1>37,660,012.16</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>99.60%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS IB</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Allstate Life Insurance Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>3100 Sanders Rd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="27%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Northbrook, IL 60062-7155</FONT>&nbsp; </TD>
     <TD noWrap align=right width="27%"><FONT face=sans-serif size=1>4,301,492.52</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=1>76.10%</FONT>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=1>Shareholder Name</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Percentage</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><B><FONT face=sans-serif size=1>and Address</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="28%"><B><FONT face=sans-serif size=1>Holdings</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>CLASS IB</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Allstate Life Of NY</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>3100 Sanders Rd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Northbrook, IL 60062-7155</FONT>&nbsp; </TD>
     <TD noWrap align=right width="28%"><FONT face=sans-serif size=1>481,250.24</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>8.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Hartford Life</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>P.O. Box 2999</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Hartford, CT 06104-2999</FONT>&nbsp; </TD>
     <TD noWrap align=right width="28%"><FONT face=sans-serif size=1>542,610.58</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>9.60%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="78%" colSpan=2><FONT face=sans-serif size=2>Putnam VT Growth and Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>CLASS IA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Hartford Life</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>P.O. Box 2999</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Hartford, CT 06104-2999</FONT>&nbsp; </TD>
     <TD noWrap align=right width="28%"><FONT face=sans-serif size=1>107,637,933.52</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>98.60%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>CLASS IB</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Allstate Life Insurance Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>3100 Sanders Rd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Northbrook, IL 60062-7155</FONT>&nbsp; </TD>
     <TD noWrap align=right width="28%"><FONT face=sans-serif size=1>17,407,811.89</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>66.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Allstate Life Of NY</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>3100 Sanders Rd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Northbrook, IL 60062-7155</FONT>&nbsp; </TD>
     <TD noWrap align=right width="28%"><FONT face=sans-serif size=1>1,585,431.39</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Hartford Life</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>P.O. Box 2999</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Hartford, CT 06104-2999</FONT>&nbsp; </TD>
     <TD noWrap align=right width="28%"><FONT face=sans-serif size=1>3,328,817.82</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>12.60%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="78%" colSpan=2><FONT face=sans-serif size=2>Putnam VT Growth Opportunities Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>CLASS IA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Hartford Life</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>P.O. Box 2999</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Hartford, CT 06104-2999</FONT>&nbsp; </TD>
     <TD noWrap align=right width="28%"><FONT face=sans-serif size=1>3,952,666.76</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>100.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>CLASS IB</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Allstate Life Insurance Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>3100 Sanders Rd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Northbrook, IL 60062-7155</FONT>&nbsp; </TD>
     <TD noWrap align=right width="28%"><FONT face=sans-serif size=1>3,878,869.41</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>70.90%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Allstate Life Of NY</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>3100 Sanders Rd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Northbrook, IL 60062-7155</FONT>&nbsp; </TD>
     <TD noWrap align=right width="28%"><FONT face=sans-serif size=1>357,054.31</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Hartford Life</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>P.O. Box 2999</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Hartford, CT 06104-2999</FONT>&nbsp; </TD>
     <TD noWrap align=right width="28%"><FONT face=sans-serif size=1>949,158.01</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>17.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="78%" colSpan=2><FONT face=sans-serif size=2>Putnam VT Health Sciences Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>CLASS IA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Hartford Life</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>P.O. Box 2999</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Hartford, CT 06104-2999</FONT>&nbsp; </TD>
     <TD noWrap align=right width="28%"><FONT face=sans-serif size=1>8,181,821.52</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>100.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>CLASS IB</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Allstate Life Insurance Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>3100 Sanders Rd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Northbrook, IL 60062-7155</FONT>&nbsp; </TD>
     <TD noWrap align=right width="28%"><FONT face=sans-serif size=1>4,828,255.40</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>43.40%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>AXP IDS Life</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>1497 AXP Financial Ctr</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Minneapolis, MN 55474-0014</FONT>&nbsp; </TD>
     <TD noWrap align=right width="28%"><FONT face=sans-serif size=1>3,929,863.12</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>35.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Lincoln National Variable</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>1300 S Clinton St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Fort Wayne, IN 46802-3506</FONT>&nbsp; </TD>
     <TD noWrap align=right width="28%"><FONT face=sans-serif size=1>786,419.64</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>7.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=2>Putnam VT High Yield Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>CLASS IA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Hartford Life</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>P.O. Box 2999</FONT>&nbsp; </TD>
     <TD noWrap align=left width="28%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="50%"><FONT face=sans-serif size=1>Hartford, CT 06104-2999</FONT>&nbsp; </TD>
     <TD noWrap align=right width="28%"><FONT face=sans-serif size=1>43,456,956.56</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>82.00%</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>J-27</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=1>Shareholder Name</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Percentage</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=1>and Address</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="29%"><B><FONT face=sans-serif size=1>Holdings</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="78%" colSpan=2><FONT face=sans-serif size=2>Putnam VT High Yield Fund, continued</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>CLASS IA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>CUNA Mutual Life Insurance Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>2000 Heritage Way</FONT>&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>Waverly, IA 50677-9208</FONT>&nbsp; </TD>
     <TD noWrap align=right width="29%"><FONT face=sans-serif size=1>8,691,424.97</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>16.40%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>CLASS IB</FONT>&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>Hartford Life</FONT>&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>P.O. Box 2999</FONT>&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>Hartford, CT 06104-2999</FONT>&nbsp; </TD>
     <TD noWrap align=right width="29%"><FONT face=sans-serif size=1>3,627,322.55</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>16.90%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>AXP IDS Life</FONT>&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>1497 AXP Financial Ctr</FONT>&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>Minneapolis, MN 55474-0014</FONT>&nbsp; </TD>
     <TD noWrap align=right width="29%"><FONT face=sans-serif size=1>2,491,401.07</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>11.60%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>Lincoln Benefit Life Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>C/O Allstate Financial</FONT>&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>544 Lakeview Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>Vernon Hills IL 60061-1826</FONT>&nbsp; </TD>
     <TD noWrap align=right width="29%"><FONT face=sans-serif size=1>1,357,559.62</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>Allstate Life Insurance Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>3100 Sanders Rd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>Northbrook, IL 60062-7155</FONT>&nbsp; </TD>
     <TD noWrap align=right width="29%"><FONT face=sans-serif size=1>12,322,599.94</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>57.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="78%" colSpan=2><FONT face=sans-serif size=2>Putnam VT High Yield Fund, continued</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>CLASS IB</FONT>&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>Allstate Life Of NY</FONT>&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>3100 Sanders Rd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>Northbrook, IL 60062-7155</FONT>&nbsp; </TD>
     <TD noWrap align=right width="29%"><FONT face=sans-serif size=1>1,312,486.28</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=2>Putnam VT Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>CLASS IA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>Hartford Life</FONT>&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>P.O. Box 2999</FONT>&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>Hartford, CT 06104-2999</FONT>&nbsp; </TD>
     <TD noWrap align=right width="29%"><FONT face=sans-serif size=1>32,773,774.96</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>97.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>CLASS IB</FONT>&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>Hartford Life</FONT>&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>P.O. Box 2999</FONT>&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>Hartford, CT 06104-2999</FONT>&nbsp; </TD>
     <TD noWrap align=right width="29%"><FONT face=sans-serif size=1>4,530,096.55</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>19.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>Allstate Life Insurance Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>3100 Sanders Rd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>Northbrook, IL 60062-7155</FONT>&nbsp; </TD>
     <TD noWrap align=right width="29%"><FONT face=sans-serif size=1>16,894,536.26</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>71.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>Allstate Life Of NY</FONT>&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>3100 Sanders Rd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>Northbrook, IL 60062-7155</FONT>&nbsp; </TD>
     <TD noWrap align=right width="29%"><FONT face=sans-serif size=1>2,241,264.54</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>9.40%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="78%" colSpan=2><FONT face=sans-serif size=2>Putnam VT International Equity Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>CLASS IA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>Hartford Life</FONT>&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>P.O. Box 2999</FONT>&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>Hartford, CT 06104-2999</FONT>&nbsp; </TD>
     <TD noWrap align=right width="29%"><FONT face=sans-serif size=1>19,447,896.83</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>99.80%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>CLASS IB</FONT>&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>Hartford Life</FONT>&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>P.O. Box 2999</FONT>&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>Hartford, CT 06104-2999</FONT>&nbsp; </TD>
     <TD noWrap align=right width="29%"><FONT face=sans-serif size=1>11,402,974.62</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>27.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>AXP IDS Life</FONT>&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>1497 AXP Financial Ctr</FONT>&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>Minneapolis, MN 55474-0014</FONT>&nbsp; </TD>
     <TD noWrap align=right width="29%"><FONT face=sans-serif size=1>5,231,867.88</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>12.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>Allstate Life Insurance Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>3100 Sanders Rd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>Northbrook, IL 60062-7155</FONT>&nbsp; </TD>
     <TD noWrap align=right width="29%"><FONT face=sans-serif size=1>11,886,913.92</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>28.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>Allstate Northbrook Life</FONT>&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>3100 Sanders Rd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>Northbrook, IL 60062-7155</FONT>&nbsp; </TD>
     <TD noWrap align=right width="29%"><FONT face=sans-serif size=1>4,105,117.21</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>9.80%</FONT>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=1>Shareholder Name</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Percentage</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><B><FONT face=sans-serif size=1>and Address</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="24%"><B><FONT face=sans-serif size=1>Holdings</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%" colSpan=3><FONT face=sans-serif size=2>Putnam VT International Growth and Income Fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS IA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Hartford Life</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>P.O. Box 2999</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Hartford, CT 06104-2999</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>15,814,893.10</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>95.60%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS IB</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Allstate Life Insurance Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>3100 Sanders Rd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Northbrook, IL 60062-7155</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>3,808,317.76</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>54.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Hartford Life</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>P.O. Box 2999</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Hartford, CT 06104-2999</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>1,314,029.50</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>18.70%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Lincoln Benefit Life Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>C/O Allstate Financial</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>544 Lakeview Pkwy</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Vernon Hills, IL 60061-1826</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>729,606.45</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>10.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="99%" colSpan=3><FONT face=sans-serif size=2>Putnam VT International New Opportunities Fund</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS IA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Hartford Life</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>P.O. Box 2999</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Hartford, CT 06104-2999</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>6,285,900.99</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>99.80%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS IB</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Allstate Life Insurance Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>3100 Sanders Rd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Northbrook, IL 60062-7155</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>2,165,990.45</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>23.80%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>AXP IDS Life</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>1497 AXP Financial Ctr</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Minneapolis, MN 55474-0014</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>6,191,223.39</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>68.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Putnam VT Investors Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS IA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Hartford Life</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>P.O. Box 2999</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Hartford, CT 06104-2999</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>20,456,346.18</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>99.90%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS IB</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Hartford Life</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>P.O. Box 2999</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Hartford, CT 06104-2999</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>3,745,382.96</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>19.60%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Allstate Life Insurance Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>3100 Sanders Rd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Northbrook, IL 60062-7155</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>13,883,552.60</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>72.90%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Allstate Life Of NY</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>3100 Sanders Rd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Northbrook, IL 60062-7155</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>1,376,807.94</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>7.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=2>Putnam VT Mid Cap Value Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS IA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Hartford Life &amp; Annuity</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>P.O. Box 2999</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Hartford, CT 06104-2999</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>2,024,253.98</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>56.60%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Hartford Life Ins Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>P.O. Box 2999</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Hartford, CT 06104-2999</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>1,547,171.85</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>43.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>CLASS IB</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Hartford Life &amp; Annuity</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>P.O. Box 2999</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Hartford, CT 06104-2999</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>348,537.24</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>19.80%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Hartford Life Ins Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>P.O. Box 2999</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="55%"><FONT face=sans-serif size=1>Hartford, CT 06104-2999</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>207,352.73</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>11.70%</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>J-28</FONT></P>
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<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><B><FONT face=sans-serif size=1>Shareholder Name</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Percentage</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><B><FONT face=sans-serif size=1>and Address</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="24%"><B><FONT face=sans-serif size=1>Holdings</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="78%" colSpan=2><FONT face=sans-serif size=2>Putnam VT Mid Cap Value Fund, continued</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS IB</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Allstate Life Insurance Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>3100 Sanders Rd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Northbrook, IL 60062-7155</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>1,122,580.12</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>63.80%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>Putnam VT Money Market Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS IA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Hartford Life</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>P.O. Box 2999</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Hartford, CT 06104-2999</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>194,520,160.61</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>97.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS IB</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Allstate Life Insurance Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>3100 Sanders Rd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Northbrook, IL 60062-7155</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>150,296,267.08</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>77.70%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Allstate Life Of NY</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>3100 Sanders Rd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Northbrook, IL 60062-7155</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>24,911,354.44</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>12.80%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Hartford Life</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>P.O. Box 2999</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Hartford, CT 06104-2999</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>10,698,882.56</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="78%" colSpan=2><FONT face=sans-serif size=2>Putnam VT New Opportunities Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS IA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Hartford Life</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>P.O. Box 2999</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Hartford, CT 06104-2999</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>32,765,721.51</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>60.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>AXP IDS Life</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>1497 AXP Financial Ctr</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Minneapolis, MN 55474-0014</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>19,772,338.10</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>36.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS IB</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Allstate Life Insurance Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>3100 Sanders Rd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Northbrook, IL 60062-7155</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>5,310,476.30</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>74.70%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Allstate Life Of NY</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>3100 Sanders Rd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Northbrook, IL 60062-7155</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>521,107.21</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>7.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Hartford Life</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>P.O. Box 2999</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Hartford, CT 06104-2999</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>1,221,581.28</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>17.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=2>Putnam VT New Value Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS IA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Hartford Life</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>P.O. Box 2999</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Hartford, CT 06104-2999</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>20,164,202.43</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>99.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>CLASS IB</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Allstate Life Insurance Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>3100 Sanders Rd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Northbrook, IL 60062-7155</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>10,883,868.73</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>67.60%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Allstate Life Of NY</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>3100 Sanders Rd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Northbrook, IL 60062-7155</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>898,100.01</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Hartford Life</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>P.O. Box 2999</FONT>&nbsp; </TD>
     <TD noWrap align=left width="24%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="54%"><FONT face=sans-serif size=1>Hartford, CT 06104-2999</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%"><FONT face=sans-serif size=1>3,365,490.29</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>20.90%</FONT>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><B><FONT face=sans-serif size=1>Shareholder Name</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Percentage</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><B><FONT face=sans-serif size=1>and Address</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="21%"><B><FONT face=sans-serif size=1>Holdings</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="78%" colSpan=2><FONT face=sans-serif size=2>Putnam VT OTC &amp; Emerging Growth Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>CLASS IA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Hartford Life</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>P.O. Box 2999</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Hartford, CT 06104-2999</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>5,314,658.57</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>92.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Hartford Life Ins Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>P.O. Box 2999</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Hartford, CT 06104-2999</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>453,137.81</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>7.80%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>CLASS IB</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Allstate Life Insurance Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>3100 Sanders Rd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Northbrook, IL 60062-7155</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>4,036,520.76</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>83.60%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Allstate Life Of NY</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>3100 Sanders Rd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Northbrook, IL 60062-7155</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>302,544.67</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Hartford Life</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>P.O. Box 2999</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Hartford, CT 06104-2999</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>489,219.28</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>10.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=2>Putnam VT Research Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>CLASS IA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Hartford Life</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>P.O. Box 2999</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Hartford, CT 06104-2999</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>5,354,857.10</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>100.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>CLASS IB</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Allstate Life Insurance Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>3100 Sanders Rd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Northbrook, IL 60062-7155</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>6,291,983.53</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>80.60%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Allstate Life Of NY</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>3100 Sanders Rd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Northbrook, IL 60062-7155</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>481,755.55</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Hartford Life</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>P.O. Box 2999</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Hartford, CT 06104-2999</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>975,410.91</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>12.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=2>Putnam VT Small Cap Value Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>CLASS IA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Hartford Life</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>P.O. Box 2999</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Hartford, CT 06104-2999</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>9,951,766.86</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>100.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>CLASS IB</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Allstate Life Insurance Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>3100 Sanders Rd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Northbrook, IL 60062-7155</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>4,634,579.30</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>15.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Hartford Life</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>P.O. Box 2999</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Hartford, CT 06104-2999</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>7,784,427.24</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>25.70%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>AXP American Enterprise Life</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>1497 AXP Financial Ctr</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Minneapolis, MN 55474-0014</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>1,725,242.87</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.70%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Metlife Insurance Company</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>1 City Pl</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Hartford, CT 06103-3432</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>9,228,161.40</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>30.50%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Metlife Life And Annuity Company</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>1 City Pl</FONT>&nbsp; </TD>
     <TD noWrap align=left width="21%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="57%"><FONT face=sans-serif size=1>Hartford, CT 06103-3432</FONT>&nbsp; </TD>
     <TD noWrap align=right width="21%"><FONT face=sans-serif size=1>2,995,260.97</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>9.90%</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>J-29</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><B><FONT face=sans-serif size=1>Shareholder Name</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="31%">&nbsp; </TD>
     <TD noWrap align=right width="19%"><B><FONT face=sans-serif size=1>Percentage</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><B><FONT face=sans-serif size=1>and Address</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="31%"><B><FONT face=sans-serif size=1>Holdings</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="19%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="79%" colSpan=2><FONT face=sans-serif size=2>Putnam VT Small Cap Value Fund, continued</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>CLASS IB</FONT>&nbsp; </TD>
     <TD noWrap align=left width="31%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>Northbrook Life Insurance Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="31%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>3100 Sanders Rd Ste K4A</FONT>&nbsp; </TD>
     <TD noWrap align=left width="31%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>Northbrook, IL 60062-7155</FONT>&nbsp; </TD>
     <TD noWrap align=right width="31%"><FONT face=sans-serif size=1>1,945,337.16</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>6.40%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="79%" colSpan=2><FONT face=sans-serif size=2>Putnam VT Utilities Growth and Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>CLASS IA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="31%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>Hartford Life</FONT>&nbsp; </TD>
     <TD noWrap align=left width="31%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>P.O. Box 2999</FONT>&nbsp; </TD>
     <TD noWrap align=left width="31%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>Hartford, CT 06104-2999</FONT>&nbsp; </TD>
     <TD noWrap align=right width="31%"><FONT face=sans-serif size=1>17,603,657.85</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>99.90%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>CLASS IB</FONT>&nbsp; </TD>
     <TD noWrap align=left width="31%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>Allstate Life Insurance Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="31%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>3100 Sanders Rd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="31%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>Northbrook, IL 60062-7155</FONT>&nbsp; </TD>
     <TD noWrap align=right width="31%"><FONT face=sans-serif size=1>2,808,555.23</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>81.30%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>Allstate Life Of NY</FONT>&nbsp; </TD>
     <TD noWrap align=left width="31%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>3100 Sanders Rd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="31%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>Northbrook, IL 60062-7155</FONT>&nbsp; </TD>
     <TD noWrap align=right width="31%"><FONT face=sans-serif size=1>303,108.69</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>8.70%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>Hartford Life</FONT>&nbsp; </TD>
     <TD noWrap align=left width="31%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>P.O. Box 2999</FONT>&nbsp; </TD>
     <TD noWrap align=left width="31%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>Hartford, CT 06104-2999</FONT>&nbsp; </TD>
     <TD noWrap align=right width="31%"><FONT face=sans-serif size=1>340,853.63</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>9.80%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=2>Putnam VT Vista Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="31%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>CLASS IA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="31%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>Hartford Life</FONT>&nbsp; </TD>
     <TD noWrap align=left width="31%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>P.O. Box 2999</FONT>&nbsp; </TD>
     <TD noWrap align=left width="31%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>Hartford, CT 06104-2999</FONT>&nbsp; </TD>
     <TD noWrap align=right width="31%"><FONT face=sans-serif size=1>11,572,456.79</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>97.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>CLASS IB</FONT>&nbsp; </TD>
     <TD noWrap align=left width="31%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>Hartford Life</FONT>&nbsp; </TD>
     <TD noWrap align=left width="31%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>P.O. Box 2999</FONT>&nbsp; </TD>
     <TD noWrap align=left width="31%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>Hartford, CT 06104-2999</FONT>&nbsp; </TD>
     <TD noWrap align=right width="31%"><FONT face=sans-serif size=1>1,216,012.88</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>7.70%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>Allstate Life Insurance Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="31%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>3100 Sanders Rd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="31%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>Northbrook, IL 60062-7155</FONT>&nbsp; </TD>
     <TD noWrap align=right width="31%"><FONT face=sans-serif size=1>5,791,881.79</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>37.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>AXP American Enterprise Life</FONT>&nbsp; </TD>
     <TD noWrap align=left width="31%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>1497 AXP Financial Ctr</FONT>&nbsp; </TD>
     <TD noWrap align=left width="31%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>Minneapolis, MN 55474-0014</FONT>&nbsp; </TD>
     <TD noWrap align=right width="31%"><FONT face=sans-serif size=1>822,661.46</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>5.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>AXP IDS Life</FONT>&nbsp; </TD>
     <TD noWrap align=left width="31%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>1497 AXP Financial Ctr</FONT>&nbsp; </TD>
     <TD noWrap align=left width="31%">&nbsp; </TD>
     <TD noWrap align=left width="19%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%"><FONT face=sans-serif size=1>Minneapolis, MN 55474-0014</FONT>&nbsp; </TD>
     <TD noWrap align=right width="31%"><FONT face=sans-serif size=1>6,491,044.81</FONT>&nbsp; </TD>
     <TD noWrap align=right width="19%"><FONT face=sans-serif size=1>41.50%</FONT>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=1>Shareholder Name</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Percentage</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><B><FONT face=sans-serif size=1>and Address</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="29%"><B><FONT face=sans-serif size=1>Holdings</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=2>Putnam VT Voyager Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>CLASS IA</FONT>&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>Hartford Life</FONT>&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>P.O. Box 2999</FONT>&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>Hartford, CT 06104-2999</FONT>&nbsp; </TD>
     <TD noWrap align=right width="29%"><FONT face=sans-serif size=1>45,527,624.87</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>99.20%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>CLASS IB</FONT>&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>Hartford Life</FONT>&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>P.O. Box 2999</FONT>&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>Hartford, CT 06104-2999</FONT>&nbsp; </TD>
     <TD noWrap align=right width="29%"><FONT face=sans-serif size=1>1,785,382.20</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>13.00%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>Allstate Life Insurance Co</FONT>&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>3100 Sanders Rd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>Northbrook, IL 60062-7155</FONT>&nbsp; </TD>
     <TD noWrap align=right width="29%"><FONT face=sans-serif size=1>8,977,114.04</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>65.80%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>Allstate Life Of NY</FONT>&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>3100 Sanders Rd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>Northbrook, IL 60062-7155</FONT>&nbsp; </TD>
     <TD noWrap align=right width="29%"><FONT face=sans-serif size=1>703,036.17</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>5.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>Allstate Northbrook Life</FONT>&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>3100 Sanders Rd</FONT>&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>Northbrook, IL 60062-7155</FONT>&nbsp; </TD>
     <TD noWrap align=right width="29%"><FONT face=sans-serif size=1>832,192.61</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.10%</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=3>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>Principal Financial Group PFLX</FONT>&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>711 High St</FONT>&nbsp; </TD>
     <TD noWrap align=left width="29%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="49%"><FONT face=sans-serif size=1>Des Moines, IA 50392-0001</FONT>&nbsp; </TD>
     <TD noWrap align=right width="29%"><FONT face=sans-serif size=1>840,714.88</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=1>6.10%</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>* The address for the name listed is: c/o Putnam Fiduciary Trust Company, as trustee or agent, One Post Office Square, Boston, MA 02109. </FONT></P>
<P align=left><FONT face=sans-serif size=1>** The address for the name listed is: c/o Mercer Trust Company, as trustee or agent, Investor&#146;s Way, Norwood, MA 02062.</FONT></P>
<P align=left><FONT face=sans-serif size=1>*** The address for the name listed is: c/o Putnam Fiduciary Trust Company, as service provider, One Post Office Square, Boston, MA 02109. </FONT></P>
<P align=center><FONT face=sans-serif size=1>J-30</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_124"></A>
<P align=left><B><FONT face=sans-serif size=2>Additional ownership information for Putnam closed-end funds</FONT></B></P>
<P align=left><FONT face=serif size=2>In addition to the holdings information listed above for the Putnam closed-end funds, as of February 9, 2007, to the knowledge of the funds, the following additional persons owned beneficially or of record more than 5% of the common shares of certain Putnam closed-end funds.</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><B><FONT face=sans-serif size=1>Shareholder Name</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Percentage</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><B><FONT face=sans-serif size=1>Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><B><FONT face=sans-serif size=1>and Address</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Holdings</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="20%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Putnam High Income Securities Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Wachovia Corporation</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,153,575.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>5.12%</FONT><SUP><FONT face=sans-serif size=2>1</FONT></SUP>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>One Wachovia Center</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=right width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=center width="20%"></TD>
     <TD align=left width="20%" background=""></TD>
     <TD align=left width="20%" background=""><FONT face=Arial size=2>Charlotte, NC 28288-0137</FONT>&nbsp;&nbsp;</TD>
     <TD align=center width="20%" background="">&nbsp;</TD>
     <TD align=center width="20%" background="">&nbsp;</TD></TR>
<TR>
     <TD width="100%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Putnam High Income Securities Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>First Trust Portfolios L.P.,</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,189,605.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>5.30%</FONT><SUP><FONT face=sans-serif size=2>2</FONT></SUP>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=center width="20%"></TD>
     <TD align=left width="20%" background=""></TD>
     <TD align=left width="20%" background=""><FONT face=Arial size=2>First Trust Advisors L.P., and</FONT>&nbsp;&nbsp;</TD>
     <TD align=center width="20%" background="">&nbsp;</TD>
     <TD align=center width="20%" background="">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center width="20%"></TD>
     <TD align=left width="20%" background=""></TD>
     <TD align=left width="20%" background=""><FONT face=Arial size=2>The Charger Corporation</FONT>&nbsp;&nbsp;</TD>
     <TD align=center width="20%" background="">&nbsp;</TD>
     <TD align=center width="20%" background="">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>1001 Warrenville Road</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=right width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Lisle, IL 60532</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=right width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Putnam High Yield Municipal Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Roumell Asset Management, LLC</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,281,699.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>5.98%</FONT><SUP><FONT face=sans-serif size=2>3</FONT></SUP>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=center width="20%"></TD>
     <TD align=left width="20%" background=""></TD>
     <TD align=left width="20%" background=""><FONT face=Arial size=2>2 Wisconsin Circle, Suite 660</FONT>&nbsp;&nbsp;</TD>
     <TD align=center width="20%" background="">&nbsp;</TD>
     <TD align=center width="20%" background="">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Chevy Chase, MD 20815</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=right width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Putnam Investment Grade Municipal Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Karpus Management, Inc., d/b/a</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,515,280.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>7.27%</FONT><SUP><FONT face=sans-serif size=2>4</FONT></SUP>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Karpus Investment Management</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=right width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>183 Sully&#146;s Trail</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=right width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Pittsford, NY 14534</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=right width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Putnam Master Intermediate Income Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Wachovia Corporation</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>5,280,935.67</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>5.73%</FONT><SUP><FONT face=sans-serif size=2>5</FONT></SUP>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>One Wachovia Center</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=right width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=center width="20%"></TD>
     <TD align=left width="20%" background=""></TD>
     <TD align=left width="20%" background=""><FONT face=Arial size=2>Charlotte, NC 28288-0137</FONT>&nbsp;&nbsp;</TD>
     <TD align=center width="20%" background="">&nbsp;</TD>
     <TD align=center width="20%" background="">&nbsp;</TD></TR>
<TR>
     <TD width="100%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Putnam Municipal Opportunities Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>First Trust Portfolios L.P.,</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>965,099.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>6.10%</FONT><SUP><FONT face=sans-serif size=2>6</FONT></SUP>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=center width="20%"></TD>
     <TD align=left width="20%" background=""></TD>
     <TD align=left width="20%" background=""><FONT face=Arial size=2>First Trust Advisors L.P., and</FONT>&nbsp;&nbsp;</TD>
     <TD align=center width="20%" background="">&nbsp;</TD>
     <TD align=center width="20%" background="">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD align=center width="20%"></TD>
     <TD align=left width="20%" background=""></TD>
     <TD align=left width="20%" background=""><FONT face=Arial size=2>The Charger Corporation</FONT>&nbsp;&nbsp;</TD>
     <TD align=center width="20%" background="">&nbsp;</TD>
     <TD align=center width="20%" background="">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>1001 Warrenville Road</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=right width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Lisle, IL 60532</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=right width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Putnam New York Investment Grade</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Karpus Management, Inc., d/b/a</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>308,665.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>11.21%</FONT><SUP><FONT face=sans-serif size=2>7</FONT></SUP>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Municipal Trust</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Karpus Investment Management</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=right width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>183 Sully&#146;s Trail</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=right width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Pittsford, NY 14534</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=right width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Putnam Tax-Free Health Care Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Bulldog Investors General Partnership</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>1,384,487.00</FONT>&nbsp; </TD>
     <TD noWrap align=right width="20%"><FONT face=sans-serif size=2>10.21%</FONT><SUP><FONT face=sans-serif size=2>8</FONT></SUP>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>60 Heritage Drive</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=right width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Pleasantville, NY 10570</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=right width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><SUP><FONT face=sans-serif size=1>1 </FONT></SUP><FONT face=sans-serif size=1>Based on information obtained from a Schedule 13G filed with the Securities and Exchange Commission on February 6, 2007. <BR>
<BR>
</FONT><SUP><FONT face=sans-serif size=1>2 </FONT></SUP><FONT face=sans-serif size=1>Based on information obtained from a Schedule 13G filed with the Securities and Exchange Commission on February 9, 2006. </FONT></P>
<P align=left><SUP><FONT face=sans-serif size=1>3 </FONT></SUP><FONT face=sans-serif size=1>Based on information oabtained from a Schedule 13D filed with the Securities and Exchange Commission on December 29, 2006. The 1,281,699 shares are deemed to be owned beneficially by Roumell Asset Management, LLC solely as a result of its discretionary power over such shares as investment adviser. In addition, James C. Roumell and Deborah Billet-Roumell have beneficial ownership of 4,700 shares of common stock, representing less than 1% of outstanding shares. </FONT></P>
<P align=left><SUP><FONT face=sans-serif size=1>4 </FONT></SUP><FONT face=sans-serif size=1>Based on information obtained from a Schedule 13D/A filed with the Securities and Exchange Commission on February 9, 2007. Shares reported may include shares owned by certain affiliates of Karpus Investment Management. </FONT></P>
<P align=left><SUP><FONT face=sans-serif size=1>5 </FONT></SUP><FONT face=sans-serif size=1>Based on information obtained from a Schedule 13G filed with the Securities and Exchange Commission on February 6, 2007. <BR>
<BR>
</FONT><SUP><FONT face=sans-serif size=1>6 </FONT></SUP><FONT face=sans-serif size=1>Based on information obtained from a Schedule 13G filed with the Securities and Exchange Commission on January 26, 2007.</FONT></P>
<P align=left><SUP><FONT face=sans-serif size=1>7 </FONT></SUP><FONT face=sans-serif size=1>Based on information obtained from a Schedule 13D/A filed with the Securities and Exchange Commission on February 9, 2007. As of March 6, 2007, Karpus Investment Management owned 326,615 common shares of the fund, representing 11.77% of outstanding common shares (based on information obtained from a Schedule 13D/A filed with the Securities and Exchange Commission on March 6, 2007). Shares reported may include shares owned by certain affiliates of Karpus Investment Management. </FONT></P>
<P align=left><SUP><FONT face=sans-serif size=1>8 </FONT></SUP><FONT face=sans-serif size=1>Based on information obtained from a Schedule 13D/A filed with the Securities and Exchange Commission on November 21, 2006; includes beneficial ownership of shares owned by Opportunity Income Plus L.P., Andrew Dakos, and Phillip Goldstein.</FONT></P>
<P align=center><FONT face=sans-serif size=1>J-31</FONT></P>
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<P align=left><B><FONT face=sans-serif size=2>APPENDIX K</FONT></B></P>
<P align=left><FONT face=serif size=5>Security Ownership</FONT></P>
<P align=left><FONT face=serif size=2>The following tables set forth for each Trustee, and for the Trustees and officers as a group, the amount of equity securities owned in each Putnam fund as of February 9, 2007 (except as otherwise indicated). Where the number of shares beneficially owned exceeds 1% of the class owned, the percentage is included in parentheses below. None of the Trustees or officers owned shares of Putnam RetirementReady 2030 Fund, Putnam RetirementReady 2035 Fund, Putnam RetirementReady 2040 Fund, Putnam RetirementReady 2050 Fund, Putnam RetirementReady Maturity Fund, Putnam VT Health Sciences Fund, Putnam VT Money Market Fund, or Putnam VT Utilities Growth and Income Fund as of that date. Additional ownership information for the funds that are series of Putnam Variable Trust is shown separately at the end of this Appendix J.</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=center width="9%" background=""></TD>
     <TD noWrap align=center width="18%" colSpan=2>&nbsp; <B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="9%" background=""></TD>
     <TD noWrap align=center width="9%"><B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="9%" background=""></TD>
     <TD noWrap align=center width="9%"><B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="9%" background=""></TD>
     <TD noWrap align=center width="18%" colSpan=2><B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=center width="9%" background=""></TD>
     <TD noWrap align=center width="18%" colSpan=2><B><FONT face=sans-serif size=1>Beneficially</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="9%" background=""></TD>
     <TD noWrap align=center width="9%"><B><FONT face=sans-serif size=1>Beneficially</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="9%" background=""></TD>
     <TD noWrap align=center width="9%"><B><FONT face=sans-serif size=1>Beneficially</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="9%" background=""></TD>
     <TD noWrap align=center width="18%" colSpan=2><B><FONT face=sans-serif size=1>Beneficially</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><B><FONT face=sans-serif size=1>Trustees</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="9%" background=""></TD>
     <TD noWrap align=center width="18%" colSpan=2>&nbsp; <B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="9%" background=""></TD>
     <TD noWrap align=center width="9%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="9%" background=""></TD>
     <TD noWrap align=center width="9%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="9%" background=""></TD>
     <TD noWrap align=center width="18%" colSpan=2><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=center width="9%" background=""></TD>
     <TD noWrap align=center width="18%" colSpan=2><B><FONT face=sans-serif size=1>Putnam American</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="9%" background=""></TD>
     <TD noWrap align=center width="9%"><B><FONT face=sans-serif size=1>Putnam AMT-Free</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="9%" background=""></TD>
     <TD noWrap align=center width="9%"><B><FONT face=sans-serif size=1>Putnam Arizona</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="9%" background=""></TD>
     <TD noWrap align=center width="18%" colSpan=2><B><FONT face=sans-serif size=1>Putnam Asset</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=center width="9%" background=""></TD>
     <TD noWrap align=center width="18%" colSpan=2><B><FONT face=sans-serif size=1>Government</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="9%" background=""></TD>
     <TD noWrap align=center width="9%"><B><FONT face=sans-serif size=1>Insured</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="9%" background=""></TD>
     <TD noWrap align=center width="9%"><B><FONT face=sans-serif size=1>Tax Exempt</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="9%" background=""></TD>
     <TD noWrap align=center width="18%" colSpan=2><B><FONT face=sans-serif size=1>Allocation:</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=center width="9%" background=""></TD>
     <TD noWrap align=center width="18%" colSpan=2><B><FONT face=sans-serif size=1>Income Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="9%" background=""></TD>
     <TD noWrap align=center width="9%"><B><FONT face=sans-serif size=1>Municipal Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="9%" background=""></TD>
     <TD noWrap align=center width="9%"><B><FONT face=sans-serif size=1>Income Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="9%" background="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=center width="18%" colSpan=2><B><FONT face=sans-serif size=1>Balanced Portfolio</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><B><FONT face=sans-serif size=1>Class A</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="9%"><B><FONT face=sans-serif size=1>Class Y</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><B><FONT face=sans-serif size=1>Class A</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><B><FONT face=sans-serif size=1>Class A</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><B><FONT face=sans-serif size=1>Class A</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="9%"><B><FONT face=sans-serif size=1>Class Y</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>John A. Hill</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>13,823.002</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>187.630</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>215.206</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>373,492.363</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Jameson Adkins Baxter</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>404.423</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>532.513</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>178.937</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>13,578.820</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Charles B. Curtis</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>122.983</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>131.409</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>127.887</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>117.321</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Myra R. Drucker</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>107.777</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>110.796</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>110.369</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>103.753</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Charles E. Haldeman, Jr.</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>1,277.084</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>786.056</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>1,274.400</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>1.519.211</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Paul L. Joskow</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>1,460.590</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>150.413</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>159.633</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>21,997.748</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Elizabeth T. Kennan</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>132.454</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>111.710</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>111.880</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>349.248</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Kenneth R. Leibler</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>100.951</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>101.337</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>101.154</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>100.455</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Robert E. Patterson</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>2,058.733</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>111.804</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>111.597</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>1.170.508</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>George Putnam, III</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>3,074.922</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>808.167</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>1,245.684</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>2.954.054</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>W. Thomas Stephens</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>318.728</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>158.418</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>152.442</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>43,361.340</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Richard B. Worley</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>107.777</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>110.601</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>110.121</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>103.753</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Trustees and Officers</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>22,989.424</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>10,630.749</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>3,300.854</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>3,899.310</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>458,848.574</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>13,129.392</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>as a group</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>(1.01%)</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%" background=""></TD>
     <TD noWrap align=right width="9%">&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="9%" background=""></TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=11>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>K-1</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=3>&nbsp; <B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=3>&nbsp; <B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=3><B><FONT face=sans-serif size=1>Beneficially</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=3><B><FONT face=sans-serif size=1>Beneficially</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><B><FONT face=sans-serif size=1>Beneficially</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><B><FONT face=sans-serif size=1>Beneficially</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><B><FONT face=sans-serif size=1>Trustees</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=3><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=3>&nbsp; <B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD align=left width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%">&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%">&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%">&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%">&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><B><FONT face=sans-serif size=1>Putnam</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=3><B><FONT face=sans-serif size=1>Putnam Asset</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=3><B><FONT face=sans-serif size=1>Putnam Asset</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><B><FONT face=sans-serif size=1>Putnam California</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><B><FONT face=sans-serif size=1>California</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=3><B><FONT face=sans-serif size=1>Allocation:</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=3><B><FONT face=sans-serif size=1>Allocation:</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><B><FONT face=sans-serif size=1>Investment Grade</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><B><FONT face=sans-serif size=1>Tax Exempt</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=3><B><FONT face=sans-serif size=1>Conservative Portfolio</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=3><B><FONT face=sans-serif size=1>Growth Portfolio</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><B><FONT face=sans-serif size=1>Municipal Trust</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><B><FONT face=sans-serif size=1>Income Fund</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD align=left width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><B><FONT face=sans-serif size=1>Class A</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><B><FONT face=sans-serif size=1>Class Y</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><B><FONT face=sans-serif size=1>Class A</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><B><FONT face=sans-serif size=1>Class Y</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><B><FONT face=sans-serif size=1>Common</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><B><FONT face=sans-serif size=1>Class A</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD align=left width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>John A. Hill</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>111,994.998</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>6,209.773</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>224.592</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>187.514</FONT>&nbsp; </TD></TR>
<TR>
     <TD align=left width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Jameson Adkins Baxter</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,228.577</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>21,262.989</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>188.704</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>235.702</FONT>&nbsp; </TD></TR>
<TR>
     <TD align=left width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Charles B. Curtis</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>14,097.461</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>116.151</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>117.774</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>136.190</FONT>&nbsp; </TD></TR>
<TR>
     <TD align=left width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Myra R. Drucker</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>106.957</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>5,278.448</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>109.068</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>114.668</FONT>&nbsp; </TD></TR>
<TR>
     <TD align=left width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Charles E. Haldeman, Jr.</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>537,246.818</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,045.575</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>243.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,444.841</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>(1.13%)</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%">&nbsp; </TD></TR>
<TR>
     <TD align=left width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Paul L. Joskow</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>248.471</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,080.277</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>100.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>182.342</FONT>&nbsp; </TD></TR>
<TR>
     <TD align=left width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Elizabeth T. Kennan</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>346.043</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>2,060.923</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>201.338</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>134.329</FONT>&nbsp; </TD></TR>
<TR>
     <TD align=left width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Kenneth R. Leibler</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>100.772</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>100.570</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>100.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>101.437</FONT>&nbsp; </TD></TR>
<TR>
     <TD align=left width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Robert E. Patterson</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,234.123</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>2,246.213</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>100.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>116.075</FONT>&nbsp; </TD></TR>
<TR>
     <TD align=left width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>George Putnam, III</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>4,537.829</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>25,641.662</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,100.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,479.584</FONT>&nbsp; </TD></TR>
<TR>
     <TD align=left width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>W. Thomas Stephens</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>5,056.591</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>102.567</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>100.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>164.812</FONT>&nbsp; </TD></TR>
<TR>
     <TD align=left width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Richard B. Worley</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>106.957</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>102.567</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>102.960</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>114.444</FONT>&nbsp; </TD></TR>
<TR>
     <TD align=left width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Trustees and Officers</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>676,305.597</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>323.931</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>71,164.731</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>54,970.239</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>2,687.436</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>4,411.938</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>as a group</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>(1.42%)</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%">&nbsp; </TD></TR>
<TR>
     <TD align=left width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD align=left width="91%" colSpan=13>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=3><B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=3>&nbsp; <B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=3>&nbsp; <B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=3><B><FONT face=sans-serif size=1>Beneficially</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=3><B><FONT face=sans-serif size=1>Beneficially</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=3><B><FONT face=sans-serif size=1>Beneficially</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><B><FONT face=sans-serif size=1>Trustees</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=3><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=3>&nbsp; <B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=3>&nbsp; <B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD align=left width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=3><B><FONT face=sans-serif size=1>Putnam Capital</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=3><B><FONT face=sans-serif size=1>Putnam Capital</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=3><B><FONT face=sans-serif size=1>Putnam Classic</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=3><B><FONT face=sans-serif size=1>Appreciation Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=3><B><FONT face=sans-serif size=1>Opportunities Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=3><B><FONT face=sans-serif size=1>Equity Fund</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD align=left width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><B><FONT face=sans-serif size=1>Class A</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><B><FONT face=sans-serif size=1>Class Y</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><B><FONT face=sans-serif size=1>Class A</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><B><FONT face=sans-serif size=1>Class Y</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><B><FONT face=sans-serif size=1>Class A</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><B><FONT face=sans-serif size=1>Class Y</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD align=left width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>John A. Hill</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>8,246.533</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>18,783.858</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>14,469.495</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD align=left width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Jameson Adkins Baxter</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>313.753</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>4,895.534</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD align=left width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Charles B. Curtis</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>103.245</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>140.848</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>110.584</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD align=left width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Myra R. Drucker</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>100.414</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>132.315</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>102.809</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD align=left width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Charles E. Haldeman, Jr.</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>654.057</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,318.134</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,050.623</FONT>&nbsp; </TD></TR>
<TR>
     <TD align=left width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Paul L. Joskow</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>605.292</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>242.941</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>2,410.818</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD align=left width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Elizabeth T. Kennan</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>252.970</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,461.152</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>197.645</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD align=left width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Kenneth R. Leibler</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>100.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>112.703</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>100.598</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD align=left width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Robert E. Patterson</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>484.635</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>2,010.019</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>708.459</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD align=left width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>George Putnam, III</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,243.373</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,577.716</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>6,509.541</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD align=left width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>W. Thomas Stephens</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>137.950</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>132.315</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>148.112</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD align=left width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Richard B. Worley</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>100.414</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>132.315</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>102.809</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD align=left width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Trustees and Officers</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>12,442.123</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>7,753.123</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>35,109.626</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>10,238.954</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>29,756.404</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>8,648.264</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>as a group</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>(2.46%)</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>(2.38%)</FONT>&nbsp; </TD></TR>
<TR>
     <TD align=left width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>K-2</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_127"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=3><B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=3>&nbsp; <B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=3>&nbsp; <B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=3><B><FONT face=sans-serif size=1>Beneficially</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=3><B><FONT face=sans-serif size=1>Beneficially</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=3><B><FONT face=sans-serif size=1>Beneficially</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><B><FONT face=sans-serif size=1>Trustees</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=3><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=3>&nbsp; <B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=3>&nbsp; <B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=3><B><FONT face=sans-serif size=1>Putnam Convertible</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=3><B><FONT face=sans-serif size=1>Putnam Discovery</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=3><B><FONT face=sans-serif size=1>Putnam Diversified</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=3><B><FONT face=sans-serif size=1>Income-Growth Trust</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=3><B><FONT face=sans-serif size=1>Growth Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=3><B><FONT face=sans-serif size=1>Income Trust</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><B><FONT face=sans-serif size=1>Class A</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><B><FONT face=sans-serif size=1>Class Y</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="7%" background="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</TD>
     <TD noWrap align=right width="7%"><B><FONT face=sans-serif size=1>Class A</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><B><FONT face=sans-serif size=1>Class Y</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><B><FONT face=sans-serif size=1>Class A</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><B><FONT face=sans-serif size=1>Class Y</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>John A. Hill</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>32,061.700</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>2,303.388</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,953.567</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Jameson Adkins Baxter</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>7,969.065</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>7,048.603</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,128.750</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Charles B. Curtis</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>124.126</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>199.733</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>248.125</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Myra R. Drucker</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>107.759</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>100.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>115.849</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Charles E. Haldeman, Jr.</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>904.871</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>696.286</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>32,019.160</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Paul L. Joskow</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>686.473</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>360.285</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>387.474</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Elizabeth T. Kennan</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,071.157</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>113.856</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>750.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Kenneth R. Leibler</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>100.678</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>100.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>101.360</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Robert E. Patterson</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>3,485.678</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>799.281</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,404.333</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>George Putnam, III</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>13,051.715</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>2,101.545</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>5,434.823</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>W. Thomas Stephens</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>208.558</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>208.686</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>349.475</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Richard B. Worley</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>106.899</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>100.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>115.849</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Trustees and Officers</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>61,086.152</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>19,890.021</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>14,837.343</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>3,384.176</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>11,989.605</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>40,204.574</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>as a group</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>(1.59%)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>(2.42%)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="91%" colSpan=13>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=3><B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=3>&nbsp; <B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=3>&nbsp; <B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=3><B><FONT face=sans-serif size=1>Beneficially</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=3><B><FONT face=sans-serif size=1>Beneficially</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=3><B><FONT face=sans-serif size=1>Beneficially</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><B><FONT face=sans-serif size=1>Trustees</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=3><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=3>&nbsp; <B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=3>&nbsp; <B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=3><B><FONT face=sans-serif size=1>Putnam Equity</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=3><B><FONT face=sans-serif size=1>Putnam Europe</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=3><B><FONT face=sans-serif size=1>Putnam Floating Rate</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=3><B><FONT face=sans-serif size=1>Income Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=3><B><FONT face=sans-serif size=1>Equity Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=3><B><FONT face=sans-serif size=1>Income Fund</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><B><FONT face=sans-serif size=1>Class A</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><B><FONT face=sans-serif size=1>Class Y</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><B><FONT face=sans-serif size=1>Class A</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><B><FONT face=sans-serif size=1>Class Y</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><B><FONT face=sans-serif size=1>Class A</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><B><FONT face=sans-serif size=1>Class Y</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>John A. Hill</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>13,569.172</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>523.756</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>549,196.252</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>(1.62%)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
     <TD width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Jameson Adkins Baxter</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>3,390.567</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>2,290.402</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>2,200.690</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Charles B. Curtis</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>136.833</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>109.809</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>107.284</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Myra R. Drucker</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>125.419</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>104.751</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>112.041</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Charles E. Haldeman, Jr.</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,049.823</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>3,551.283</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>743.434</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,150.494</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Paul L. Joskow</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>8,180.125</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>489.440</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>9,503.469</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Elizabeth T. Kennan</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>359.837</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>542.203</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>105.439</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Kenneth R. Leibler</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>112.173</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>102.172</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>101.707</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Robert E. Patterson</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,650.075</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>2,033.819</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,069.397</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>George Putnam, III</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>8,415.606</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>977.920</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>3,849.695</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>W. Thomas Stephens</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>191.040</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>140.795</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>134,975.747</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Richard B. Worley</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>125.002</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>104.751</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>111.850</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Trustees and Officers</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>46,071.331</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>12,890.841</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>8,623.288</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>280.283</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>702,484.065</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>66,837.482</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>as a group</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>(2.07%)</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>(19.32%)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>K-3</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_128"></A>
<TABLE style="WIDTH: 826px; HEIGHT: 1871px" cellSpacing=1 cellPadding=0 width=826 border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=center width="18%" colSpan=3><B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="4%" background=""></TD>
     <TD noWrap align=center width="20%" colSpan=3>&nbsp; <B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="6%" background=""></TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="24%" colSpan=4>&nbsp; <B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=center width="18%" colSpan=3><B><FONT face=sans-serif size=1>Beneficially</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="4%" background=""></TD>
     <TD noWrap align=center width="20%" colSpan=3><B><FONT face=sans-serif size=1>Beneficially</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="6%" background=""></TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="24%" colSpan=4>&nbsp; <B><FONT face=sans-serif size=1>Beneficially</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><B><FONT face=sans-serif size=1>Trustees</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=center width="18%" colSpan=3><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="4%" background=""></TD>
     <TD noWrap align=center width="20%" colSpan=3>&nbsp; <B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="6%" background=""></TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="24%" colSpan=4>&nbsp; <B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=16>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=center width="18%" colSpan=3><B><FONT face=sans-serif size=1>The Putnam Fund for</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="4%" background=""></TD>
     <TD noWrap align=center width="20%" colSpan=3><B><FONT face=sans-serif size=1>The George Putnam Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="6%">&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="24%" colSpan=4><B><FONT face=sans-serif size=1>Putnam Global</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=center width="18%" colSpan=3><B><FONT face=sans-serif size=1>Growth and Income</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="4%" background=""></TD>
     <TD noWrap align=center width="20%" colSpan=3>&nbsp; <B><FONT face=sans-serif size=1>of Boston</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="6%">&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="24%" colSpan=4><B><FONT face=sans-serif size=1>Equity Fund</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=16>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%"><B><FONT face=sans-serif size=1>Class A</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="4%" background="">&nbsp;</TD>
     <TD noWrap align=right width="8%"><B><FONT face=sans-serif size=1>Class Y</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="4%" background="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=right width="8%"><B><FONT face=sans-serif size=1>Class A</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="4%" background="">&nbsp;</TD>
     <TD noWrap align=right width="8%"><B><FONT face=sans-serif size=1>Class Y</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="6%" background=""></TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="12%" colSpan=2><B><FONT face=sans-serif size=1>Class A </FONT></B>&nbsp;</TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><B><FONT face=sans-serif size=1>Class Y</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=16>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=2>John A. Hill</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>11,786.523</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background="">&nbsp;</TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>25,757.193</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="12%" background="" colSpan=2><FONT face=sans-serif size=2>51,073.375</FONT> </TD>
     <TD noWrap align=right width="4%" background="">&nbsp;</TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=16>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=2>Jameson Adkins Baxter</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>16,850.506</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>11,742.687</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%" background=""></TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="12%" colSpan=2><FONT face=sans-serif size=2>9,945.299</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=16>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=2>Charles B. Curtis</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>130.983</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>293.279</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%" background=""></TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="12%" colSpan=2><FONT face=sans-serif size=2>438.950</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=16>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=2>Myra R. Drucker</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>118.625</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>117.435</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%" background=""></TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="12%" colSpan=2><FONT face=sans-serif size=2>102.668 &nbsp;</FONT></TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=16>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=2>Charles E. Haldeman, Jr.</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>972.775</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>738.172</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%" background=""></TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="12%" colSpan=2><FONT face=sans-serif size=2>1,478.755</FONT> &nbsp;</TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=16>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=2>Paul L. Joskow</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>8,802.201</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,994.013</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%" background=""></TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="12%" colSpan=2><FONT face=sans-serif size=2>633.784</FONT> &nbsp;</TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=16>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=2>Elizabeth T. Kennan</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>285.325</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,442.227</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%" background=""></TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="12%" colSpan=2><FONT face=sans-serif size=2>4,987.810</FONT> &nbsp;</TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=16>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=2>Kenneth R. Leibler</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>113.330</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>109.686</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%" background=""></TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="12%" colSpan=2><FONT face=sans-serif size=2>101.588</FONT> &nbsp;</TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=16>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=2>Robert E. Patterson</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>602.556</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,254.030</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="24%" colSpan=4><FONT face=sans-serif size=2>14,611.566</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=16>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=2>George Putnam, III</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>36,058.016</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>12,879.370</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="24%" colSpan=4><FONT face=sans-serif size=2>31,866.947</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=16>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=2>W. Thomas Stephens</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>188.904</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>301.759</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%" background=""></TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="12%" colSpan=2><FONT face=sans-serif size=2>641.484</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=16>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=2>Richard B. Worley</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>118.625</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>117.435</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%" background=""></TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="12%" colSpan=2><FONT face=sans-serif size=2>102.668 </FONT>&nbsp;</TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=16>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=2>Trustees and Officers</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>76,065.887</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>19,172.389</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>58,169.654</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>4,583.433</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="24%" colSpan=4><FONT face=sans-serif size=2>117,081.043 &nbsp;</FONT></TD>
     <TD noWrap align=right width="4%" background="">&nbsp;</TD>
     <TD noWrap align=right width="8%" background=""><FONT face=Arial size=2>2,301.460</FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=2>as a group</FONT>&nbsp; </TD>
     <TD noWrap align=right width="90%" background="" colSpan=15>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=16>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="96%" colSpan=16>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%"><B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=center width="20%" colSpan=3>&nbsp; <B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=center width="20%" colSpan=3><B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; &nbsp; </TD>
     <TD noWrap align=left width="6%" background="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=center width="24%" colSpan=4>&nbsp; <B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%"><B><FONT face=sans-serif size=1>Beneficially</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=center width="20%" colSpan=3><B><FONT face=sans-serif size=1>Beneficially</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=center width="20%" colSpan=3><B><FONT face=sans-serif size=1>Beneficially</FONT></B>&nbsp; &nbsp; </TD>
     <TD noWrap align=left width="6%" background=""></TD>
     <TD noWrap align=center width="24%" colSpan=4>&nbsp; <B><FONT face=sans-serif size=1>Beneficially</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><B><FONT face=sans-serif size=1>Trustees</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=center width="20%" colSpan=3>&nbsp; <B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=center width="20%" colSpan=3><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; &nbsp; </TD>
     <TD noWrap align=left width="6%" background=""></TD>
     <TD noWrap align=center width="24%" colSpan=4>&nbsp; <B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=16>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%"><B><FONT face=sans-serif size=1>Putnam Global</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=center width="20%" colSpan=3><B><FONT face=sans-serif size=1>Putnam Global Natural</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=center width="20%" colSpan=3><B><FONT face=sans-serif size=1>Putnam Growth</FONT></B>&nbsp; &nbsp; </TD>
     <TD noWrap align=center width="6%" background="">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=center width="24%" colSpan=4><B><FONT face=sans-serif size=1>Putnam Health</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%"><B><FONT face=sans-serif size=1>Income Trust</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=center width="20%" colSpan=3><B><FONT face=sans-serif size=1>Resources Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=center width="20%" colSpan=3><B><FONT face=sans-serif size=1>Opportunities Fund</FONT></B>&nbsp; &nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="24%" colSpan=4><B><FONT face=sans-serif size=1>Sciences Trust</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=16>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%"><B><FONT face=sans-serif size=1>Class A</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><B><FONT face=sans-serif size=1>Class A</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><B><FONT face=sans-serif size=1>Class Y</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><B><FONT face=sans-serif size=1>Class A</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%"><B><FONT face=sans-serif size=1>Class Y</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="12%" colSpan=2><B><FONT face=sans-serif size=1>Class A</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><B><FONT face=sans-serif size=1>Class Y</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=16>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=2>John A. Hill</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>154.607</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>8,768.918</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>2,538.040</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="12%" colSpan=2><FONT face=sans-serif size=2>4,656.855</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=16>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=2>Jameson Adkins Baxter</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>159.620</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,008.625</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>479.604</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="12%" colSpan=2><FONT face=sans-serif size=2>178.569</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=16>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=2>Charles B. Curtis</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>134.289</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>160.312</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>105.939</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="12%" colSpan=2><FONT face=sans-serif size=2>126.934</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=16>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=2>Myra R. Drucker</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>111.402</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>141.232</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>100.867</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="12%" colSpan=2><FONT face=sans-serif size=2>126.934</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=16>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=2>Charles E. Haldeman, Jr.</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>967.131</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>661.434</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>890.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>3,977.847</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="12%" colSpan=2><FONT face=sans-serif size=2>237.662</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=16>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=2>Paul L. Joskow</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>184.791</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>174.550</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>840.579</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="12%" colSpan=2><FONT face=sans-serif size=2>555.030</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=16>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=2>Elizabeth T. Kennan</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>350.369</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,137.652</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>100.867</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="12%" colSpan=2><FONT face=sans-serif size=2>126.934</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=16>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=2>Kenneth R. Leibler</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>100.969</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>112.147</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>100.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="12%" colSpan=2><FONT face=sans-serif size=2>110.546</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=16>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=2>Robert E. Patterson</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background="">&nbsp;</TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>810.440</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background="">&nbsp;</TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>390.728</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>2,146.569</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="12%" colSpan=2><FONT face=sans-serif size=2>292.114</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=16>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=2>George Putnam, III</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>3,871.242</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,714.971</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>2,785.949</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="12%" colSpan=2><FONT face=sans-serif size=2>2,897.889</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=16>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=2>W. Thomas Stephens</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>168.477</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>211.480</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>101.894</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="12%" colSpan=2><FONT face=sans-serif size=2>175.468</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=16>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=2>Richard B. Worley</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>111.170</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>141.232</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>100.867</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="12%" colSpan=2><FONT face=sans-serif size=2>126.934</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=16>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=2>Trustees and Officers</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>7,124.507</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>14,623.281</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>5,054.012</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>10,373.246</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>3,977.847</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="12%" colSpan=2><FONT face=sans-serif size=2>9,631.325</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background="">&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>9,051.754</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=2>as a group</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%">&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%">&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>(1.05%)</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%">&nbsp; </TD>
     <TD noWrap align=left width="6%" background=""></TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="6%" background=""></TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>(2.63%)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="96%" colSpan=16>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>K-4</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_129"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=center width="5%" background=""></TD>
     <TD noWrap align=center width="10%" colSpan=2><B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; &nbsp; &nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="33%" colSpan=3><B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="4%" background=""></TD>
     <TD noWrap align=center width="13%" colSpan=4><B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=center width="5%" background=""></TD>
     <TD noWrap align=center width="14%" colSpan=3><B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=center width="5%" background=""></TD>
     <TD noWrap align=center width="10%" colSpan=2><B><FONT face=sans-serif size=1>Beneficially</FONT></B>&nbsp; &nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="33%" colSpan=3><B><FONT face=sans-serif size=1>Beneficially</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="4%" background=""></TD>
     <TD noWrap align=center width="13%" colSpan=4><B><FONT face=sans-serif size=1>Beneficially</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=center width="5%" background=""></TD>
     <TD noWrap align=center width="14%" colSpan=3><B><FONT face=sans-serif size=1>Beneficially</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><B><FONT face=sans-serif size=1>Trustees</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="5%" background=""></TD>
     <TD noWrap align=center width="10%" colSpan=2><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; &nbsp; &nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="33%" colSpan=3><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="4%" background=""></TD>
     <TD noWrap align=center width="13%" colSpan=4><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=center width="5%" background=""></TD>
     <TD noWrap align=center width="14%" colSpan=3><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=18>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=center width="5%" background=""></TD>
     <TD noWrap align=center width="10%" colSpan=2><B><FONT face=sans-serif size=1>Putnam High Income</FONT></B>&nbsp; &nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="33%" colSpan=3><B><FONT face=sans-serif size=1>Putnam High Yield</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="4%" background=""></TD>
     <TD noWrap align=center width="13%" colSpan=4><B><FONT face=sans-serif size=1>Putnam High Yield</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="6%">&nbsp; </TD>
     <TD noWrap align=center width="5%" background=""></TD>
     <TD noWrap align=center width="14%" colSpan=3><B><FONT face=sans-serif size=1>Putnam High</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=center width="5%" background=""></TD>
     <TD noWrap align=center width="10%" colSpan=2><B><FONT face=sans-serif size=1>Securities Fund</FONT></B>&nbsp; &nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="33%" colSpan=3><B><FONT face=sans-serif size=1>Advantage Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="4%" background=""></TD>
     <TD noWrap align=center width="13%" colSpan=4><B><FONT face=sans-serif size=1>Municipal Trust</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="6%">&nbsp; </TD>
     <TD noWrap align=center width="5%" background=""></TD>
     <TD noWrap align=center width="14%" colSpan=3><B><FONT face=sans-serif size=1>Yield Trust</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=18>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="5%"><B><FONT face=sans-serif size=1>Common</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%" background=""><B><FONT face=sans-serif size=1>Class A</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="22%" background="">&nbsp;&nbsp;&nbsp;</TD>
     <TD noWrap align=right width="5%"><B><FONT face=sans-serif size=1>Class Y</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="2%"></TD>
     <TD noWrap align=right width="2%" background=""><B><FONT face=sans-serif size=1>Common</FONT></B>&nbsp;</TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="4%" background="">&nbsp;</TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="5%"><B><FONT face=sans-serif size=1>Class A</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="4%"><B><FONT face=sans-serif size=1>Class Y</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=18>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=sans-serif size=2>John A. Hill</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>86,341.603</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%" background=""><FONT face=sans-serif size=2>448.064</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="4%" colSpan=2><FONT face=sans-serif size=2>223.227</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background="">&nbsp;</TD>
     <TD noWrap align=right width="4%" background="">&nbsp;</TD>
     <TD noWrap align=right width="16%" colSpan=3><FONT face=sans-serif size=2>3,247.157</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="4%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=18>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=sans-serif size=2>Jameson Adkins Baxter</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,619.792</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%" background=""><FONT face=sans-serif size=2>2,625.395</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="4%" colSpan=2><FONT face=sans-serif size=2>203.997</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background="">&nbsp;</TD>
     <TD noWrap align=right width="4%" background="">&nbsp;</TD>
     <TD noWrap align=right width="16%" colSpan=3><FONT face=sans-serif size=2>21,036.989</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="4%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=18>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=sans-serif size=2>Charles B. Curtis</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>395.447</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%" background=""><FONT face=sans-serif size=2>163.381</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="4%" colSpan=2><FONT face=sans-serif size=2>115.649</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background="">&nbsp;</TD>
     <TD noWrap align=right width="4%" background="">&nbsp;</TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>450.564</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="4%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=18>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=sans-serif size=2>Myra R. Drucker</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>361.503</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%" background=""><FONT face=sans-serif size=2>117.953</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="4%" colSpan=2><FONT face=sans-serif size=2>106.505</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background="">&nbsp;</TD>
     <TD noWrap align=right width="4%" background="">&nbsp;</TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>242.777</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="4%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=18>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=sans-serif size=2>Charles E. Haldeman, Jr.</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>841.000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%" background=""><FONT face=sans-serif size=2>364.706</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="4%" colSpan=2><FONT face=sans-serif size=2>500.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background="">&nbsp;</TD>
     <TD noWrap align=right width="4%" background="">&nbsp;</TD>
     <TD noWrap align=right width="16%" colSpan=3><FONT face=sans-serif size=2>2,059.289</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="4%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=18>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=sans-serif size=2>Paul L. Joskow</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>334.178</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%" background=""><FONT face=sans-serif size=2>3,766.751</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="4%" colSpan=2><FONT face=sans-serif size=2>100.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background="">&nbsp;</TD>
     <TD noWrap align=right width="4%" background="">&nbsp;</TD>
     <TD noWrap align=right width="16%" colSpan=3><FONT face=sans-serif size=2>7,105.469</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="4%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=18>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=sans-serif size=2>Elizabeth T. Kennan</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>451.380</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%" background=""><FONT face=sans-serif size=2>519.984</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="4%" colSpan=2><FONT face=sans-serif size=2>201.315</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background="">&nbsp;</TD>
     <TD noWrap align=right width="4%" background="">&nbsp;</TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>931.284</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="4%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=18>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=sans-serif size=2>Kenneth R. Leibler</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>100.000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%" background=""><FONT face=sans-serif size=2>102.258</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="4%" colSpan=2><FONT face=sans-serif size=2>100.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background="">&nbsp;</TD>
     <TD noWrap align=right width="4%" background="">&nbsp;</TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>101.832</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="4%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=18>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=sans-serif size=2>Robert E. Patterson</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,084.356</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%" background=""><FONT face=sans-serif size=2>9,231.793</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="4%" colSpan=2><FONT face=sans-serif size=2>300.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background="">&nbsp;</TD>
     <TD noWrap align=right width="4%" background="">&nbsp;</TD>
     <TD noWrap align=right width="16%" colSpan=3><FONT face=sans-serif size=2>7,182.140</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="4%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=18>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=sans-serif size=2>George Putnam, III</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,670.000</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%" background=""><FONT face=sans-serif size=2>3,550.811</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="4%" colSpan=2><FONT face=sans-serif size=2>2,100.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background="">&nbsp;</TD>
     <TD noWrap align=right width="4%" background="">&nbsp;</TD>
     <TD noWrap align=right width="16%" colSpan=3><FONT face=sans-serif size=2>24,842.086</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="4%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=18>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=sans-serif size=2>W. Thomas Stephens</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>334.178</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%" background=""><FONT face=sans-serif size=2>240.281</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="4%" colSpan=2><FONT face=sans-serif size=2>100.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background="">&nbsp;</TD>
     <TD noWrap align=right width="4%" background="">&nbsp;</TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>663.835</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="4%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=18>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=sans-serif size=2>Richard B. Worley</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>337.591</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%" background=""><FONT face=sans-serif size=2>117.953</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="4%" colSpan=2><FONT face=sans-serif size=2>100.889</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background="">&nbsp;</TD>
     <TD noWrap align=right width="4%" background="">&nbsp;</TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>235.868</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="4%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=18>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=sans-serif size=2>Trustees and Officers</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>93,871.028</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%" background=""><FONT face=sans-serif size=2>21,249.330</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>358.933</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="4%" colSpan=2><FONT face=sans-serif size=2>4,151.582</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background="">&nbsp;</TD>
     <TD noWrap align=right width="4%" background="">&nbsp;</TD>
     <TD noWrap align=right width="16%" colSpan=3><FONT face=sans-serif size=2>68,515.481</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="4%"><FONT face=sans-serif size=2>15,976.865</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=sans-serif size=2>as a group</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=left width="6%" background=""></TD>
     <TD noWrap align=left width="6%" background=""></TD>
     <TD noWrap align=left width="22%" background=""></TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="4%" background=""></TD>
     <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=18>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=18>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=center width="10%" colSpan=2><B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; &nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="33%" background="" colSpan=3><B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=center width="13%" colSpan=4><B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=center width="14%" colSpan=3><B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=center width="10%" colSpan=2><B><FONT face=sans-serif size=1>Beneficially</FONT></B>&nbsp; &nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="33%" colSpan=3><B><FONT face=sans-serif size=1>Beneficially</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=center width="13%" colSpan=4><B><FONT face=sans-serif size=1>Beneficially</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=center width="14%" colSpan=3><B><FONT face=sans-serif size=1>Beneficially</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><B><FONT face=sans-serif size=1>Trustees</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=center width="10%" colSpan=2><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; &nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="33%" background="" colSpan=3><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=center width="13%" colSpan=4><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=center width="14%" colSpan=3><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=18>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=center width="10%" colSpan=2>&nbsp; &nbsp; &nbsp; </TD>
     <TD noWrap align=center width="6%" background="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=center width="33%" colSpan=3><B><FONT face=sans-serif size=1>Putnam Income</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="4%" background=""></TD>
     <TD noWrap align=center width="19%" colSpan=5><B><FONT face=sans-serif size=1>Putnam International</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="5%" background=""></TD>
     <TD noWrap align=center width="14%" colSpan=3><B><FONT face=sans-serif size=1>Putnam International</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=center width="10%" colSpan=2><B><FONT face=sans-serif size=1>Putnam Income Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="33%" colSpan=3><B><FONT face=sans-serif size=1>Strategies Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="4%" background="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=center width="19%" colSpan=5><B><FONT face=sans-serif size=1>Capital Opportunities Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="5%" background=""></TD>
     <TD noWrap align=center width="14%" colSpan=3><B><FONT face=sans-serif size=1>Equity Fund</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=18>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="5%"><B><FONT face=sans-serif size=1>Class A</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="5%" background="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="22%" background=""></TD>
     <TD noWrap align=right width="5%"><B><FONT face=sans-serif size=1>Class A</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="4%" colSpan=2><B><FONT face=sans-serif size=1>Class A</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="10%" colSpan=2><B><FONT face=sans-serif size=1>Class Y</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="5%"><B><FONT face=sans-serif size=1>Class A</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="4%"><B><FONT face=sans-serif size=1>Class Y</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=18>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=sans-serif size=2>John A. Hill</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>19,337.397</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="33%" colSpan=3><FONT face=sans-serif size=2>25,142.622</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="4%" colSpan=2><FONT face=sans-serif size=2>9,678.404</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>23,622.060</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="4%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%">&nbsp; </TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="22%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>(2.26%)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="4%" background=""></TD>
     <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=18>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=sans-serif size=2>Jameson Adkins Baxter</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>4,201.791</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="22%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>5,175.344</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="4%" colSpan=2><FONT face=sans-serif size=2>6,710.478</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>9,770.372</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="4%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=18>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=sans-serif size=2>Charles B. Curtis</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>128.161</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="22%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>105.993</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="4%" colSpan=2><FONT face=sans-serif size=2>111.068</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>220.229</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="4%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=18>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=sans-serif size=2>Myra R. Drucker</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>109.159</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="22%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>105.683</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="4%" colSpan=2><FONT face=sans-serif size=2>104.977</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>110.651</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="4%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=18>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=sans-serif size=2>Charles E. Haldeman, Jr.</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>2,328.993</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="22%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>203.425</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="4%" colSpan=2><FONT face=sans-serif size=2>745.715</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>746.663</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="4%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=18>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=sans-serif size=2>Paul L. Joskow</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>218.357</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="22%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>503.803</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="4%" colSpan=2><FONT face=sans-serif size=2>426.876</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>6,666.243</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="4%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=18>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=sans-serif size=2>Elizabeth T. Kennan</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>369.677</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="22%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>546.217</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="4%" colSpan=2><FONT face=sans-serif size=2>1,652.780</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>2,409.760</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="4%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=18>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=sans-serif size=2>Kenneth R. Leibler</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>101.164</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="22%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>101.568</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="4%" colSpan=2><FONT face=sans-serif size=2>102.024</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>106.953</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="4%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=18>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=sans-serif size=2>Robert E. Patterson</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,538.650</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="22%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,010.337</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="4%" colSpan=2><FONT face=sans-serif size=2>1,829.646</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>4,032.718</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="4%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=18>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=sans-serif size=2>George Putnam, III</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>6,272.696</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="22%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>3,022.820</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="4%" colSpan=2><FONT face=sans-serif size=2>1,168.739</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>3,320.198</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="4%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=18>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=sans-serif size=2>W. Thomas Stephens</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>161.461</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="22%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>105.993</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="4%" colSpan=2><FONT face=sans-serif size=2>125.616</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>198.180</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="4%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=18>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=sans-serif size=2>Richard B. Worley</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>109.159</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="22%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="4%" colSpan=2><FONT face=sans-serif size=2>104.977</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>110.651</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="4%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=18>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=sans-serif size=2>Trustees and Officers</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>34,876.665</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="33%" colSpan=3><FONT face=sans-serif size=2>36,023.805</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background="">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=right width="4%" colSpan=2><FONT face=sans-serif size=2>22,761.300</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""></TD>
     <TD noWrap align=right width="10%" colSpan=2><FONT face=sans-serif size=2>8,595.540</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>68,535.121</FONT>&nbsp; </TD>
     <TD noWrap align=right width="5%" background="">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=right width="4%"><FONT face=sans-serif size=2>9,585.550</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="3%"><FONT face=sans-serif size=2>as a group</FONT>&nbsp; </TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="22%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>(3.24%)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="4%" background=""></TD>
     <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="5%" background=""></TD>
     <TD noWrap align=left width="4%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=18>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>K-5</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<!--$$/page=-->
<A name="page_130"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="20%" colSpan=3><B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="20%" colSpan=3><B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="7%"><B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="20%" colSpan=3><B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="20%" colSpan=3><B><FONT face=sans-serif size=1>Beneficially</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="20%" colSpan=3><B><FONT face=sans-serif size=1>Beneficially</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="7%"><B><FONT face=sans-serif size=1>Beneficially</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="20%" colSpan=3><B><FONT face=sans-serif size=1>Beneficially</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><B><FONT face=sans-serif size=1>Trustees</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="20%" colSpan=3><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="20%" colSpan=3><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="7%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="20%" colSpan=3><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=15>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="6%">&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=right width="7%"></TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="7%" background=""><B><FONT face=sans-serif size=1>Putnam Investment</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="6%" background="">&nbsp;</TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="20%" colSpan=3><B><FONT face=sans-serif size=1>Putnam International</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="20%" colSpan=3><B><FONT face=sans-serif size=1>Putnam International</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="7%"><B><FONT face=sans-serif size=1>Grade</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="20%" colSpan=3><B><FONT face=sans-serif size=1>Putnam</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="20%" colSpan=3><B><FONT face=sans-serif size=1>Growth and Income Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="20%" colSpan=3><B><FONT face=sans-serif size=1>New Opportunities Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="7%"><B><FONT face=sans-serif size=1>Municipal Trust</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="20%" colSpan=3><B><FONT face=sans-serif size=1>Investors Fund</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=15>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><B><FONT face=sans-serif size=1>Class A</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="7%"><B><FONT face=sans-serif size=1>Class Y</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="6%"><B><FONT face=sans-serif size=1>Class A</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="7%" background="">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=right width="7%"><B><FONT face=sans-serif size=1>Class Y</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="6%" background="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=right width="7%"><B><FONT face=sans-serif size=1>Common</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="6%"><B><FONT face=sans-serif size=1>Class A</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><B><FONT face=sans-serif size=1>Class Y</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=15>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=2>John A. Hill</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>5,702.890</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>1,279.259</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>225.245</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background="">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>29,699.767</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=15>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=2>Jameson Adkins Baxter</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>4,974.728</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>2,538.625</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>212.401</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>14,122.693</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=15>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=2>Charles B. Curtis</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>117.918</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>104.533</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>119.333</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>103.824</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=15>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=2>Myra R. Drucker</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>112.265</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>102.316</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>106.124</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>1,869.479</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=15>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=2>Charles E. Haldeman, Jr.</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,614.759</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>1,075.395</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>330.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>966.796</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=15>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=2>Paul L. Joskow</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>849.299</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>1,417.629</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>100.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>8,572.119</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=15>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=2>Elizabeth T. Kennan</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>728.007</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>202.289</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>109.015</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>4,203.469</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=15>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=2>Kenneth R. Leibler</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>110.097</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>100.444</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>100.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>100.216</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=15>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=2>Robert E. Patterson</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>6,209.416</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>3,957.003</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>300.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>4,784.644</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=15>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=2>George Putnam, III</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>2,490.577</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>7,173.199</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,500.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>7,939.431</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=15>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=2>W. Thomas Stephens</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>167.302</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>151.442</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>180.672</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>117.268</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=15>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=2>Richard B. Worley</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>112.265</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>102.316</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>100.822</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>101.376</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=15>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=2>Trustees and Officers</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>23,316.587</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>3,177.074</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>18,972.767</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>14,264.833</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>3,383.612</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>81,272.731</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>65,794.112</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=2>as a group</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD noWrap align=left width="6%" background=""></TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>(1.33%)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%" background=""></TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=15>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="100%" colSpan=15>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="7%"><B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="6%"><B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="7%"><B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="20%" colSpan=3><B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><B><FONT face=sans-serif size=1>Beneficially</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="7%"><B><FONT face=sans-serif size=1>Beneficially</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="6%"><B><FONT face=sans-serif size=1>Beneficially</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><B><FONT face=sans-serif size=1>Beneficially</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="7%"><B><FONT face=sans-serif size=1>Beneficially</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="20%" colSpan=3><B><FONT face=sans-serif size=1>Beneficially</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><B><FONT face=sans-serif size=1>Trustees</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="7%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="6%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="7%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="20%" colSpan=3><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=15>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><B><FONT face=sans-serif size=1>Putnam Limited </FONT></B></TD>
     <TD noWrap align=center width="6%" background="">&nbsp;</TD>
     <TD noWrap align=center width="7%" background=""><STRONG><FONT face=Arial size=1>Putnam</FONT></STRONG>&nbsp;&nbsp;&nbsp;</TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="6%"><B><FONT face=sans-serif size=1>Putnam</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><B><FONT face=sans-serif size=1>Putnam</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="7%"><B><FONT face=sans-serif size=1>Putnam</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="6%">&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><B><FONT face=sans-serif size=1>Duration</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="7%"><B><FONT face=sans-serif size=1>Managed</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="6%"><B><FONT face=sans-serif size=1>Massachusetts</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><B><FONT face=sans-serif size=1>Master</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="7%"><B><FONT face=sans-serif size=1>Michigan</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="20%" colSpan=3><B><FONT face=sans-serif size=1>Putnam</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><B><FONT face=sans-serif size=1>Government</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="6%" background="">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=center width="7%"><B><FONT face=sans-serif size=1>Municipal</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="6%"><B><FONT face=sans-serif size=1>Tax Exempt</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><B><FONT face=sans-serif size=1>Intermediate </FONT></B></TD>
     <TD noWrap align=center width="6%" background="">&nbsp;</TD>
     <TD noWrap align=center width="7%" background="">&nbsp;<STRONG><FONT face=Arial size=1>Tax Exempt</FONT></STRONG>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="20%" colSpan=3><B><FONT face=sans-serif size=1>Mid Cap</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><B><FONT face=sans-serif size=1>Income Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="7%"><B><FONT face=sans-serif size=1>Income Trust</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="6%"><B><FONT face=sans-serif size=1>Income Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><B><FONT face=sans-serif size=1>Income Trust</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="7%"><B><FONT face=sans-serif size=1>Income Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="20%" colSpan=3><B><FONT face=sans-serif size=1>Value Fund</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=15>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><B><FONT face=sans-serif size=1>Class A</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="7%"><B><FONT face=sans-serif size=1>Common</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="6%"><B><FONT face=sans-serif size=1>Class A</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><B><FONT face=sans-serif size=1>Common</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="7%"><B><FONT face=sans-serif size=1>Class A</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="6%"><B><FONT face=sans-serif size=1>Class A</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><B><FONT face=sans-serif size=1>Class Y</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=15>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=2>John A. Hill</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,564.506</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>225.663</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>171.456</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>442.687</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>164.230</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>138.524</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=15>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=2>Jameson Adkins Baxter</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>2,888.428</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>212.250</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>186.434</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>461.972</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>180.430</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>3,624.800</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=15>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=2>Charles B. Curtis</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>124.017</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>117.170</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>128.988</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>119.146</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>128.683</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>134.808</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=15>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=2>Myra R. Drucker</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>108.227</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>106.671</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>111.173</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>106.798</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>109.099</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>127.198</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=15>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=2>Charles E. Haldeman, Jr.</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>2,228.809</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>450.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>1,247.201</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>510.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,294.030</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>1,462.201</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=15>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=2>Paul L. Joskow</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>289.058</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>100.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>12,693.301</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>100.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>161.108</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>152.730</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=15>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=2>Elizabeth T. Kennan</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>771.156</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>108.920</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>112.331</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>270.436</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>110.378</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>623.395</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=15>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=2>Kenneth R. Leibler</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>101.061</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>100.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>101.118</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>100.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>101.049</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>112.193</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=15>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=2>Robert E. Patterson</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>873.531</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>300.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>101.496</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>587.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>110.334</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>1,593.851</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=15>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=2>George Putnam, III</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>4,813.954</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,800.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>5,967.938</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>2,178.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,284.848</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>2,721.327</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=15>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=2>W. Thomas Stephens</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>147.690</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>100.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>155.925</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>100.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>152.728</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>127.198</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=15>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=2>Richard B. Worley</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>108.139</FONT>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>100.891</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>110.948</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>100.931</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>108.900</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>127.198</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=15>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=2>Trustees and Officers</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>14,018.576</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>3,721.565</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>35,026.462</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>5,076.970</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>3,905.817</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>18,178.815</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>10,410.120</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=2>as a group</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD noWrap align=left width="6%" background=""></TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=right width="7%">&nbsp; </TD>
     <TD noWrap align=left width="6%" background=""></TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="7%">&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=15>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>K-6</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="8%" background=""></TD>
     <TD noWrap align=center width="8%"><B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="23%" colSpan=4>&nbsp; <B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="8%" background=""></TD>
     <TD noWrap align=center width="8%"><B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="8%"><B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="8%" background=""></TD>
     <TD noWrap align=center width="8%"><B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="8%" background=""></TD>
     <TD noWrap align=center width="8%"><B><FONT face=sans-serif size=1>Beneficially</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="23%" colSpan=4><B><FONT face=sans-serif size=1>Beneficially</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="8%" background=""></TD>
     <TD noWrap align=center width="8%"><B><FONT face=sans-serif size=1>Beneficially</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="8%"><B><FONT face=sans-serif size=1>Beneficially</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="8%" background=""></TD>
     <TD noWrap align=center width="8%"><B><FONT face=sans-serif size=1>Beneficially</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><B><FONT face=sans-serif size=1>Trustees</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="8%" background=""></TD>
     <TD noWrap align=center width="8%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="23%" colSpan=4><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="8%" background=""></TD>
     <TD noWrap align=center width="8%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="8%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="8%" background=""></TD>
     <TD noWrap align=center width="8%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=14>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="8%" background=""></TD>
     <TD noWrap align=center width="8%">&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="8%" colSpan=2>&nbsp; </TD>
     <TD noWrap align=center width="8%" background=""></TD>
     <TD noWrap align=center width="7%">&nbsp; </TD>
     <TD noWrap align=center width="8%" background=""></TD>
     <TD noWrap align=center width="8%">&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="8%">&nbsp; </TD>
     <TD noWrap align=center width="8%" background=""></TD>
     <TD noWrap align=center width="8%"><B><FONT face=sans-serif size=1>Putnam</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="8%" background=""></TD>
     <TD noWrap align=center width="8%">&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="8%" colSpan=2>&nbsp; </TD>
     <TD noWrap align=center width="8%" background=""></TD>
     <TD noWrap align=center width="7%">&nbsp; </TD>
     <TD noWrap align=center width="8%" background=""></TD>
     <TD noWrap align=center width="8%">&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="8%"><B><FONT face=sans-serif size=1>Putnam</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="8%" background=""></TD>
     <TD noWrap align=center width="8%"><B><FONT face=sans-serif size=1>New Jersey</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="8%" background=""></TD>
     <TD noWrap align=center width="8%"><B><FONT face=sans-serif size=1>Putnam Minnesota</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="8%" background="" colSpan=2>&nbsp;</TD>
     <TD noWrap align=center width="8%" background=""></TD>
     <TD noWrap align=center width="7%">&nbsp; </TD>
     <TD noWrap align=center width="8%" background=""></TD>
     <TD noWrap align=center width="8%"><B><FONT face=sans-serif size=1>Putnam</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="8%"><B><FONT face=sans-serif size=1>Municipal</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="8%" background=""></TD>
     <TD noWrap align=center width="8%"><B><FONT face=sans-serif size=1>Tax Exempt</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="8%" background=""></TD>
     <TD noWrap align=center width="8%"><B><FONT face=sans-serif size=1>Tax Exempt</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="23%" colSpan=4><B><FONT face=sans-serif size=1>Putnam</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="8%" background=""></TD>
     <TD noWrap align=center width="8%"><B><FONT face=sans-serif size=1>Municipal</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="8%"><B><FONT face=sans-serif size=1>Opportunities</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="8%" background=""></TD>
     <TD noWrap align=center width="8%"><B><FONT face=sans-serif size=1>Income</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="8%" background=""></TD>
     <TD noWrap align=center width="8%"><B><FONT face=sans-serif size=1>Income Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="23%" colSpan=4><B><FONT face=sans-serif size=1>Money Market Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="8%" background=""></TD>
     <TD noWrap align=center width="8%"><B><FONT face=sans-serif size=1>Bond Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="8%"><B><FONT face=sans-serif size=1>Trust</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="8%" background=""></TD>
     <TD noWrap align=center width="8%"><B><FONT face=sans-serif size=1>Fund</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=14>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><B><FONT face=sans-serif size=1>Class A</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="8%" colSpan=2><B><FONT face=sans-serif size=1>Class A</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="7%"><B><FONT face=sans-serif size=1>Class R</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><B><FONT face=sans-serif size=1>Common</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="8%"><B><FONT face=sans-serif size=1>Common</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><B><FONT face=sans-serif size=1>Class A</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=14>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>John A. Hill</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>219.763</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="8%" colSpan=2><FONT face=sans-serif size=2>906,249.650</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>76,931.310</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>322.603</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>226.131</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>227.595</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=14>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Jameson Adkins Baxter</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>179.111</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="8%" colSpan=2><FONT face=sans-serif size=2>121,091.870</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>3,570.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>207.003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>183.577</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=14>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Charles B. Curtis</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>127.254</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="8%" colSpan=2><FONT face=sans-serif size=2>399,904.680</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>121.003</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>121.225</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>126.582</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=14>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Myra R. Drucker</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>109.477</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="8%" colSpan=2><FONT face=sans-serif size=2>107.980</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>12.880</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>106.735</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>106.349</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>109.346</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=14>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Charles E. Haldeman, Jr.</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,294.671</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="8%" colSpan=2><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>8,385.310</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>250.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>270.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,277.404</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=14>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Paul L. Joskow</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>162.518</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="8%" colSpan=2><FONT face=sans-serif size=2>294,174.600</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>196.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>100.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>158.564</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=14>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Elizabeth T. Kennan</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>110.683</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="8%" colSpan=2><FONT face=sans-serif size=2>14,556.200</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>189.709</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>119.793</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>110.425</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=14>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Kenneth R. Leibler</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>101.085</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="8%" colSpan=2><FONT face=sans-serif size=2>7,677.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>100.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>100.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>101.092</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=14>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Robert E. Patterson</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>110.714</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="8%" colSpan=2><FONT face=sans-serif size=2>187,507.700</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>293.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>100.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>110.435</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=14>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>George Putnam, III</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,293.642</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="8%" colSpan=2><FONT face=sans-serif size=2>612,594.980</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,184.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,300.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,246.818</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=14>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>W. Thomas Stephens</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>152.042</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="8%" colSpan=2><FONT face=sans-serif size=2>2,468.300</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>196.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>100.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>150.959</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=14>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Richard B. Worley</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>109.268</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="8%" colSpan=2><FONT face=sans-serif size=2>107.950</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>9,630.200</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>100.811</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>100.805</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>109.125</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=14>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Trustees and Officers</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>3,970.228</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="8%" colSpan=2><FONT face=sans-serif size=2>3,439,303.440</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>94,959.700</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>6,629.861</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>2,851.306</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>3,911.922</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>as a group</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="8%" colSpan=2>&nbsp; </TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=14>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="100%" colSpan=14>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="8%" background=""></TD>
     <TD noWrap align=center width="23%" colSpan=4><B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=center width="23%" colSpan=3>&nbsp; <B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="8%"><B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="8%" background=""></TD>
     <TD noWrap align=center width="8%"><B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="8%" background=""></TD>
     <TD noWrap align=center width="23%" colSpan=4><B><FONT face=sans-serif size=1>Beneficially</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=center width="23%" colSpan=3>&nbsp;<STRONG><FONT face=Arial size=1>Beneficially</FONT></STRONG>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=center width="8%"><B><FONT face=sans-serif size=1>Beneficially</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="8%" background=""></TD>
     <TD noWrap align=center width="8%"><B><FONT face=sans-serif size=1>Beneficially</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><B><FONT face=sans-serif size=1>Trustees</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="8%" background=""></TD>
     <TD noWrap align=center width="23%" colSpan=4><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=center width="23%" colSpan=3>&nbsp; <B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="8%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="8%" background=""></TD>
     <TD noWrap align=center width="8%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=14>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=center width="8%">&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="8%" colSpan=2>&nbsp; </TD>
     <TD noWrap align=center width="8%" background=""></TD>
     <TD noWrap align=center width="7%">&nbsp; </TD>
     <TD noWrap align=center width="8%" background=""></TD>
     <TD noWrap align=center width="8%">&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="8%"><B><FONT face=sans-serif size=1>Putnam</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="8%" background=""></TD>
     <TD noWrap align=center width="8%"><B><FONT face=sans-serif size=1>Putnam</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=center width="8%">&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="8%" colSpan=2>&nbsp; </TD>
     <TD noWrap align=center width="8%" background=""></TD>
     <TD noWrap align=center width="7%">&nbsp; </TD>
     <TD noWrap align=center width="8%" background=""></TD>
     <TD noWrap align=center width="8%">&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="8%"><B><FONT face=sans-serif size=1>New York</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="8%" background=""></TD>
     <TD noWrap align=center width="8%"><B><FONT face=sans-serif size=1>New York</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="8%" background=""></TD>
     <TD noWrap align=center width="23%" colSpan=4><B><FONT face=sans-serif size=1>Putnam New</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="8%" background=""></TD>
     <TD noWrap align=center width="23%" colSpan=3><B><FONT face=sans-serif size=1>Putnam New</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="8%"><B><FONT face=sans-serif size=1>Investment Grade</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="8%" background=""></TD>
     <TD noWrap align=center width="8%"><B><FONT face=sans-serif size=1>Tax Exempt</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="8%" background=""></TD>
     <TD noWrap align=center width="23%" colSpan=4><B><FONT face=sans-serif size=1>Opportunities Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="8%" background=""></TD>
     <TD noWrap align=center width="23%" colSpan=3><B><FONT face=sans-serif size=1>Value Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=sans-serif size=1>Municipal Trust</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="8%" background="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=sans-serif size=1>Income Fund</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=14>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><B><FONT face=sans-serif size=1>Class A</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="4%"><B><FONT face=sans-serif size=1>Class Y</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="4%" background="">&nbsp;</TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="7%"><B><FONT face=sans-serif size=1>Class A</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><B><FONT face=sans-serif size=1>Class Y</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="8%"><B><FONT face=sans-serif size=1>Common</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><B><FONT face=sans-serif size=1>Class A</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=14>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>John A. Hill</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>6,660.309</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="4%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background="">&nbsp;</TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>5,971.716</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>71,595.182</FONT>&nbsp; </TD>
     <TD noWrap align=center width="8%" background=""></TD>
     <TD noWrap align=center width="8%"><FONT face=sans-serif size=2>5,190.748</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="8%" colSpan=2>&nbsp; </TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>(2.58%)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=14>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Jameson Adkins Baxter</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,733.616</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="4%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background="">&nbsp;</TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>11,286.655</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>186.650</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>559.437</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=14>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Charles B. Curtis</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>104.835</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="4%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background="">&nbsp;</TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>123.592</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>116.241</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>264.359</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=14>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Myra R. Drucker</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>100.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="4%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background="">&nbsp;</TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,571.520</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>105.266</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>112.375</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=14>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Charles E. Haldeman, Jr.</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>293.214</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="4%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background="">&nbsp;</TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,047.856</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>3,205.655</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>280.000</FONT>&nbsp; </TD>
     <TD noWrap align=center width="8%" background=""></TD>
     <TD noWrap align=center width="8%"><FONT face=sans-serif size=2>1,360.257</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=14>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Paul L. Joskow</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>980.800</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="4%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background="">&nbsp;</TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>728.260</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>100.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>344.800</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=14>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Elizabeth T. Kennan</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>100.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="4%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background="">&nbsp;</TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>2,473.418</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>189.263</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>243.453</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=14>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Kenneth R. Leibler</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>100.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="4%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background="">&nbsp;</TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>108.289</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>100.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>101.325</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=14>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Robert E. Patterson</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,038.444</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="4%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background="">&nbsp;</TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,528.107</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>100.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>113.637</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=14>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>George Putnam, III</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>763.162</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="4%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background="">&nbsp;</TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>12,017.915</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>1,200.000</FONT>&nbsp; </TD>
     <TD noWrap align=center width="8%" background=""></TD>
     <TD noWrap align=center width="8%"><FONT face=sans-serif size=2>1,403.735</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=14>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>W. Thomas Stephens</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>133.948</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="4%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background="">&nbsp;</TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>165.765</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>100.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>160.978</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=14>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Richard B. Worley</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>100.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="4%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background="">&nbsp;</TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>115.245</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>100.714</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>112.142</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=14>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Trustees and Officers</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>12,709.436</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="4%"><FONT face=sans-serif size=2>2,714.411</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background="">&nbsp;</TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>40,761.847</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>32,786.176</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>74,173.316</FONT>&nbsp; </TD>
     <TD noWrap align=center width="8%" background=""></TD>
     <TD noWrap align=center width="8%"><FONT face=sans-serif size=2>9,967.246</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>as a group</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="8%" colSpan=2>&nbsp; </TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="8%"><FONT face=sans-serif size=2>(2.67%)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="8%">&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=14>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>K-7</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=center width="6%"><B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
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<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=center width="6%"><B><FONT face=sans-serif size=1>Beneficially</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="19%" colSpan=4><B><FONT face=sans-serif size=1>Beneficially</FONT></B>&nbsp; </TD>
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     <TD noWrap align=center width="11%" colSpan=4><B><FONT face=sans-serif size=1>Beneficially</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><B><FONT face=sans-serif size=1>Trustees</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="6%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="6%" background=""></TD>
     <TD noWrap align=center width="19%" colSpan=4><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD>
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     <TD noWrap align=center width="8%" background=""></TD>
     <TD noWrap align=center width="6%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="8%" background=""></TD>
     <TD noWrap align=center width="9%" colSpan=2><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="4%" background=""></TD>
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<TR vAlign=bottom>
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     <TD noWrap align=center width="8%" background=""></TD>
     <TD noWrap align=center width="6%"><B><FONT face=sans-serif size=1>Premier</FONT></B>&nbsp; </TD>
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<TR vAlign=bottom>
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     <TD noWrap align=center width="6%"><B><FONT face=sans-serif size=1>Income Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="8%" background=""></TD>
     <TD noWrap align=center width="6%"><B><FONT face=sans-serif size=1>Trust</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="8%" background=""></TD>
     <TD noWrap align=center width="9%" colSpan=2><B><FONT face=sans-serif size=1>Market Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="4%" background=""></TD>
     <TD noWrap align=center width="11%" colSpan=4><B><FONT face=sans-serif size=1>Research Fund</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=19>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=right width="6%"><B><FONT face=sans-serif size=1>Class A</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="1%"><B><FONT face=sans-serif size=1>Class A</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="14%" background=""></TD>
     <TD noWrap align=right width="2%"><B><FONT face=sans-serif size=1>Class Y</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="2%" background="">&nbsp;</TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="6%"><B><FONT face=sans-serif size=1>Class A</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="6%"><B><FONT face=sans-serif size=1>Common</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="9%" colSpan=2><B><FONT face=sans-serif size=1>Class I</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="5%"><B><FONT face=sans-serif size=1>Class A</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="1%"><B><FONT face=sans-serif size=1>Class Y</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="1%" background="">&nbsp;</TD></TR>
<TR>
     <TD width="99%" colSpan=19>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>John A. Hill</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>236.582</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="1%"><FONT face=sans-serif size=2>3,926.695</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%" background=""></TD>
     <TD noWrap align=right width="2%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="2%" background="">&nbsp;</TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>233.554</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>3,693.640</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="9%" colSpan=2><FONT face=sans-serif size=2>50,067,211.230^</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>5,636.398</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="1%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="1%" background="">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=right width="6%">&nbsp; </TD>
     <TD noWrap align=left width="6%" background=""></TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="9%" colSpan=2><FONT face=sans-serif size=2>(2.03%)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="4%" background=""></TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="4%" background=""></TD>
     <TD noWrap align=left width="2%" colSpan=2>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=19>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Jameson Adkins Baxter</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>179.752</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="1%"><FONT face=sans-serif size=2>3,818.078</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%" background=""></TD>
     <TD noWrap align=right width="2%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="2%" background="">&nbsp;</TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>186.671</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>496.412</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="9%" colSpan=2><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>418.083</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="1%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="1%" background="">&nbsp;</TD></TR>
<TR>
     <TD width="99%" colSpan=19>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Charles B. Curtis</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>125.685</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="1%"><FONT face=sans-serif size=2>105.121</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%" background=""></TD>
     <TD noWrap align=right width="2%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="2%" background="">&nbsp;</TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>126.936</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>242.603</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="9%" colSpan=2><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>105.882</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="1%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="1%" background="">&nbsp;</TD></TR>
<TR>
     <TD width="99%" colSpan=19>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Myra R. Drucker</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>109.498</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="1%"><FONT face=sans-serif size=2>100.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%" background=""></TD>
     <TD noWrap align=right width="2%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="2%" background="">&nbsp;</TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>109.345</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>215.100</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="9%" colSpan=2><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>100.873</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="1%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="1%" background="">&nbsp;</TD></TR>
<TR>
     <TD width="99%" colSpan=19>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Charles E. Haldeman, Jr.</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>1,286.975</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="1%"><FONT face=sans-serif size=2>1,664.025</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%" background=""></TD>
     <TD noWrap align=right width="2%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="2%" background="">&nbsp;</TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>1,302.086</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>1,005.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="9%" colSpan=2><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>856.937</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="1%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="1%" background="">&nbsp;</TD></TR>
<TR>
     <TD width="99%" colSpan=19>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Paul L. Joskow</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>162.056</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="1%"><FONT face=sans-serif size=2>129.574</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%" background=""></TD>
     <TD noWrap align=right width="2%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="2%" background="">&nbsp;</TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>163.644</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>201.176</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="9%" colSpan=2><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>5,546.414</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="1%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="1%" background="">&nbsp;</TD></TR>
<TR>
     <TD width="99%" colSpan=19>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Elizabeth T. Kennan</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>110.735</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="1%"><FONT face=sans-serif size=2>1,141.113</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%" background=""></TD>
     <TD noWrap align=right width="2%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="2%" background="">&nbsp;</TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>110.619</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>292.060</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="9%" colSpan=2><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>146.694</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="1%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="1%" background="">&nbsp;</TD></TR>
<TR>
     <TD width="99%" colSpan=19>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Kenneth R. Leibler</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>101.104</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="1%"><FONT face=sans-serif size=2>100.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%" background=""></TD>
     <TD noWrap align=right width="2%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="2%" background="">&nbsp;</TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>101.078</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>100.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="9%" colSpan=2><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>100.109</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="1%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="1%" background="">&nbsp;</TD></TR>
<TR>
     <TD width="99%" colSpan=19>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Robert E. Patterson</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>110.686</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="1%"><FONT face=sans-serif size=2>1,453.803</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%" background=""></TD>
     <TD noWrap align=right width="2%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="2%" background="">&nbsp;</TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>110.615</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>803.529</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="9%" colSpan=2><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>145.779</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="1%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="1%" background="">&nbsp;</TD></TR>
<TR>
     <TD width="99%" colSpan=19>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>George Putnam, III</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>1,276.313</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="1%"><FONT face=sans-serif size=2>11,392.960</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%" background=""></TD>
     <TD noWrap align=right width="2%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="2%" background="">&nbsp;</TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>1,273.698</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>2,505.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="9%" colSpan=2><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>1,753.253</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="1%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="1%" background="">&nbsp;</TD></TR>
<TR>
     <TD width="99%" colSpan=19>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>W. Thomas Stephens</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>152.421</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="1%"><FONT face=sans-serif size=2>144.331</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%" background=""></TD>
     <TD noWrap align=right width="2%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="2%" background="">&nbsp;</TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>156.187</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>201.176</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="9%" colSpan=2><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>100.873</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="1%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="1%" background="">&nbsp;</TD></TR>
<TR>
     <TD width="99%" colSpan=19>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Richard B. Worley</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>109.308</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""></TD>
     <TD noWrap align=right width="1%"><FONT face=sans-serif size=2>100.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%" background=""></TD>
     <TD noWrap align=right width="2%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="2%" background="">&nbsp;</TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>109.172</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>202.877</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="9%" colSpan=2><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>100.873</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="1%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="1%" background="">&nbsp;</TD></TR>
<TR>
     <TD width="99%" colSpan=19>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Trustees and Officers</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>3,961.115</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background="">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=right width="1%"><FONT face=sans-serif size=2>24,138.024</FONT>&nbsp; </TD>
     <TD noWrap align=right width="14%" background="">&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=right width="2%"><FONT face=sans-serif size=2>10,857.414</FONT>&nbsp; </TD>
     <TD noWrap align=right width="2%" background="">&nbsp;</TD>
     <TD noWrap align=right width="7%" background="">&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>3,983.605</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background="">&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=right width="6%"><FONT face=sans-serif size=2>9,958.573</FONT>&nbsp; </TD>
     <TD noWrap align=right width="8%" background="">&nbsp;&nbsp; </TD>
     <TD noWrap align=right width="9%" colSpan=2><FONT face=sans-serif size=2>50,067,211.230^ </FONT></TD>
     <TD noWrap align=right width="4%" background="">&nbsp;&nbsp; </TD>
     <TD noWrap align=right width="5%" background=""><FONT face=Arial size=2>15,012.168&nbsp;</FONT></TD>
     <TD noWrap align=right width="4%" background="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=right width="1%" background=""><FONT face=Arial size=2>7,020.033</FONT></TD>
     <TD noWrap align=right width="1%" background="">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>as a group</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%">&nbsp; </TD>
     <TD noWrap align=left width="6%" background=""></TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="9%" colSpan=2><FONT face=sans-serif size=2>(2.03%)</FONT>&nbsp; </TD>
     <TD noWrap align=left width="4%" background=""></TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="4%" background=""></TD>
     <TD noWrap align=left width="2%" colSpan=2>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=19>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=19>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=center width="13%" colSpan=3><B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="4%" colSpan=2><B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="20%" colSpan=3><B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="8%" background=""></TD>
     <TD noWrap align=center width="9%" colSpan=2><B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="4%" background=""></TD>
     <TD noWrap align=center width="5%">&nbsp; </TD>
     <TD noWrap align=center width="4%" background=""></TD>
     <TD noWrap align=center width="2%" colSpan=2><B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=center width="13%" colSpan=3><B><FONT face=sans-serif size=1>Beneficially</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="4%" colSpan=2><B><FONT face=sans-serif size=1>Beneficially</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="20%" colSpan=3><B><FONT face=sans-serif size=1>Beneficially</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="8%" background=""></TD>
     <TD noWrap align=center width="9%" colSpan=2><B><FONT face=sans-serif size=1>Beneficially</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="4%" background=""></TD>
     <TD noWrap align=center width="5%"></TD>
     <TD noWrap align=center width="4%" background=""></TD>
     <TD noWrap align=center width="2%" background="" colSpan=2><STRONG><FONT face=Arial size=1>Beneficially</FONT></STRONG>&nbsp;&nbsp;&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><B><FONT face=sans-serif size=1>Trustees</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="13%" colSpan=3><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="4%" colSpan=2><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="20%" colSpan=3><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="8%" background=""></TD>
     <TD noWrap align=center width="9%" colSpan=2><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="4%" background=""></TD>
     <TD noWrap align=center width="5%">&nbsp; </TD>
     <TD noWrap align=center width="4%" background=""></TD>
     <TD noWrap align=center width="2%" colSpan=2><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=19>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=center width="13%" colSpan=3><B><FONT face=sans-serif size=1>Putnam</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="4%" colSpan=2><B><FONT face=sans-serif size=1>Putnam</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="20%" colSpan=3><B><FONT face=sans-serif size=1>Putnam</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="8%" background=""></TD>
     <TD noWrap align=center width="9%" colSpan=2><B><FONT face=sans-serif size=1>Putnam</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="4%" background=""></TD>
     <TD noWrap align=center width="5%">&nbsp; </TD>
     <TD noWrap align=center width="4%" background=""></TD>
     <TD noWrap align=center width="2%" colSpan=2><B><FONT face=sans-serif size=1>Putnam</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=center width="13%" colSpan=3><B><FONT face=sans-serif size=1>RetirementReady</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="4%" colSpan=2><B><FONT face=sans-serif size=1>&nbsp;&nbsp; RetirementReady&nbsp;</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="20%" background="" colSpan=3>&nbsp; <STRONG><FONT face=Arial size=1>RetirementReady</FONT></STRONG>&nbsp;</TD>
     <TD noWrap align=center width="8%" background="">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=center width="9%" colSpan=2><B><FONT face=sans-serif size=1>RetirementReady&nbsp;</FONT></B> </TD>
     <TD noWrap align=center width="4%" background="">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=center width="5%" background=""></TD>
     <TD noWrap align=center width="4%" background=""></TD>
     <TD noWrap align=center width="2%" background="" colSpan=2><STRONG><FONT face=Arial size=1>RetirementReady</FONT></STRONG>&nbsp;&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=center width="13%" colSpan=3><B><FONT face=sans-serif size=1>2010 Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="14%" background=""></TD>
     <TD noWrap align=center width="4%" colSpan=2><B><FONT face=sans-serif size=1>2015 Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="20%" colSpan=3><B><FONT face=sans-serif size=1>2020 Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="8%" background=""></TD>
     <TD noWrap align=center width="9%" colSpan=2><B><FONT face=sans-serif size=1>2025 Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="4%" background=""></TD>
     <TD noWrap align=center width="5%"></TD>
     <TD noWrap align=center width="4%" background=""></TD>
     <TD noWrap align=center width="2%" background="" colSpan=2><STRONG><FONT face=Arial size=1>2045 Fund</FONT></STRONG>&nbsp;&nbsp;&nbsp;</TD></TR>
<TR>
     <TD width="99%" colSpan=19>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=right width="12%" colSpan=2><B><FONT face=sans-serif size=1>Class A</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="1%" background="">&nbsp;</TD>
     <TD noWrap align=right width="14%" background="">&nbsp;</TD>
     <TD noWrap align=right width="2%"><B><FONT face=sans-serif size=1>Class A</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="2%" background="">&nbsp;</TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="14%" colSpan=2><B><FONT face=sans-serif size=1>Class A</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="6%" background="">&nbsp;</TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="5%"><B><FONT face=sans-serif size=1>Class A</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="4%" background="">&nbsp;</TD>
     <TD noWrap align=left width="4%" background=""></TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="1%"><B><FONT face=sans-serif size=1>Class A</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="1%" background="">&nbsp;</TD></TR>
<TR>
     <TD width="99%" colSpan=19>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>John A. Hill</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%">&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="1%"></TD>
     <TD noWrap align=right width="14%" background=""></TD>
     <TD noWrap align=right width="2%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="2%" background="">&nbsp;</TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%"></TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background="">&nbsp;</TD>
     <TD noWrap align=left width="4%" background=""></TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="1%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="1%" background="">&nbsp;</TD></TR>
<TR>
     <TD width="99%" colSpan=19>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Jameson Adkins Baxter</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%">&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="1%"></TD>
     <TD noWrap align=right width="14%" background=""></TD>
     <TD noWrap align=right width="2%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="2%" background="">&nbsp;</TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="14%" colSpan=2><FONT face=sans-serif size=2>360.422</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background="">&nbsp;</TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background="">&nbsp;</TD>
     <TD noWrap align=left width="4%" background=""></TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="1%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="1%" background="">&nbsp;</TD></TR>
<TR>
     <TD width="99%" colSpan=19>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Charles B. Curtis</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%">&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="1%"></TD>
     <TD noWrap align=right width="14%" background=""></TD>
     <TD noWrap align=right width="2%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="2%" background="">&nbsp;</TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="14%" colSpan=2><FONT face=sans-serif size=2>112.471</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background="">&nbsp;</TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background="">&nbsp;</TD>
     <TD noWrap align=left width="4%" background=""></TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="1%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="1%" background="">&nbsp;</TD></TR>
<TR>
     <TD width="99%" colSpan=19>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Myra R. Drucker</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%">&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="1%"></TD>
     <TD noWrap align=right width="14%" background=""></TD>
     <TD noWrap align=right width="2%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="2%" background="">&nbsp;</TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="14%" colSpan=2><FONT face=sans-serif size=2>1,194.810</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background="">&nbsp;</TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background="">&nbsp;</TD>
     <TD noWrap align=left width="4%" background=""></TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="1%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="1%" background="">&nbsp;</TD></TR>
<TR>
     <TD width="99%" colSpan=19>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Charles E. Haldeman, Jr.</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%" colSpan=2><FONT face=sans-serif size=2>199.250</FONT>&nbsp; </TD>
     <TD noWrap align=right width="1%" background="">&nbsp;</TD>
     <TD noWrap align=right width="14%" background=""></TD>
     <TD noWrap align=right width="2%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="2%" background="">&nbsp;</TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%"></TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background="">&nbsp;</TD>
     <TD noWrap align=left width="4%" background=""></TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="1%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="1%" background="">&nbsp;</TD></TR>
<TR>
     <TD width="99%" colSpan=19>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Paul L. Joskow</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%">&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="1%"></TD>
     <TD noWrap align=right width="14%" background=""></TD>
     <TD noWrap align=right width="2%"><FONT face=sans-serif size=2>173.076</FONT>&nbsp; </TD>
     <TD noWrap align=right width="2%" background="">&nbsp;</TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%"></TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background="">&nbsp;</TD>
     <TD noWrap align=left width="4%" background=""></TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="1%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="1%" background="">&nbsp;</TD></TR>
<TR>
     <TD width="99%" colSpan=19>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Elizabeth T. Kennan</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%">&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="1%"></TD>
     <TD noWrap align=right width="14%" background=""></TD>
     <TD noWrap align=right width="2%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="2%" background="">&nbsp;</TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%"></TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background="">&nbsp;</TD>
     <TD noWrap align=left width="4%" background=""></TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="1%"><FONT face=sans-serif size=2>106.147</FONT>&nbsp; </TD>
     <TD noWrap align=right width="1%" background="">&nbsp;</TD></TR>
<TR>
     <TD width="99%" colSpan=19>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Kenneth R. Leibler</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%">&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="1%"></TD>
     <TD noWrap align=right width="14%" background=""></TD>
     <TD noWrap align=right width="2%"><FONT face=sans-serif size=2>106.842</FONT>&nbsp; </TD>
     <TD noWrap align=right width="2%" background="">&nbsp;</TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%"></TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background="">&nbsp;</TD>
     <TD noWrap align=left width="4%" background=""></TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="1%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="1%" background="">&nbsp;</TD></TR>
<TR>
     <TD width="99%" colSpan=19>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Robert E. Patterson</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%">&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="1%"></TD>
     <TD noWrap align=right width="14%" background=""></TD>
     <TD noWrap align=right width="2%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="2%" background="">&nbsp;</TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="14%" colSpan=2><FONT face=Arial size=2>163.521</FONT></TD>
     <TD noWrap align=right width="6%" background=""><FONT face=Arial size=2></FONT></TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background="">&nbsp;</TD>
     <TD noWrap align=left width="4%" background=""></TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="1%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="1%" background="">&nbsp;</TD></TR>
<TR>
     <TD width="99%" colSpan=19>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>George Putnam, III</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%">&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="1%"></TD>
     <TD noWrap align=right width="14%" background=""></TD>
     <TD noWrap align=right width="2%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="2%" background="">&nbsp;</TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%"></TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>347.268</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background="">&nbsp;</TD>
     <TD noWrap align=left width="4%" background=""></TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="1%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="1%" background="">&nbsp;</TD></TR>
<TR>
     <TD width="99%" colSpan=19>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>W. Thomas Stephens</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%">&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="1%"></TD>
     <TD noWrap align=right width="14%" background=""></TD>
     <TD noWrap align=right width="2%"><FONT face=sans-serif size=2>113.435</FONT>&nbsp; </TD>
     <TD noWrap align=right width="2%" background="">&nbsp;</TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%"></TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background="">&nbsp;</TD>
     <TD noWrap align=left width="4%" background=""></TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="1%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="1%" background="">&nbsp;</TD></TR>
<TR>
     <TD width="99%" colSpan=19>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Richard B. Worley</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%">&nbsp; </TD>
     <TD noWrap align=right width="6%" background=""><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="1%"></TD>
     <TD noWrap align=right width="14%" background=""></TD>
     <TD noWrap align=right width="2%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="2%" background="">&nbsp;</TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=right width="8%" background=""><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%"></TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background="">&nbsp;</TD>
     <TD noWrap align=left width="4%" background=""></TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="1%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="1%" background="">&nbsp;</TD></TR>
<TR>
     <TD width="99%" colSpan=19>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Trustees and Officers</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%" colSpan=2><FONT face=Arial size=2>199.250</FONT>&nbsp;</TD>
     <TD noWrap align=right width="1%" background=""></TD>
     <TD noWrap align=right width="14%" background=""></TD>
     <TD noWrap align=right width="2%"><FONT face=sans-serif size=2>393.353</FONT>&nbsp; </TD>
     <TD noWrap align=right width="2%" background="">&nbsp;</TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="14%" colSpan=2><FONT face=sans-serif size=2>1,831.224</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%" background="">&nbsp;</TD>
     <TD noWrap align=right width="8%" background=""></TD>
     <TD noWrap align=right width="5%"><FONT face=sans-serif size=2>347.268</FONT>&nbsp; </TD>
     <TD noWrap align=right width="4%" background="">&nbsp;</TD>
     <TD noWrap align=left width="4%" background=""></TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=right width="4%" background=""></TD>
     <TD noWrap align=right width="1%"><FONT face=sans-serif size=2>106.147</FONT>&nbsp; </TD>
     <TD noWrap align=right width="1%" background="">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>as a group</FONT>&nbsp; </TD>
     <TD noWrap align=right width="6%">&nbsp; </TD>
     <TD noWrap align=left width="6%" background=""></TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="9%" colSpan=2>&nbsp; </TD>
     <TD noWrap align=left width="4%" background=""></TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="4%" background=""></TD>
     <TD noWrap align=left width="2%" colSpan=2>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=19>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="15%" colSpan=2><FONT face=sans-serif size=1>^Reflects holdings as of 02/12/07.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%" background=""></TD>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD noWrap align=left width="14%" background=""></TD>
     <TD noWrap align=left width="4%" colSpan=2>&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="9%" colSpan=2>&nbsp; </TD>
     <TD noWrap align=left width="4%" background=""></TD>
     <TD noWrap align=left width="5%">&nbsp; </TD>
     <TD noWrap align=left width="4%" background=""></TD>
     <TD noWrap align=left width="2%" colSpan=2>&nbsp; </TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>K-8</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=3>&nbsp; <B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=3><B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=3><B><FONT face=sans-serif size=1>Beneficially</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=3><B><FONT face=sans-serif size=1>Beneficially</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><B><FONT face=sans-serif size=1>Beneficially</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><B><FONT face=sans-serif size=1>Beneficially</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><B><FONT face=sans-serif size=1>Trustees</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=3>&nbsp; <B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=3><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><B><FONT face=sans-serif size=1>Putnam</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><B><FONT face=sans-serif size=1>Putnam</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><B><FONT face=sans-serif size=1>Tax Exempt</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><B><FONT face=sans-serif size=1>Tax Exempt</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=3><B><FONT face=sans-serif size=1>Putnam Small Cap</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=3><B><FONT face=sans-serif size=1>Putnam Small Cap</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><B><FONT face=sans-serif size=1>Income</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><B><FONT face=sans-serif size=1>Money Market</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=3><B><FONT face=sans-serif size=1>Growth Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
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     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><B><FONT face=sans-serif size=1>Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><B><FONT face=sans-serif size=1>Fund</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=right width="7%" background="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=right width="7%"><B><FONT face=sans-serif size=1>Class A</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><B><FONT face=sans-serif size=1>Class Y</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="7%" background="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=right width="7%"><B><FONT face=sans-serif size=1>Class A</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="7%" background="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=left width="7%"><B><FONT face=sans-serif size=1>Class Y</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="7%" background="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=right width="7%"><B><FONT face=sans-serif size=1>Class A</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="7%" background="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=right width="7%"><B><FONT face=sans-serif size=1>Class A</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>John A. Hill</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>3,244.878</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>22,526.691</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><FONT face=sans-serif size=2>586.373</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>3,840,684.230</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>(4.84%)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Jameson Adkins Baxter</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>801.254</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>3,643.596</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,597.921</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>2,167.660</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Charles B. Curtis</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>609.294</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>175.356</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><FONT face=sans-serif size=2>129.943</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,615.540</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Myra R. Drucker</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>113.645</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>162.329</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><FONT face=sans-serif size=2>110.621</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>148,756.870</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Charles E. Haldeman, Jr.</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>848.486</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,110.407</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,345.180</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>10,778.420</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Paul L. Joskow</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>4,883.960</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>4,591.973</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><FONT face=sans-serif size=2>168.716</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>3,335.600</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Elizabeth T. Kennan</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>454.581</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>2,200.972</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><FONT face=sans-serif size=2>128.631</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>158.510</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Kenneth R. Leibler</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>106.092</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>120.604</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><FONT face=sans-serif size=2>101.140</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>100.910</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Robert E. Patterson</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>511.712</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,451.981</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><FONT face=sans-serif size=2>184.993</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>100.000</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>George Putnam, III</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>5,766.333</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>2,579.539</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,779.841</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>10,451.820</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>W. Thomas Stephens</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>113.645</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>162.329</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><FONT face=sans-serif size=2>158.390</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>181,638.740</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Richard B. Worley</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>113.645</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>162.329</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><FONT face=sans-serif size=2>110.373</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>105.890</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Trustees and Officers</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>21,502.617</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>9,742.964</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>37,777.699</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>19,951.538</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>6,402.122</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>4,502,847.100</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>as a group</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>(5.68%)</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="91%" colSpan=13>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=center width="14%" colSpan=2><B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%"><B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=3>&nbsp; <B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="14%" colSpan=2><B><FONT face=sans-serif size=1>Beneficially</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%"><B><FONT face=sans-serif size=1>Beneficially</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><B><FONT face=sans-serif size=1>Beneficially</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=3><B><FONT face=sans-serif size=1>Beneficially</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><B><FONT face=sans-serif size=1>Beneficially</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><B><FONT face=sans-serif size=1>Trustees</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=center width="14%" colSpan=2><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=3>&nbsp; <B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=center width="14%" colSpan=2><B><FONT face=sans-serif size=1>Putnam</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%"><B><FONT face=sans-serif size=1>Putnam</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><B><FONT face=sans-serif size=1>Putnam</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=3>&nbsp; <B><FONT face=sans-serif size=1>Putnam</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><B><FONT face=sans-serif size=1>Putnam</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=center width="14%" colSpan=2><B><FONT face=sans-serif size=1>Tax-Free</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%"><B><FONT face=sans-serif size=1>Tax-Free</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><B><FONT face=sans-serif size=1>Tax Smart</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=3><B><FONT face=sans-serif size=1>U.S. Government</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><B><FONT face=sans-serif size=1>Utilities Growth</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=center width="14%" colSpan=2><B><FONT face=sans-serif size=1>Health Care Fund </FONT></B></TD>
     <TD noWrap align=center width="7%" background=""><STRONG><FONT face=Arial size=1>&nbsp;&nbsp; High Yield Fund</FONT></STRONG>&nbsp;&nbsp;&nbsp;</TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><B><FONT face=sans-serif size=1>Equity Fund&#174;</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=3><B><FONT face=sans-serif size=1>Income Trust</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><B><FONT face=sans-serif size=1>and Income Fund</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><B><FONT face=sans-serif size=1>Common</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><B><FONT face=sans-serif size=1>Class A</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><B><FONT face=sans-serif size=1>Class A</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><B><FONT face=sans-serif size=1>Class A</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><B><FONT face=sans-serif size=1>Class B</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><B><FONT face=sans-serif size=1>Class A</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>John A. Hill</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>219.176</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>402.179</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><FONT face=sans-serif size=2>7,985.816</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><FONT face=sans-serif size=2>728.436</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>3,399.876</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Jameson Adkins Baxter</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>582.481</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,276.060</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><FONT face=sans-serif size=2>1,239.863</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><FONT face=sans-serif size=2>197.129</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>649.544</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Charles B. Curtis</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>115.789</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>224.331</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><FONT face=sans-serif size=2>102.377</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><FONT face=sans-serif size=2>1,228.561</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>2,539.689</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>118.186</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Myra R. Drucker</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>105.244</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>187.262</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><FONT face=sans-serif size=2>100.163</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><FONT face=sans-serif size=2>108.946</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>104.935</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Charles E. Haldeman, Jr.</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>270.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,888.364</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><FONT face=sans-serif size=2>1,185.698</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><FONT face=sans-serif size=2>881.754</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>1,266.451</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Paul L. Joskow</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>100.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>279.554</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><FONT face=sans-serif size=2>5,400.929</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><FONT face=sans-serif size=2>173.315</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>997.481</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Elizabeth T. Kennan</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>108.110</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>189.648</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><FONT face=sans-serif size=2>106.867</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><FONT face=sans-serif size=2>184.771</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>116.304</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Kenneth R. Leibler</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>100.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>101.333</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><FONT face=sans-serif size=2>100.000</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><FONT face=sans-serif size=2>100.992</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>100.352</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Robert E. Patterson</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>100.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>189.753</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><FONT face=sans-serif size=2>2,239.580</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><FONT face=sans-serif size=2>1,424.248</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>718.950</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>George Putnam, III</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>500.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>2,696.560</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><FONT face=sans-serif size=2>6,405.434</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><FONT face=sans-serif size=2>2,850.746</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>2,179.026</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>W. Thomas Stephens</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>100.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>276.236</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><FONT face=sans-serif size=2>100.163</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><FONT face=sans-serif size=2>156.023</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>170.019</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Richard B. Worley</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>100.725</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>186.791</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><FONT face=sans-serif size=2>100.163</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><FONT face=sans-serif size=2>108.946</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>104.387</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>Trustees and Officers</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><FONT face=sans-serif size=2>2,401.525</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>7,898.071</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><FONT face=sans-serif size=2>25,067.053</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=center width="7%"><FONT face=sans-serif size=2>8,143.867</FONT>&nbsp; </TD>
     <TD noWrap align=right width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>2,539.689</FONT>&nbsp; </TD>
     <TD noWrap align=center width="7%" background=""></TD>
     <TD noWrap align=right width="7%"><FONT face=sans-serif size=2>9,925.511</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="7%"><FONT face=sans-serif size=2>as a group</FONT>&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=left width="7%">&nbsp; </TD>
     <TD noWrap align=left width="7%" background=""></TD>
     <TD noWrap align=right width="7%">&nbsp; </TD></TR>
<TR>
     <TD width="91%" colSpan=13>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>K-9</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_134"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=center width="11%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=2>&nbsp; <B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="24%" background=""></TD>
     <TD noWrap align=center width="25%" colSpan=2>&nbsp; <B><FONT face=sans-serif size=1>Shares</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=center width="11%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=2><STRONG><FONT face=Arial size=1>Beneficially</FONT></STRONG>&nbsp;&nbsp;&nbsp;</TD>
     <TD noWrap align=center width="24%" background=""></TD>
     <TD noWrap align=center width="25%" colSpan=2><B><FONT face=sans-serif size=1>Beneficially</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%"><B><FONT face=sans-serif size=1>Trustees</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="11%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=2>&nbsp; <B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="24%" background=""></TD>
     <TD noWrap align=center width="25%" colSpan=2>&nbsp; <B><FONT face=sans-serif size=1>Owned</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=center width="11%" background=""></TD>
     <TD noWrap align=center width="21%" colSpan=2><B><FONT face=sans-serif size=1>Putnam Vista Fund</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="24%" background=""></TD>
     <TD noWrap align=center width="25%" colSpan=2><B><FONT face=sans-serif size=1>Putnam Voyager Fund</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%">&nbsp; </TD>
     <TD noWrap align=right width="11%" background=""></TD>
     <TD noWrap align=right width="12%"><B><FONT face=sans-serif size=1>Class A</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="9%"><B><FONT face=sans-serif size=1>Class Y</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="24%" background=""></TD>
     <TD noWrap align=right width="14%"><B><FONT face=sans-serif size=1>Class A</FONT></B>&nbsp; </TD>
     <TD noWrap align=right width="11%"><B><FONT face=sans-serif size=1>Class Y</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%"><FONT face=sans-serif size=2>John A. Hill</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%" background=""></TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>48,265.800</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%" background=""></TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=2>23,528.436</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%"><FONT face=sans-serif size=2>Jameson Adkins Baxter</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%" background=""></TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>14,111.419</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%" background=""></TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=2>8,201.140</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%"><FONT face=sans-serif size=2>Charles B. Curtis</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%" background=""></TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>108.696</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%" background=""></TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=2>109.618</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%"><FONT face=sans-serif size=2>Myra R. Drucker</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%" background=""></TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>2,234.927</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%" background=""></TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=2>100.707</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%"><FONT face=sans-serif size=2>Charles E. Haldeman, Jr.</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%" background=""></TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>1,759.930</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%" background=""></TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=2>927.312</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%"><FONT face=sans-serif size=2>Paul L. Joskow</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%" background=""></TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>2,016.190</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%" background=""></TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=2>3,248.819</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%"><FONT face=sans-serif size=2>Elizabeth T. Kennan</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%" background=""></TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>5,005.941</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%" background=""></TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=2>299.547</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%"><FONT face=sans-serif size=2>Kenneth R. Leibler</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%" background=""></TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>100.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%" background=""></TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=2>100.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%"><FONT face=sans-serif size=2>Robert E. Patterson</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%" background=""></TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>1,479.233</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%" background=""></TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=2>5,000.471</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%"><FONT face=sans-serif size=2>George Putnam, III</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%" background=""></TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>5,233.274</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%" background=""></TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=2>2,198.233</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%"><FONT face=sans-serif size=2>W. Thomas Stephens</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%" background=""></TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>177.190</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%" background=""></TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=2>149.155</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%"><FONT face=sans-serif size=2>Richard B. Worley</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%" background=""></TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>100.000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%" background=""></TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=2>100.707</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%"><FONT face=sans-serif size=2>Trustees and Officers</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%" background=""></TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>80,592.600</FONT>&nbsp; </TD>
     <TD noWrap align=right width="9%"><FONT face=sans-serif size=2>31,280.167</FONT>&nbsp; </TD>
     <TD noWrap align=right width="24%" background=""></TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=2>50,697.156</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%"><FONT face=sans-serif size=2>15,412.564</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="19%"><FONT face=sans-serif size=2>as a group</FONT>&nbsp; </TD>
     <TD noWrap align=left width="11%" background=""></TD>
     <TD noWrap align=left width="12%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="24%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="11%">&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><B><FONT face=sans-serif size=2>Additional ownership information for funds that are series of Putnam Variable Trust</FONT></B></P>
<P align=left><FONT face=serif size=2>As of February 9, 2007, except as shown below, the Trustees, and the Trustees and officers as a group, did not own variable annuity contracts or variable life insurance policies that invested in the funds that are series of Putnam Variable Trust.* This table shows the value of the Trustees&#146; indirect beneficial ownership interest in these funds. </FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Putnam Variable Trust</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%" background=""></TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=2>Paul L. Joskow</FONT>&nbsp; </TD>
     <TD noWrap align=right width="13%" background=""></TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=2>Robert E. Patterson</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%" background=""></TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>George Putnam, III</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Putnam VT American Government Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="13%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="11%" background=""></TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Class IB</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%" background=""></TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=2>$1-$10,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="13%" background=""></TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%" background=""></TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Putnam VT Capital Appreciation Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="13%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="11%" background=""></TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Class IB</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%" background=""></TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=2>$1-$10,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="13%" background=""></TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%" background=""></TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Putnam VT Capital Opportunities Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="13%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="11%" background=""></TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Class IB</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%" background=""></TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=2>$1-$10,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="13%" background=""></TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%" background=""></TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Putnam VT Discovery Growth Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="13%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="11%" background=""></TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Class IB</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%" background=""></TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=2>$1-$10,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="13%" background=""></TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%" background=""></TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Putnam VT Diversified Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="13%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="11%" background=""></TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Class IB</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%" background=""></TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=2>$1-$10,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="13%" background=""></TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%" background=""></TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Putnam VT Equity Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="13%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="11%" background=""></TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Class IB</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%" background=""></TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=2>$1-$10,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="13%" background=""></TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%" background=""></TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Putnam VT The George Putnam Fund of Boston</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="13%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="11%" background=""></TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Class IB</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%" background=""></TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=2>$1-$10,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="13%" background=""></TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%" background=""></TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Putnam VT Global Asset Allocation Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="13%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="11%" background=""></TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Class IA</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%" background=""></TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="13%" background=""></TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%" background=""></TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>$10,001-$50,000</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Class IB</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%" background=""></TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=2>$1-$10,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="13%" background=""></TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%" background=""></TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Putnam VT Global Equity Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="13%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="11%" background=""></TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Class IB</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%" background=""></TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=2>$1-$10,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="13%" background=""></TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%" background=""></TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Putnam VT Growth and Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="13%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="11%" background=""></TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Class IB</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%" background=""></TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=2>$1-$10,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="13%" background=""></TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%" background=""></TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Putnam VT Growth Opportunities Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="13%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="11%" background=""></TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Class IB</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%" background=""></TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=2>$1-$10,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="13%" background=""></TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%" background=""></TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="99%" colSpan=7>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Putnam VT High Yield Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="12%" background=""></TD>
     <TD noWrap align=left width="13%">&nbsp; </TD>
     <TD noWrap align=left width="13%" background=""></TD>
     <TD noWrap align=left width="14%">&nbsp; </TD>
     <TD noWrap align=left width="11%" background=""></TD>
     <TD noWrap align=left width="12%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Class IA</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%" background=""></TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="13%" background=""></TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=2>$10,001-$50,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%" background=""></TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="24%"><FONT face=sans-serif size=2>Class IB</FONT>&nbsp; </TD>
     <TD noWrap align=right width="12%" background=""></TD>
     <TD noWrap align=right width="13%"><FONT face=sans-serif size=2>$1-$10,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="13%" background=""></TD>
     <TD noWrap align=right width="14%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="11%" background=""></TD>
     <TD noWrap align=right width="12%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=7>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>*As reflected in the tables above, Trustees own shares of the retail Putnam funds that are counterparts to the Putnam Variable Trust&#146;s various portfolios.</FONT></P>
<P align=center><FONT face=sans-serif size=1>K-10</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

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<A name="page_135"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="41%"><FONT face=sans-serif size=2>Putnam Variable Trust</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=2>Paul L. Joskow</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=2>Robert E. Patterson</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>George Putnam, III</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="41%"><FONT face=sans-serif size=2>Putnam VT Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="41%"><FONT face=sans-serif size=2>Class IB</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=2>$1-$10,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="41%"><FONT face=sans-serif size=2>Putnam VT International Equity Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="41%"><FONT face=sans-serif size=2>Class IB</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=2>$1-$10,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="41%"><FONT face=sans-serif size=2>Putnam VT International Growth and Income Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="41%"><FONT face=sans-serif size=2>Class IB</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=2>$1-$10,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="41%"><FONT face=sans-serif size=2>Putnam VT International New Opportunities Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="41%"><FONT face=sans-serif size=2>Class IB</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=2>$1-$10,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="41%"><FONT face=sans-serif size=2>Putnam VT Investors Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="41%"><FONT face=sans-serif size=2>Class IB</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=2>$1-$10,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="41%"><FONT face=sans-serif size=2>Putnam VT Mid Cap Value Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="41%"><FONT face=sans-serif size=2>Class IB</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=2>$1-$10,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="41%"><FONT face=sans-serif size=2>Putnam VT New Opportunities Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="41%"><FONT face=sans-serif size=2>Class IB</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=2>$1-$10,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="41%"><FONT face=sans-serif size=2>Putnam VT New Value Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="41%"><FONT face=sans-serif size=2>Class IB</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=2>$1-$10,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="41%"><FONT face=sans-serif size=2>Putnam VT OTC &amp; Emerging Growth Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="41%"><FONT face=sans-serif size=2>Class IB</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=2>$1-$10,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="41%"><FONT face=sans-serif size=2>Putnam VT Research Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="41%"><FONT face=sans-serif size=2>Class IB</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=2>$1-$10,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="41%"><FONT face=sans-serif size=2>Putnam VT Small Cap Value Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="41%"><FONT face=sans-serif size=2>Class IB</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=2>$1-$10,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="41%"><FONT face=sans-serif size=2>Putnam VT Vista Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="41%"><FONT face=sans-serif size=2>Class IB</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=2>$1-$10,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="98%" colSpan=4>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="41%"><FONT face=sans-serif size=2>Putnam VT Voyager Fund</FONT>&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD noWrap align=left width="22%">&nbsp; </TD>
     <TD noWrap align=left width="17%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="41%"><FONT face=sans-serif size=2>Class IB</FONT>&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face=sans-serif size=2>$1-$10,000</FONT>&nbsp; </TD>
     <TD noWrap align=right width="22%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD>
     <TD noWrap align=right width="17%"><FONT face=sans-serif size=2>&#151;</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="98%" colSpan=4>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=center><FONT face=sans-serif size=1>K-11</FONT></P>
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<IMG src="allfundproxxyx144x1.jpg" border=0>
<BR>
<P align="left">
<FONT size=2 face="sans-serif">One Post Office Square</FONT><BR>
<FONT size=2 face="sans-serif">Boston, Massachusetts 02109</FONT><BR>
<FONT size=2 face="sans-serif">1-800-225-1581</FONT><BR>
<BR>
<FONT size=2 face="sans-serif">Putnam Retail Management</FONT><BR>
<BR>
<B><FONT size=2 face="sans-serif">www.putnam.com</FONT></B></P>
<P align="left">
<FONT size=1 face="sans-serif">242548 3/07</FONT></P>

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<P align=left>
<IMG src="ballotx1x1.jpg" border=0>
</P> <BR>
<P align=left><FONT face=sans-serif size=5>The proxy ballot</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="31%"><B><FONT face=sans-serif size=1>To vote by mail</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="34%"><B><FONT face=sans-serif size=1>To vote by telephone</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="34%"><B><FONT face=sans-serif size=1>To vote on the Web</FONT></B>&nbsp; </TD></TR>
<TR>
     <TD noWrap align=left width="31%" background=""></TD>
     <TD noWrap align=left width="34%" background=""></TD>
     <TD noWrap align=left width="34%" background=""></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="31%">&nbsp; </TD>
     <TD noWrap align=left width="34%"><FONT face=sans-serif size=1>Read the proxy statement and</FONT>&nbsp; </TD>
     <TD noWrap align=left width="34%"><FONT face=sans-serif size=1>Read the proxy statement and</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Read the proxy statement.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="34%"><FONT face=sans-serif size=1>have the proxy ballot at hand.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="34%"><FONT face=sans-serif size=1>have the proxy ballot at hand.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Check the appropriate boxes</FONT>&nbsp; </TD>
     <TD noWrap align=left width="34%"><FONT face=sans-serif size=1>Call 1-888-221-0697.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="34%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>on the reverse side.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="34%">&nbsp; </TD>
     <TD noWrap align=left width="34%"><FONT face=sans-serif size=1>Go to </FONT><U><FONT face=sans-serif size=1>http://www.proxyweb.com</FONT></U>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="31%">&nbsp; </TD>
     <TD noWrap align=left width="34%"><FONT face=sans-serif size=1>Follow the automated</FONT>&nbsp; </TD>
     <TD noWrap align=left width="34%"><U><FONT face=sans-serif size=1>/Putnam</FONT></U>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Sign and date the proxy ballot.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="34%"><FONT face=sans-serif size=1>telephone directions. There</FONT>&nbsp; </TD>
     <TD noWrap align=left width="34%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Return the proxy ballot in the</FONT>&nbsp; </TD>
     <TD noWrap align=left width="34%"><FONT face=Arial size=1>is no need for you to return</FONT>&nbsp; </TD>
     <TD noWrap align=left width="34%"><FONT face=sans-serif size=1>Follow the instructions on</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="31%"><FONT face=Arial size=1>envelope provided.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="34%"><FONT face=Arial size=1>your proxy ballot.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="34%"><FONT face=Arial size=1>the site.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="31%"></TD>
     <TD noWrap align=left width="34%">&nbsp; </TD>
     <TD noWrap align=left width="34%"></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="31%">&nbsp; </TD>
     <TD noWrap align=left width="34%">&nbsp; </TD>
     <TD noWrap align=left width="34%"><FONT face=sans-serif size=1>There is no need for you to</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="31%">&nbsp; </TD>
     <TD noWrap align=left width="34%">&nbsp; </TD>
     <TD noWrap align=left width="34%"><FONT face=sans-serif size=1>return your proxy ballot.</FONT>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=3>
<HR noShade SIZE=1>
</TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>By signing below, you as a Putnam fund shareholder appoint Trustees John A. Hill and Robert E. Patterson, and each of them separately, with power of substitution to each, to be your proxies. You are empowering them to vote your Putnam fund shares on your behalf at the meeting of the shareholders of the above-referenced fund. The meeting will take place on May 15, 2007 at 11:00 a.m. Boston time, and may be adjourned to later times or dates. </FONT><B><FONT face=sans-serif size=1>Your vote is being solicited on behalf of the Trustees. </FONT></B><FONT face=sans-serif size=1>When you complete and sign the proxy ballot, your proxies will vote exactly as you have indicated on the other side of this card. </FONT><B><FONT face=sans-serif size=1>If you simply sign the proxy ballot, or don</FONT></B><B><FONT face=serif size=1>&#146;</FONT></B><B><FONT face=sans-serif size=1>t vote on the specific proposal, your shares will be automatically voted as the Trustees recommend. </
FONT></B><FONT face=sans-serif size=1>Your proxies are also authorized to vote at their discretion on any other matter that arises at the meeting or any adjournment of the meeting.</FONT></P>
<P align=left>
<IMG src="ballotx1x2.jpg" border=0>
</P>
<P align=left><FONT face=sans-serif size=1>Sign your name exactly as it appears on this card. If you own shares jointly, <BR>
each owner should sign. When signing as executor, administrator, attorney, trustee,<BR>
guardian, or as custodian for a minor, please give your full title as such. If you are<BR>
signing for a corporation, please sign the full corporate name and indicate the<BR>
signer</FONT><FONT face=serif size=1>&#146;</FONT><FONT face=sans-serif size=1>s office. If you are a partner, sign in the partnership name.</FONT></P>
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<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="80%" colSpan=4><FONT face=sans-serif size=1>Please place an X in the appropriate box using black or blue ink or</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Proposal</FONT>&nbsp; </TD>
     <TD noWrap align=left width="60%" colSpan=3><FONT face=sans-serif size=1>number 2 pencil. Please do not use a fine point pen.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="100%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%" colSpan=2><FONT face=sans-serif size=2>If you do not mark the proposal, your shares will be voted as the Trustees recommend.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>THE TRUSTEES RECOMMEND A VOTE </FONT><B><U><FONT face=sans-serif size=2>FOR </FONT></U></B><FONT face=sans-serif size=2>THIS PROPOSAL</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=center width="20%"></TD>
     <TD noWrap align=center width="20%" background=""><FONT face=Arial size=2>FOR</FONT>&nbsp; </TD>
     <TD noWrap align=center width="20%"><FONT face=sans-serif size=2>AGAINST</FONT>&nbsp; </TD>
     <TD noWrap align=center width="20%"><FONT face=sans-serif size=2>ABSTAIN</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>1. Approving a new management contract for your fund.</FONT>&nbsp; </TD>
     <TD noWrap align=center width="20%"></TD>
     <TD noWrap align=center width="20%" background=""><FONT face=Arial>0</FONT>&nbsp; </TD>
     <TD noWrap align=center width="20%"><FONT face=sans-serif>0</FONT>&nbsp; </TD>
     <TD noWrap align=center width="20%"><FONT face=sans-serif>0</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>If you have any questions on the proposal, please call 1-866-905-2396.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;Please sign and date the other side of this card.</FONT></P>
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<A name="page_1"></A>
<IMG src="ballottwox1x1.jpg" border=0>
<BR>
<P align=left><B><I><FONT face=sans-serif size=7>e</FONT></I></B><B><I><FONT face=sans-serif size=5>z</FONT></I></B><B><I><FONT face=sans-serif size=6>V</FONT></I></B><B><I><FONT face=sans-serif size=5>ote</FONT></I></B><B><SUP><FONT face=sans-serif size=5>SM </FONT></SUP></B><FONT face=sans-serif size=4>Consolidated Proxy Ballot</FONT></P>
<P align=left><FONT face=sans-serif size=1>The top half of this form is your EzVote Consolidated Proxy. It reflects all of your accounts registered to the same Social Security or Tax I.D. number at this address. By voting and signing the Consolidated Proxy Ballot, you are voting all of these accounts in the same manner as indicated on the reverse side of the form.</FONT></P>
<P align=left><FONT face=sans-serif size=2>By signing below, you as a Putnam fund shareholder appoint Trustees John A. Hill and Robert E. Patterson, and each of them separately, with power of substitution to each, to be your proxies. You are empowering them to vote your Putnam fund shares on your behalf at a meeting of the shareholders of the Putnam funds. The meeting will take place on May 15, 2007 at 11:00 a.m. Boston time, and may be adjourned to later times or dates. </FONT><B><FONT face=sans-serif size=2>Your vote is being solicited on behalf of the Trustees. </FONT></B><FONT face=sans-serif size=2>When you complete and sign the proxy ballot, your proxies will vote exactly as you have indicated on the other side of this card. </FONT><B><FONT face=sans-serif size=2>If you simply sign the proxy ballot, or don</FONT></B><B><FONT face=serif size=2>&#146;</FONT></B><B><FONT face=sans-serif size=2>t vote on the specific proposal, your shares will be automatically voted as the Trustees recommend. </FONT></B><F
ONT face=sans-serif size=2>Your proxies are also authorized to vote at their discretion on any other matter that arises at the meeting or any adjournment of the meeting.</FONT></P>
<P align=left>
<IMG src="ballottwox1x2.jpg" border=0>
</P>
<P align=left><FONT face=sans-serif size=1>Sign your name exactly as it appears on this card. If you own shares jointly, each owner should sign. When signing as executor, administrator, attorney, trustee, guardian, or as custodian for a minor, please give your full title as such. If you are signing for a corporation, please sign the full corporate name and indicate the signer</FONT><FONT face=serif size=1>&#146;</FONT><FONT face=sans-serif size=1>s office. If you are a partner, sign in the partnership name.</FONT></P>
<P align=left><FONT face=sans-serif size=1>putnam 2007 EZ - dh</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>DETACH CONSOLIDATED PROXY BALLOT AT PERFORATION BELOW</FONT></B></P>
<P align=left><FONT face=sans-serif>Your vote is important. For your convenience, you can vote your proxy in any of these three ways:</FONT></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="1%"><FONT face=sans-serif size=5>1</FONT>&nbsp; </TD>
     <TD noWrap align=left width="31%">&nbsp; </TD>
     <TD noWrap align=left width="4%"><FONT face=sans-serif size=5>2</FONT>&nbsp; </TD>
     <TD noWrap align=left width="30%">&nbsp; </TD>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=5>3</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%" colSpan=2><FONT face=sans-serif size=2>TELEPHONE</FONT>&nbsp; </TD>
     <TD noWrap align=left width="34%" colSpan=2><FONT face=sans-serif size=2>INTERNET</FONT>&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=2><FONT face=sans-serif size=2>MAIL</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%" colSpan=2><FONT face=sans-serif size=2>Call us toll-free at</FONT>&nbsp; </TD>
     <TD noWrap align=left width="34%" colSpan=2><FONT face=sans-serif size=2>Go to</FONT>&nbsp; </TD>
     <TD noWrap align=left width="31%" colSpan=2><FONT face=sans-serif size=2>Mail in the proxy card.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%" colSpan=2><FONT face=sans-serif size=2>1-888-221-0697</FONT>&nbsp; </TD>
     <TD noWrap align=left width="34%" colSpan=2><FONT face=sans-serif size=2>http://www.proxyweb.com/Putnam</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>&#149;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=1>Please sign and date your proxy ballot.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="1%"><FONT face=sans-serif size=1>&#149;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>Follow the automated telephone direction.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="4%"><FONT face=sans-serif size=1>&#149;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="30%"><FONT face=sans-serif size=1>Follow the instructions on the site.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>&#149;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=1>Detach the ballot from this proxy form.</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="1%"><FONT face=sans-serif size=1>&#149;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>There is no need for you to return your</FONT>&nbsp; </TD>
     <TD noWrap align=left width="4%"><FONT face=sans-serif size=1>&#149;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="30%"><FONT face=sans-serif size=1>There is no need for you to return your</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%"><FONT face=sans-serif size=1>&#149;</FONT>&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=1>Return the ballot in the postage-paid</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="1%">&nbsp; </TD>
     <TD noWrap align=left width="31%"><FONT face=sans-serif size=1>proxy ballot.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="4%">&nbsp; </TD>
     <TD noWrap align=left width="30%"><FONT face=sans-serif size=1>proxy ballot.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="6%">&nbsp; </TD>
     <TD noWrap align=left width="25%"><FONT face=sans-serif size=1>envelope provided.</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=2>INDIVIDUAL PROXY BALLOTS</FONT></P>
<P align=left><FONT face=sans-serif size=1>On the reverse side of this form (and on accompanying pages, if necessary) you will find individual proxy ballots, one for each of your accounts. If you would wish to vote each of these accounts separately, sign in the signature box below, mark each individual ballot to indicate your vote, detach the form at the perforation above and return the individual proxy ballots portion only.</FONT></P>
<P align=left><FONT face=sans-serif size=1>N O T E : If you elect to vote each account separately,do not return the Consolidated Proxy Ballot above.</FONT></P>
<P align=left>
<IMG src="ballottwox1x3.jpg" border=0>
</P>
<P align=left><FONT face=sans-serif size=1>Sign your name exactly as it appears on this card. If you own shares jointly, each owner should sign. When signing as executor, administrator, attorney, trustee, guardian, or as custodian for a minor, please give your full title as such. If you are signing for a corporation, please sign the full corporate name and indicate the signer</FONT><FONT face=serif size=1>&#146;</FONT><FONT face=sans-serif size=1>s office. If you are a partner, sign in the partnership name.</FONT></P>
<P align=left><FONT face=sans-serif size=1>putnam 2007 IND - dh</FONT></P>
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<A name="page_2"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="80%" colSpan=4><FONT face=sans-serif size=1>Please place an X in the appropriate box using black or blue ink or</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>Proposal</FONT>&nbsp; </TD>
     <TD noWrap align=left width="60%" colSpan=3><FONT face=sans-serif size=1>number 2 pencil. Please do not use a fine point pen.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR>
     <TD width="100%" colSpan=5>
<HR noShade SIZE=1>
</TD></TR>
<TR>
     <TD width="100%" colSpan=5>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="40%" colSpan=2><FONT face=sans-serif size=2>If you do not mark the proposal, your shares will be voted as the Trustees recommend.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>THE TRUSTEES RECOMMEND A VOTE </FONT><B><U><FONT face=sans-serif size=2>FOR </FONT></U></B><FONT face=sans-serif size=2>THIS PROPOSAL</FONT>&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%" background=""></TD>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=left width="20%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%">&nbsp; </TD>
     <TD noWrap align=center width="20%">&nbsp;</TD>
     <TD noWrap align=center width="20%" background=""><FONT face=Arial size=2>FOR</FONT>&nbsp;</TD>
     <TD noWrap align=center width="20%"><FONT face=sans-serif size=2>AGAINST</FONT>&nbsp; </TD>
     <TD noWrap align=center width="20%"><FONT face=sans-serif size=2>ABSTAIN</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="20%"><FONT face=sans-serif size=2>1. Approving a new management contract for your fund.</FONT>&nbsp; </TD>
     <TD noWrap align=center width="20%"></TD>
     <TD noWrap align=center width="20%" background=""><FONT face=Arial>0</FONT>&nbsp; </TD>
     <TD noWrap align=center width="20%"><FONT face=sans-serif>0</FONT>&nbsp; </TD>
     <TD noWrap align=center width="20%"><FONT face=sans-serif>0</FONT>&nbsp; </TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=2>If you have any questions on the proposal, please call 1-866-905-2396.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="41%"><FONT face=sans-serif size=2>Please sign and date the other side of this card.</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>putnam 2007 EZ - dh</FONT></P>
<P align=left><B><FONT face=sans-serif size=1>DETACH CONSOLIDATED PROXY BALLOT AT PERFORATION BELOW</FONT></B></P>
<P align=left><B><FONT face=sans-serif size=1>INDIVIDUAL BALLOTS</FONT></B></P>
<P align=left><B><FONT face=sans-serif size=1>NOTE: IF YOU HAVE USED THE CONSOLIDATED BALLOT ABOVE, DO NOT VOTE THE INDIVIDUAL BALLOTS BELOW.</FONT></B></P>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="8%"><B><FONT face=sans-serif size=1>JOHN Q. PUBLIC</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="9%"><B><FONT face=sans-serif size=1>JOHN Q. PUBLIC</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="8%"><B><FONT face=sans-serif size=1>123 MAIN STREET</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="9%"><B><FONT face=sans-serif size=1>123 MAIN STREET</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="8%"><B><FONT face=sans-serif size=1>ANYTOWN, MA 02030</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="9%"><B><FONT face=sans-serif size=1>ANYTOWN, MA 02030</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=12>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="8%"><B><FONT face=sans-serif size=1>FUNDNAME PRINTS HERE</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="9%"><B><FONT face=sans-serif size=1>FUNDNAME PRINTS HERE</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=12>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=center width="8%" background=""></TD>
     <TD noWrap align=center width="8%"><B><FONT face=sans-serif size=1>FOR</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="9%"><B><FONT face=sans-serif size=1>AGAINST</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=sans-serif size=1>ABSTAIN</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="8%" background="">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=center width="8%" background=""></TD>
     <TD noWrap align=center width="8%"><B><FONT face=sans-serif size=1>FOR</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=sans-serif size=1>AGAINST</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="9%"><B><FONT face=sans-serif size=1>ABSTAIN</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>1. Approving a new management</FONT>&nbsp; </TD>
     <TD noWrap align=center width="8%" background=""></TD>
     <TD noWrap align=center width="8%"><FONT face=sans-serif size=2>0</FONT>&nbsp; </TD>
     <TD noWrap align=center width="9%"><FONT face=sans-serif size=2>0</FONT>&nbsp; </TD>
     <TD noWrap align=center width="8%"><FONT face=sans-serif size=2>0</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>1.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Approving a new management</FONT>&nbsp; </TD>
     <TD noWrap align=center width="8%" background=""></TD>
     <TD noWrap align=center width="8%"><FONT face=sans-serif size=2>0</FONT>&nbsp; </TD>
     <TD noWrap align=center width="8%"><FONT face=sans-serif size=2>0</FONT>&nbsp; </TD>
     <TD noWrap align=center width="9%"><FONT face=sans-serif size=2>0</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>contract for your fund.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>contract for your fund.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=12>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=12>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=12>&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=12>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="8%"><B><FONT face=sans-serif size=1>JOHN Q. PUBLIC</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="9%"><B><FONT face=sans-serif size=1>JOHN Q. PUBLIC</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="8%"><B><FONT face=sans-serif size=1>123 MAIN STREET</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="9%"><B><FONT face=sans-serif size=1>123 MAIN STREET</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="8%"><B><FONT face=sans-serif size=1>ANYTOWN, MA 02030</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="9%"><B><FONT face=sans-serif size=1>ANYTOWN, MA 02030</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=12>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="8%"><B><FONT face=sans-serif size=1>FUNDNAME PRINTS HERE</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="9%"><B><FONT face=sans-serif size=1>FUNDNAME PRINTS HERE</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR>
<TR>
     <TD width="99%" colSpan=12>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=center width="8%" background=""></TD>
     <TD noWrap align=center width="8%"><B><FONT face=sans-serif size=1>FOR</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="9%"><B><FONT face=sans-serif size=1>AGAINST</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=sans-serif size=1>ABSTAIN</FONT></B>&nbsp; </TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=center width="8%" background=""></TD>
     <TD noWrap align=center width="8%"><B><FONT face=sans-serif size=1>FOR</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="8%"><B><FONT face=sans-serif size=1>AGAINST</FONT></B>&nbsp; </TD>
     <TD noWrap align=center width="9%"><B><FONT face=sans-serif size=1>ABSTAIN</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>1. Approving a new management</FONT>&nbsp; </TD>
     <TD noWrap align=center width="8%" background=""></TD>
     <TD noWrap align=center width="8%"><FONT face=sans-serif size=2>0</FONT>&nbsp; </TD>
     <TD noWrap align=center width="9%"><FONT face=sans-serif size=2>0</FONT>&nbsp; </TD>
     <TD noWrap align=center width="8%"><FONT face=sans-serif size=2>0</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>1.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>Approving a new management</FONT>&nbsp; </TD>
     <TD noWrap align=center width="8%" background=""></TD>
     <TD noWrap align=center width="8%"><FONT face=sans-serif size=2>0</FONT>&nbsp; </TD>
     <TD noWrap align=center width="8%"><FONT face=sans-serif size=2>0</FONT>&nbsp; </TD>
     <TD noWrap align=center width="9%"><FONT face=sans-serif size=2>0</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="8%"><FONT face=sans-serif size=2>contract for your fund.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="9%"><FONT face=sans-serif size=2>contract for your fund.</FONT>&nbsp; </TD>
     <TD noWrap align=left width="8%" background=""></TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="8%">&nbsp; </TD>
     <TD noWrap align=left width="9%">&nbsp; </TD></TR></TABLE><BR>
<P align=left><FONT face=sans-serif size=1>putnam 2007 IND - dh</FONT></P>
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<A name="page_1"></A>
<P align=left><FONT face=serif size=2>March 14, 2007</FONT></P>
<P align=left><FONT face=serif size=2>Dear Putnam Fund Shareholder:</FONT></P>
<P align=left><FONT face=serif size=2>Please find enclosed proxy materials for a Special Meeting of Shareholders of your fund to be held on Tuesday, May 15, 2007. The proxy cards for your accounts are enclosed along with a copy of the Notice of a Special Meeting of Shareholders and Proxy Statement dated March 9, 2007.</FONT></P>
<P align=left><FONT face=serif size=2>You may cast your votes in one of two ways:</FONT></P>
<P align=left><FONT face=serif size=2>Option 1. If you wish to vote all of your accounts (registered to the same Social Security or Tax I.D. number at your address) in the same manner, you may simply indicate that vote below in this letter, sign it in the space provided and (a) return it in the enclosed postage paid envelope provided, or (b) fax it, toll-free to our proxy agent at 1-877-226-7171.</FONT></P>
<P align=left><FONT face=serif size=2>Option 2. If you wish to vote each account individually, mark your votes on each account&#146;s proxy card enclosed in this package, sign the cards and return the cards by using the enclosed postage paid envelope.</FONT></P>
<P align=left><FONT face=serif size=2>Your vote is important. Thank you for your prompt attention to this matter.</FONT></P>
<P align=left><B><FONT face=sans-serif size=2>Consolidated Proxy Ballot<BR>
</FONT></B><FONT face=sans-serif size=1>By voting and signing the Consolidated Proxy Ballot,<BR>
you are voting all of your accounts in the same manner.</FONT></P>
<P align=left><FONT face=sans-serif size=2>By signing below, you as a Putnam fund shareholder appoint Trustees John A. Hill and Robert E. Patterson, and each of them separately, with power of substitution to each, to be your proxies. You are empowering them to vote your Putnam fund shares on your behalf at a meeting of the shareholders of the Putnam funds. The meeting will take place on May 15, 2007 at 11:00 a.m. Boston time, and may be adjourned to later times or dates. </FONT><B><FONT face=sans-serif size=2>Your vote is being solicited on behalf of the Trustees. </FONT></B><FONT face=sans-serif size=2>When you complete and sign the proxy ballot, your proxies will vote exactly as you have indicated on the other side of this card. </FONT><B><FONT face=sans-serif size=2>If you simply sign the proxy ballot, or don</FONT></B><B><FONT face=serif size=2>&#146;</FONT></B><B><FONT face=sans-serif size=2>t vote on the specific proposal, your shares will be automatically voted as the Trustees recommend. </FONT></B><F
ONT face=sans-serif size=2>Your proxies are also authorized to vote at their discretion on any other matter that arises at the meeting or any adjournment of the meeting.</FONT></P>
<P align=left>
<IMG src="ballotthreex1x1.jpg" border=0>
</P>
<P align=left><FONT face=sans-serif size=1>Sign your name exactly as it appears on this card. If you own shares jointly, each owner should sign. When signing as executor, administrator, attorney, trustee, guardian, or as custodian for a minor, please give your full title as such. If you are signing for a corporation, please sign the full corporate name and indicate the signer</FONT><FONT face=serif size=1>&#146;</FONT><FONT face=sans-serif size=1>s office. If you are a partner, sign in the partnership name.</FONT></P>
<HR align=center width="100%" noShade SIZE=2>


<A name="page_2"></A>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%">&nbsp;</TD>
     <TD noWrap align=left width="16%">&nbsp;</TD>
     <TD noWrap align=left width="64%" colSpan=4><FONT face=sans-serif size=1>Please place an X in the appropriate box using black or blue ink</FONT>&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%" colSpan=2><FONT face=sans-serif size=2>Proposal</FONT>&nbsp;</TD>
     <TD noWrap align=left width="64%" colSpan=4><FONT face=sans-serif size=1>or number 2 pencil. Please do not use a fine point pen.</FONT>&nbsp;</TD></TR>
<TR>
     <TD width="96%" colSpan=6>
<HR noShade SIZE=1>
</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="48%" colSpan=3><FONT face=sans-serif size=2>If you do not mark the proposal, your shares will be voted as the Trustees recommend.</FONT>&nbsp;</TD>
     <TD noWrap align=left width="16%" background=""></TD>
     <TD noWrap align=left width="16%">&nbsp;</TD>
     <TD noWrap align=left width="16%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%" colSpan=2><FONT face=sans-serif size=2>THE TRUSTEES RECOMMEND A VOTE</FONT> <B><U><FONT face=sans-serif size=2>FOR</FONT></U></B> <FONT face=sans-serif size=2>THIS PROPOSAL</FONT>&nbsp;</TD>
     <TD noWrap align=left width="16%">&nbsp;</TD>
     <TD noWrap align=left width="16%" background=""></TD>
     <TD noWrap align=left width="16%">&nbsp;</TD>
     <TD noWrap align=left width="16%">&nbsp;</TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="16%">&nbsp;</TD>
     <TD noWrap align=left width="16%">&nbsp;</TD>
     <TD noWrap align=left width="16%"></TD>
     <TD noWrap align=center width="16%" background=""><FONT face=sans-serif size=2>FOR</FONT>&nbsp;</TD>
     <TD noWrap align=center width="16%"><FONT face=sans-serif size=2>AGAINST&nbsp;</FONT></TD>
     <TD noWrap align=center width="16%" background=""><FONT face=Arial size=2>A<FONT face=sans-serif size=2>BSTAIN&nbsp;&nbsp;</FONT></FONT></TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="32%" colSpan=2><FONT face=sans-serif size=2>1.</FONT>&nbsp; <FONT face=sans-serif size=2>Approving a new management contract for your fund.</FONT>&nbsp;</TD>
     <TD noWrap align=left width="16%"></TD>
     <TD noWrap align=center width="16%" background=""><FONT face=sans-serif>0</FONT>&nbsp;</TD>
     <TD noWrap align=center width="16%"><FONT face=sans-serif>0</FONT>&nbsp;</TD>
     <TD noWrap align=center width="16%"><FONT face=sans-serif>0</FONT>&nbsp;</TD></TR></TABLE><BR>
<TABLE cellSpacing=1 cellPadding=0 width="80%" border=0>
<TR vAlign=bottom>
     <TD noWrap align=left width="58%"><FONT face=sans-serif size=2>If you have any questions on the proposal, please call 1-866-905-2396.</FONT>&nbsp;</TD>
     <TD noWrap align=left width="41%"><FONT face=sans-serif size=2>Please sign and date this card in the space above.</FONT>&nbsp;</TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>




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