<SEC-DOCUMENT>0000928816-13-001933.txt : 20131220
<SEC-HEADER>0000928816-13-001933.hdr.sgml : 20131220
<ACCEPTANCE-DATETIME>20131220172235
ACCESSION NUMBER:		0000928816-13-001933
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		34
CONFORMED PERIOD OF REPORT:	20140227
FILED AS OF DATE:		20131220
DATE AS OF CHANGE:		20131220
EFFECTIVENESS DATE:		20131220

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM CONVERTIBLE SECURITIES FUND
		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:		131292495

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A 14
		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 CONVERTIBLE INCOME GROWTH TRUST
		DATE OF NAME CHANGE:	19920703

	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:			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:		131292489

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

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM GEORGE FUND OF BOSTON
		DATE OF NAME CHANGE:	19920703

FILER:

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

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-00781
		FILM NUMBER:		131292491

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

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

FILER:

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

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-00159
		FILM NUMBER:		131292477

	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 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:		131292493

	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 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:		131292496

	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 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:		131292458

	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 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:		131292460

	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 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:		131292482

	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 MINNESOTA TAX EXEMPT INCOME FUND/MA
		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:		131292472

	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 MINNESOTA TAX EXEMPT INCOME FUND II
		DATE OF NAME CHANGE:	19920703

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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM OHIO TAX EXEMPT INCOME FUND/MA
		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:		131292466

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		617-292-1000

	MAIL ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			021009

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

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

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:		131292461

	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 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:		131292457

	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 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:		131292494

	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 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:		131292476

	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 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:		131292468

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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM MULTI-CAP GROWTH 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:		131292470

	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 NEW OPPORTUNITIES FUND
		DATE OF NAME CHANGE:	19920703

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:		131292479

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

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

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

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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM 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:		131292498

	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 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:		131292469

	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 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:		131292463

	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 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:		131292488

	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 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:		131292467

	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 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:		131292453

	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 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:		131292473

	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 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:		131292465

	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 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:		131292474

	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 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:		131292459

	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 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:		131292456

	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 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:		131292486

	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 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:		131292497

	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 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:		131292480

	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 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:		131292471

	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 GLOBAL HEALTH CARE FUND
		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:		131292487

	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:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A 14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUTNAM HEALTH SCIENCES TRUST
		DATE OF NAME CHANGE:	19920703

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:		131292492

	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 GLOBAL UTILITIES 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:		131292484

	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 UTILITIES GROWTH & INCOME FUND
		DATE OF NAME CHANGE:	19920703

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:		131292490

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

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

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM TAX 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:		131292462

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

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:		131292483

	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 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:		131292478

	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 MASSACHUSETTS TAX EXEMPT INCOME FUND/MA/
		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:		131292475

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		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 MASSACHUSETTS TAX EXEMPT INCOME FUND II
		DATE OF NAME CHANGE:	19920703

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

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:		131292464

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

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:		131292485

	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 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:		131292481

	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
<SERIES-AND-CLASSES-CONTRACTS-DATA>
<EXISTING-SERIES-AND-CLASSES-CONTRACTS>
<SERIES>
<OWNER-CIK>0000081247
<SERIES-ID>S000005511
<SERIES-NAME>PUTNAM CONVERTIBLE SECURITIES FUND
<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>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000117973
<CLASS-CONTRACT-NAME>Class R5
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000117974
<CLASS-CONTRACT-NAME>Class R6
</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
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</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015269
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</CLASS-CONTRACT>
<CLASS-CONTRACT>
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</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000136855
<CLASS-CONTRACT-NAME>Class R6
</CLASS-CONTRACT>
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<CLASS-CONTRACT-NAME>Class A Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PGRWX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015487
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<CLASS-CONTRACT-TICKER-SYMBOL>PGIBX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015488
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</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
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</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015491
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<CLASS-CONTRACT-TICKER-SYMBOL>PGIYX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
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</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000118082
<CLASS-CONTRACT-NAME>Class R6
</CLASS-CONTRACT>
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<SERIES>
<OWNER-CIK>0000081264
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<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
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</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000016965
<CLASS-CONTRACT-NAME>Class M Shares
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</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>
<CLASS-CONTRACT>
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</CLASS-CONTRACT>
<CLASS-CONTRACT>
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<CLASS-CONTRACT-NAME>Class R6
</CLASS-CONTRACT>
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<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
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<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
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</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>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000118071
<CLASS-CONTRACT-NAME>Class R5
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000118072
<CLASS-CONTRACT-NAME>Class R6
</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>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000118076
<CLASS-CONTRACT-NAME>Class R5
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000118077
<CLASS-CONTRACT-NAME>Class R6
</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>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000060417
<CLASS-CONTRACT-NAME>CLASS Y
</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>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000118171
<CLASS-CONTRACT-NAME>Class R5
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000118172
<CLASS-CONTRACT-NAME>Class R6
</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 GLOBAL HEALTH CARE FUND
<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>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>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000060520
<CLASS-CONTRACT-NAME>CLASS Y
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000719712
<SERIES-ID>S000006345
<SERIES-NAME>PUTNAM NEW YORK TAX EXEMPT INCOME FUND
<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>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000060413
<CLASS-CONTRACT-NAME>CLASS Y
</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>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000118085
<CLASS-CONTRACT-NAME>Class R5
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000118086
<CLASS-CONTRACT-NAME>Class R6
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000771951
<SERIES-ID>S000003860
<SERIES-NAME>Putnam AMT-Free 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>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000060535
<CLASS-CONTRACT-NAME>CLASS Y
</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>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000060536
<CLASS-CONTRACT-NAME>CLASS Y
</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>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000049232
<CLASS-CONTRACT-NAME>Class C
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000049233
<CLASS-CONTRACT-NAME>Class R
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000792288
<SERIES-ID>S000006210
<SERIES-NAME>PUTNAM MASSACHUSETTS TAX EXEMPT INCOME FUND
<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>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000060571
<CLASS-CONTRACT-NAME>CLASS Y
</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>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000060570
<CLASS-CONTRACT-NAME>CLASS Y
</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>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000060573
<CLASS-CONTRACT-NAME>CLASS Y
</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>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000118067
<CLASS-CONTRACT-NAME>Class R5
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000118068
<CLASS-CONTRACT-NAME>Class R6
</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>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000060576
<CLASS-CONTRACT-NAME>CLASS Y
</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>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000060574
<CLASS-CONTRACT-NAME>CLASS Y
</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>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 Global Health Care 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 Value 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 Growth 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 Multi-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 Multi-Cap Growth 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>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 Global Utilities Fund
<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>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>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 Balanced Fund
<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>0000822671
<SERIES-ID>S000032103
<SERIES-NAME>Putnam VT Absolute Return 500 Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000099977
<CLASS-CONTRACT-NAME>Class IA
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000099978
<CLASS-CONTRACT-NAME>Class IB
</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>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000135950
<CLASS-CONTRACT-NAME>Class R5
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000135951
<CLASS-CONTRACT-NAME>Class R6
</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>
<CLASS-CONTRACT-ID>C000015250
<CLASS-CONTRACT-NAME>Class A Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PEUGX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000015251
<CLASS-CONTRACT-NAME>Class B Shares
<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>
</SERIES>
<SERIES>
<OWNER-CIK>0000857463
<SERIES-ID>S000006252
<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
<CLASS-CONTRACT-NAME>Class B Shares
<CLASS-CONTRACT-TICKER-SYMBOL>PNJBX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000039838
<CLASS-CONTRACT-NAME>Class C Shares
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000060575
<CLASS-CONTRACT-NAME>CLASS Y
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000865177
<SERIES-ID>S000006295
<SERIES-NAME>PUTNAM MULTI-CAP GROWTH 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 GLOBAL UTILITIES 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>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>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000118015
<CLASS-CONTRACT-NAME>Class R5
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000118016
<CLASS-CONTRACT-NAME>Class R6
</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>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000060572
<CLASS-CONTRACT-NAME>CLASS Y
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000914209
<SERIES-ID>S000000778
<SERIES-NAME>Putnam Dynamic Asset Allocation Balanced Fund
<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>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000117945
<CLASS-CONTRACT-NAME>Class R5
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000117946
<CLASS-CONTRACT-NAME>Class R6
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000914209
<SERIES-ID>S000000779
<SERIES-NAME>Putnam Dynamic Asset Allocation Conservative Fund
<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>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000117947
<CLASS-CONTRACT-NAME>Class R5
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000117948
<CLASS-CONTRACT-NAME>Class R6
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000914209
<SERIES-ID>S000000780
<SERIES-NAME>Putnam Dynamic Asset Allocation Growth Fund
<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>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000117949
<CLASS-CONTRACT-NAME>Class R5
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000117950
<CLASS-CONTRACT-NAME>Class R6
</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>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000118091
<CLASS-CONTRACT-NAME>Class R5
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000118092
<CLASS-CONTRACT-NAME>Class R6
</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>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000118093
<CLASS-CONTRACT-NAME>Class R5
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000118094
<CLASS-CONTRACT-NAME>Class R6
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000932101
<SERIES-ID>S000003849
<SERIES-NAME>Putnam International Growth 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 Multi-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>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>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000049250
<CLASS-CONTRACT-NAME>CLASS R
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000135940
<CLASS-CONTRACT-NAME>Class R5
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000135941
<CLASS-CONTRACT-NAME>Class R6
</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 Retirement Income Fund Lifestyle 3
<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 Value 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>PIIRX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000136805
<CLASS-CONTRACT-NAME>Class R5
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000136806
<CLASS-CONTRACT-NAME>Class R6
</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>0001005942
<SERIES-ID>S000018606
<SERIES-NAME>PUTNAM MONEY MARKET LIQUIDITY FUND
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000051613
<CLASS-CONTRACT-NAME>CLASS P
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001005942
<SERIES-ID>S000023000
<SERIES-NAME>PUTNAM EMERGING MARKETS EQUITY FUND
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000066853
<CLASS-CONTRACT-NAME>CLASS A
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000066854
<CLASS-CONTRACT-NAME>CLASS B
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000066855
<CLASS-CONTRACT-NAME>CLASS C
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000066856
<CLASS-CONTRACT-NAME>CLASS M
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000066857
<CLASS-CONTRACT-NAME>CLASS R
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000066858
<CLASS-CONTRACT-NAME>CLASS Y
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001005942
<SERIES-ID>S000023452
<SERIES-NAME>PUTNAM ABSOLUTE RETURN 500 FUND
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000068886
<CLASS-CONTRACT-NAME>CLASS A
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000068887
<CLASS-CONTRACT-NAME>CLASS B
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000068888
<CLASS-CONTRACT-NAME>CLASS C
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000068889
<CLASS-CONTRACT-NAME>CLASS M
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000068890
<CLASS-CONTRACT-NAME>CLASS R
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000068891
<CLASS-CONTRACT-NAME>CLASS Y
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000118001
<CLASS-CONTRACT-NAME>Class R5
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000118002
<CLASS-CONTRACT-NAME>Class R6
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001005942
<SERIES-ID>S000024243
<SERIES-NAME>Putnam Global Consumer Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000071511
<CLASS-CONTRACT-NAME>Class A
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000071512
<CLASS-CONTRACT-NAME>Class B
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000071513
<CLASS-CONTRACT-NAME>Class C
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000071514
<CLASS-CONTRACT-NAME>Class M
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000071515
<CLASS-CONTRACT-NAME>Class R
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000071516
<CLASS-CONTRACT-NAME>Class Y
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001005942
<SERIES-ID>S000024244
<SERIES-NAME>Putnam Global Energy Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000071517
<CLASS-CONTRACT-NAME>Class M
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000071518
<CLASS-CONTRACT-NAME>Class R
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000071519
<CLASS-CONTRACT-NAME>Class Y
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000071520
<CLASS-CONTRACT-NAME>Class A
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000071521
<CLASS-CONTRACT-NAME>Class B
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000071522
<CLASS-CONTRACT-NAME>Class C
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001005942
<SERIES-ID>S000024245
<SERIES-NAME>Putnam Global Financial Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000071523
<CLASS-CONTRACT-NAME>Class A
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000071524
<CLASS-CONTRACT-NAME>Class B
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000071525
<CLASS-CONTRACT-NAME>Class C
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000071526
<CLASS-CONTRACT-NAME>Class M
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000071527
<CLASS-CONTRACT-NAME>Class R
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000071528
<CLASS-CONTRACT-NAME>Class Y
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001005942
<SERIES-ID>S000024246
<SERIES-NAME>Putnam Global Industrial Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000071529
<CLASS-CONTRACT-NAME>Class A
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000071530
<CLASS-CONTRACT-NAME>Class B
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000071531
<CLASS-CONTRACT-NAME>Class C
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000071532
<CLASS-CONTRACT-NAME>Class M
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000071533
<CLASS-CONTRACT-NAME>Class R
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000071534
<CLASS-CONTRACT-NAME>Class Y
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001005942
<SERIES-ID>S000024247
<SERIES-NAME>Putnam Global Technology Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000071535
<CLASS-CONTRACT-NAME>Class A
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000071536
<CLASS-CONTRACT-NAME>Class B
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000071537
<CLASS-CONTRACT-NAME>Class C
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000071538
<CLASS-CONTRACT-NAME>Class M
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000071539
<CLASS-CONTRACT-NAME>Class R
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000071540
<CLASS-CONTRACT-NAME>Class Y
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001005942
<SERIES-ID>S000024248
<SERIES-NAME>Putnam Global Telecommunication Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000071541
<CLASS-CONTRACT-NAME>Class A
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000071542
<CLASS-CONTRACT-NAME>Class B
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000071543
<CLASS-CONTRACT-NAME>Class C
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000071544
<CLASS-CONTRACT-NAME>Class M
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000071545
<CLASS-CONTRACT-NAME>Class R
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000071546
<CLASS-CONTRACT-NAME>Class Y
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0001005942
<SERIES-ID>S000024274
<SERIES-NAME>Putnam Absolute Return 100 Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000071705
<CLASS-CONTRACT-NAME>Class A
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000071706
<CLASS-CONTRACT-NAME>Class B
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000071707
<CLASS-CONTRACT-NAME>Class C
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000071708
<CLASS-CONTRACT-NAME>Class M
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000071709
<CLASS-CONTRACT-NAME>Class R
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<CLASS-CONTRACT>
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<CLASS-CONTRACT>
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</CLASS-CONTRACT>
<CLASS-CONTRACT>
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<CLASS-CONTRACT>
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<CLASS-CONTRACT>
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</CLASS-CONTRACT>
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</CLASS-CONTRACT>
<CLASS-CONTRACT>
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</CLASS-CONTRACT>
<CLASS-CONTRACT>
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</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>S000030470
<SERIES-NAME>RetirementReady 2055
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000093618
<CLASS-CONTRACT-NAME>Class A
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000093619
<CLASS-CONTRACT-NAME>Class B
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000093620
<CLASS-CONTRACT-NAME>Class C
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000093621
<CLASS-CONTRACT-NAME>Class M
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000093622
<CLASS-CONTRACT-NAME>Class R
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000093623
<CLASS-CONTRACT-NAME>Class Y
</CLASS-CONTRACT>
</SERIES>
</EXISTING-SERIES-AND-CLASSES-CONTRACTS>
</SERIES-AND-CLASSES-CONTRACTS-DATA>
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>a_cwproxydef14a.htm
<DESCRIPTION>COMPLEXWIDE PROXY
<TEXT>

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   <TD align=center><FONT size=3 face=serif>UNITED STATES</FONT></TD></TR>

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   <TD noWrap align=center><FONT size=3 face=serif>SECURITIES AND EXCHANGE COMMISSION</FONT>&nbsp;</TD></TR>

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   <TD align=center><FONT size=3 face=serif>WASHINGTON, DC 20549</FONT></TD></TR>

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   <TD align=center><FONT size=3 face=serif>&nbsp;</FONT></TD></TR>

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   <TD align=center><FONT size=3 face=serif>SCHEDULE 14A</FONT></TD></TR>

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   <TD align=center><FONT size=3 face=serif>(RULE 14A-101)</FONT></TD></TR>

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   <TD align=center><FONT size=3 face=serif>&nbsp;</FONT></TD></TR>

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   <TD noWrap align=center><FONT size=3 face=serif>INFORMATION REQUIRED IN PROXY STATEMENT</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=center><FONT size=3 face=serif>&nbsp;</FONT></TD></TR>

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   <TD align=center><FONT size=3 face=serif>SCHEDULE 14A INFORMATION</FONT></TD></TR>

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   <TD align=center><FONT size=3 face=serif>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=center><FONT size=3 face=serif>Proxy Statement Pursuant to Section 14(a)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=center><FONT size=3 face=serif>of the Securities Exchange Act of 1934</FONT></TD></TR>

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   <TD align=center><FONT size=3 face=serif>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=center><FONT size=3 face=serif>Filed by the Registrant / X /</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=center><FONT size=3 face=serif>&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=center><FONT size=3 face=serif>Filed by a Party other than the Registrant /&nbsp;&nbsp;&nbsp;&nbsp;/</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><B><FONT size=3 face=serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0px"><B><FONT size=3 face=serif>Check the appropriate box:</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>/&nbsp;&nbsp;&nbsp;&nbsp;/ Preliminary Proxy Statement.</FONT><BR><FONT size=3 face=serif>/&nbsp;&nbsp;&nbsp;&nbsp;/ Confidential, for use of the Commission Only (as permitted by Rule 14a-6(e) (2)).</FONT><BR><FONT size=3 face=serif>/ X / Definitive Proxy Statement.</FONT><BR><FONT size=3 face=serif>/&nbsp;&nbsp;&nbsp; / Definitive Additional Materials.</FONT><BR><FONT size=3 face=serif>/&nbsp;&nbsp;&nbsp; / Soliciting Material under &#167; 240.14a-12.</FONT></P>

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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD align=center><B><FONT size=3 face=serif>PUTNAM AMERICAN GOVERNMENT INCOME FUND</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=center><B><FONT size=3 face=serif>PUTNAM ARIZONA TAX EXEMPT INCOME FUND</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=center><B><FONT size=3 face=serif>PUTNAM ASSET ALLOCATION FUNDS</FONT></B></TD></TR>

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   <TD align=center><B><FONT size=3 face=serif>PUTNAM CALIFORNIA TAX EXEMPT INCOME FUND</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=center><B><FONT size=3 face=serif>PUTNAM CONVERTIBLE SECURITIES FUND</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=center><B><FONT size=3 face=serif>PUTNAM DIVERSIFIED INCOME TRUST</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=center><B><FONT size=3 face=serif>PUTNAM EQUITY INCOME FUND</FONT></B></TD></TR>

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   <TD align=center><B><FONT size=3 face=serif>PUTNAM EUROPE EQUITY FUND</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=center><B><FONT size=3 face=serif>THE PUTNAM FUND FOR GROWTH AND INCOME</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=center><B><FONT size=3 face=serif>PUTNAM FUNDS TRUST</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=center><B><FONT size=3 face=serif>THE GEORGE PUTNAM FUND OF BOSTON (d/b/a GEORGE PUTNAM BALANCED</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=center><B><FONT size=3 face=serif>FUND)</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=center><B><FONT size=3 face=serif>PUTNAM GLOBAL EQUITY FUND</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=center><B><FONT size=3 face=serif>PUTNAM GLOBAL HEALTH CARE FUND</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=center><B><FONT size=3 face=serif>PUTNAM GLOBAL INCOME TRUST</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=center><B><FONT size=3 face=serif>PUTNAM GLOBAL NATURAL RESOURCES FUND</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=center><B><FONT size=3 face=serif>PUTNAM GLOBAL UTILITIES FUND</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=center><B><FONT size=3 face=serif>PUTNAM HIGH INCOME SECURITIES FUND</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=center><B><FONT size=3 face=serif>PUTNAM HIGH YIELD ADVANTAGE FUND</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=center><B><FONT size=3 face=serif>PUTNAM HIGH YIELD TRUST</FONT></B></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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   <TD align=center><B><FONT size=3 face=serif>PUTNAM INCOME FUND</FONT></B></TD></TR>

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   <TD align=center><B><FONT size=3 face=serif>PUTNAM INTERNATIONAL EQUITY FUND</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=center><B><FONT size=3 face=serif>PUTNAM INVESTMENT FUNDS</FONT></B></TD></TR>

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   <TD align=center><B><FONT size=3 face=serif>PUTNAM INVESTORS FUND</FONT></B></TD></TR>

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   <TD noWrap align=center><B><FONT size=3 face=serif>PUTNAM MANAGED MUNICIPAL INCOME TRUST</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=center><B><FONT size=3 face=serif>PUTNAM MASSACHUSETTS TAX EXEMPT INCOME FUND</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=center><B><FONT size=3 face=serif>PUTNAM MASTER INTERMEDIATE INCOME TRUST</FONT></B>&nbsp;</TD></TR>

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   <TD noWrap align=center><B><FONT size=3 face=serif>PUTNAM MUNICIPAL OPPORTUNITIES TRUST</FONT></B>&nbsp;</TD></TR>

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   <TD noWrap align=center><B><FONT size=3 face=serif>PUTNAM MICHIGAN TAX EXEMPT INCOME FUND</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=center><B><FONT size=3 face=serif>PUTNAM MINNESOTA TAX EXEMPT INCOME FUND</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=center><B><FONT size=3 face=serif>PUTNAM MONEY MARKET FUND</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=center><B><FONT size=3 face=serif>PUTNAM MULTI-CAP GROWTH FUND</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=center><B><FONT size=3 face=serif>PUTNAM MUNICIPAL OPPORTUNITIES TRUST</FONT></B>&nbsp;</TD></TR>

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   <TD noWrap align=center><B><FONT size=3 face=serif>PUTNAM NEW JERSEY TAX EXEMPT INCOME FUND</FONT></B>&nbsp;</TD></TR>

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   <TD noWrap align=center><B><FONT size=3 face=serif>PUTNAM NEW YORK TAX EXEMPT INCOME FUND</FONT></B>&nbsp;</TD></TR>

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   <TD align=center><B><FONT size=3 face=serif>PUTNAM OHIO TAX EXEMPT INCOME FUND</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=center><B><FONT size=3 face=serif>PUTNAM PENNSYLVANIA TAX EXEMPT INCOME FUND</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=center><B><FONT size=3 face=serif>PUTNAM PREMIER INCOME TRUST</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=center><B><FONT size=3 face=serif>PUTNAM RETIREMENTREADY FUNDS</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=center><B><FONT size=3 face=serif>PUTNAM TAX EXEMPT INCOME FUND</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=center><B><FONT size=3 face=serif>PUTNAM TAX EXEMPT MONEY MARKET FUND</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=center><B><FONT size=3 face=serif>PUTNAM TAX-FREE INCOME TRUST</FONT></B></TD></TR>

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   <TD align=center><B><FONT size=3 face=serif>PUTNAM U.S. GOVERNMENT INCOME TRUST</FONT></B></TD></TR>

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   <TD align=center><B><FONT size=3 face=serif>PUTNAM VARIABLE TRUST</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=center><B><FONT size=3 face=serif>PUTNAM VOYAGER FUND</FONT></B></TD></TR>

<TR>

   <TD>&nbsp;</TD></TR>

<TR>

   <TD>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=center><FONT size=3 face=serif>(Name of Registrant as Specified in its Charter)</FONT></TD></TR>

<TR>

   <TD>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD align=center><FONT size=3 face=serif>(Name of Person(s) Filing Proxy Statement,</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=center><FONT size=3 face=serif>if Other Than the Registrant)</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P style="TEXT-ALIGN: left"><B><FONT size=3 face=serif>Payment of Filing Fee (Check the appropriate box):</FONT></B><BR><BR><FONT size=3 face=serif>/ X / No fee required.</FONT><BR><BR><FONT size=3 face=serif>/&nbsp;&nbsp;&nbsp; / Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</FONT><BR><FONT size=3 face=serif>(1) Title of each class of securities to which transaction applies:</FONT><BR><FONT size=3 face=serif>(2) Aggregate number of securities to which transaction applies:</FONT><BR><FONT size=3 face=serif>(3) Per unit price or other underlying value of transaction computed pursuant to Exchange </FONT><FONT size=3 face=serif>Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how </FONT><FONT size=3 face=serif>it was determined):</FONT><BR><FONT size=3 face=serif>(4) Proposed maximum aggregate value of transaction:</FONT><BR><FONT size=3 face=serif>(5) Total fee paid:</FONT></P></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=3 face=serif>/&nbsp;&nbsp;&nbsp;&nbsp;/ Fee paid previously with preliminary materials.</FONT><BR><BR><FONT size=3 face=serif>/&nbsp;&nbsp;&nbsp;&nbsp;/ Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and </FONT><FONT size=3 face=serif>identify the filing for which the offsetting fee was paid previously. Identify the previous </FONT><FONT size=3 face=serif>filing by registration statement number, or the Form or Schedule and the date of its filing.</FONT><BR><FONT size=3 face=serif>(1) Amount Previously Paid:</FONT><BR><FONT size=3 face=serif>(2) Form, Schedule or Registration Statement No.:</FONT><BR><FONT size=3 face=serif>(3) Filing Party:</FONT><BR><FONT size=3 face=serif>(4) Date Filed:</FONT></P></DIV>

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<P style="text-align: left;">
<B><FONT size=6 face="sans-serif">A message from Putnam Investments and the Trustees of the Putnam funds</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">A few minutes of your time now can help save time and expenses later.</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="sans-serif">Dear Fellow Shareholder:</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">We are asking for your vote on important matters affecting your investment in the Putnam funds. The Putnam funds will hold a special shareholder meeting on February 27, 2014 in Boston, Massachusetts. We are asking you &#151; and all shareholders &#151; to consider and vote on the important matters described below.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">You may conveniently vote by:</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">&#149; </FONT><B><FONT size=2 face="sans-serif">Visiting </FONT></B><FONT size=2 face="sans-serif">the website listed on the proxy card.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">&#149; </FONT><B><FONT size=2 face="sans-serif">Calling </FONT></B><FONT size=2 face="sans-serif">by telephone, using the toll-free number listed on the proxy card.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">&#149; </FONT><B><FONT size=2 face="sans-serif">Mailing </FONT></B><FONT size=2 face="sans-serif">the enclosed proxy card &#151; be sure to sign, date, and return the card in the enclosed postage-paid envelope.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">Of course, you are also welcome to attend the special shareholder meeting on February 27, 2014 and vote your shares in person.</FONT></P>
<P style="text-align: left;">
<B><FONT size=3 face="sans-serif">The Trustees of the Putnam funds unanimously recommend that you vote &#147;FOR&#148; all proposals described below.</FONT></B></P>
<P style="text-align: left;">
<B><FONT size=2 face="sans-serif">1. Approving new management contracts. </FONT></B><FONT size=2 face="sans-serif">Shareholders of all Putnam funds, including your fund, are being asked to approve a new management contract with Putnam Investment Management, LLC (&#147;Putnam Management&#148;), your fund&#146;s investment adviser. The proposed new management contract is identical (except for its effective date and initial term and certain non-substantive changes) to your fund&#146;s current management contract with Putnam Management.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">On October 8, 2013, The Honourable Paul G. Desmarais, who was the controlling shareholder of Power Corporation of Canada, Putnam Management&#146;s ultimate parent company, passed away. Upon his death, voting control of the shares of Power Corporation of Canada that Mr. Desmarais controlled was transferred to a family trust. (See pages 4 to 5 for further details.) The transfer of voting control of these shares may have constituted an &#147;assignment&#148; of the management contract between Putnam Management and your fund, resulting in its automatic termination as required by law. The transfer of voting control will not have any practical impact on the operations of Putnam Management or your fund. You are being asked to approve a new management contract for your fund to ensure that Putnam Management is able to continue to manage your fund.</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="sans-serif">2. Electing Trustees. </FONT></B><FONT size=2 face="sans-serif">Shareholders of all open-end Putnam funds are being asked to elect Trustees at the upcoming special meeting. (Shareholders of the closed-end Putnam funds will be asked to elect Trustees at their 2014 annual meeting, expected to be held in April 2014.) Although Trustees do not manage fund portfolios, they play an important role in protecting shareholders. Trustees are responsible for approving the fees paid to your fund&#146;s investment adviser and its affiliates, reviewing overall fund expenses, selecting the fund&#146;s auditors, monitoring conflicts of interest, overseeing the fund&#146;s compliance with federal securities laws, and voting proxies for the fund&#146;s portfolio securities. All but one of your fund&#146;s Trustees currently are independent of the fund and Putnam Management.</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="sans-serif">3. Approving an Amended and Restated Declaration of Trust. </FONT></B><FONT size=2 face="sans-serif">Shareholders of all open-end Putnam funds are being asked to authorize the Trustees to adopt a single form of Amended and Restated Declaration of Trust for each Trust. The open-end Putnam funds operate under thirty-eight distinct</FONT></P>
</DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>declarations of trust, which were created at different times in the past and differ from each other in several ways. The Amended and Restated Declaration of Trust will benefit the affected funds by harmonizing the terms of these governing documents, eliminating the inefficiencies inherent in operating under a variety of declarations of trust, allowing increased flexibility in the operation of your fund, modernizing and streamlining governance provisions, reducing the risks and costs of potential litigation and eliminating certain ambiguities and inconsistencies.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>4. Other Matters. </FONT></B><FONT size=2 face=sans-serif>Shareholders of three funds are being asked to approve changes to certain investment policies designed to conform their operations with those of other Putnam funds.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Detailed information regarding these proposals may be found in the enclosed proxy statement.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=3 face=sans-serif>Please vote today</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>We encourage you to sign and return your proxy card today or, alternatively, to vote online or by telephone using the voting control number that appears on your proxy card. Delaying your vote will increase fund expenses if further mailings are required. Your shares will be voted on your behalf exactly as you have instructed. </FONT><B><FONT size=2 face=sans-serif>If you sign the proxy card without specifying your vote, your shares will be voted in accordance with the Trustees&#8217; recommendations.</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Your vote is extremely important. If you have questions, please call toll-free 1-866-963-5821 or contact your financial advisor.</FONT></P>

<P align=left>
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<P style="text-align: left;">
<B><FONT size=6 face="sans-serif">A message from Putnam Investments and the Trustees of the Putnam funds</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">A few minutes of your time now can help save time and expenses later.</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="sans-serif">Dear Fellow Shareholder:</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">We are asking for your vote on important matters affecting your investment in the Putnam funds. The Putnam funds will hold a special shareholder meeting on February 27, 2014 in Boston, Massachusetts. We are asking you &#151; and all shareholders &#151; to consider and vote on the important matters described below.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">You may conveniently vote by:</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">&#149; </FONT><B><FONT size=2 face="sans-serif">Visiting </FONT></B><FONT size=2 face="sans-serif">the website listed on the proxy card.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">&#149; </FONT><B><FONT size=2 face="sans-serif">Calling </FONT></B><FONT size=2 face="sans-serif">by telephone, using the toll-free number listed on the proxy card.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">&#149; </FONT><B><FONT size=2 face="sans-serif">Mailing </FONT></B><FONT size=2 face="sans-serif">the enclosed proxy card &#151; be sure to sign, date, and return the card in the enclosed postage-paid envelope.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">Of course, you are also welcome to attend the special shareholder meeting on February 27, 2014 and vote your shares in person.</FONT></P>
<P style="text-align: left;">
<B><FONT size=3 face="sans-serif">The Trustees of the Putnam funds unanimously recommend that you vote &#147;FOR&#148; all proposals described below.</FONT></B></P>
<P style="text-align: left;">
<B><FONT size=2 face="sans-serif">1. Approving new management contracts. </FONT></B><FONT size=2 face="sans-serif">Shareholders of all Putnam funds, including your fund, are being asked to approve a new management contract with Putnam Investment Management, LLC (&#147;Putnam Management&#148;), your fund&#146;s investment adviser. The proposed new management contract is identical (except for its effective date and initial term and certain non-substantive changes) to your fund&#146;s current management contract with Putnam Management.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">On October 8, 2013, The Honourable Paul G. Desmarais, who was the controlling shareholder of Power Corporation of Canada, Putnam Management&#146;s ultimate parent company, passed away. Upon his death, voting control of the shares of Power Corporation of Canada that Mr. Desmarais controlled was transferred to a family trust. (See pages 4 to 5 for further details.) The transfer of voting control of these shares may have constituted an &#147;assignment&#148; of the management contract between Putnam Management and your fund, resulting in its automatic termination as required by law. The transfer of voting control will not have any practical impact on the operations of Putnam Management or your fund. You are being asked to approve a new management contract for your fund to ensure that Putnam Management is able to continue to manage your fund.</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="sans-serif">2. Electing Trustees. </FONT></B><FONT size=2 face="sans-serif">Shareholders of all open-end Putnam funds are being asked to elect Trustees at the upcoming special meeting. (Shareholders of the closed-end Putnam funds will be asked to elect Trustees at their 2014 annual meeting, expected to be held in April 2014.) Although Trustees do not manage fund portfolios, they play an important role in protecting shareholders. Trustees are responsible for approving the fees paid to your fund&#146;s investment adviser and its affiliates, reviewing overall fund expenses, selecting the fund&#146;s auditors, monitoring conflicts of interest, overseeing the fund&#146;s compliance with federal securities laws, and voting proxies for the fund&#146;s portfolio securities. All but one of your fund&#146;s Trustees currently are independent of the fund and Putnam Management.</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="sans-serif">3. Approving an Amended and Restated Declaration of Trust. </FONT></B><FONT size=2 face="sans-serif">Shareholders of all open-end Putnam funds are being asked to authorize the Trustees to adopt a single form of Amended and Restated Declaration of Trust for each Trust. The open-end Putnam funds operate under thirty-eight distinct</FONT></P>
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<FONT size=2 face="sans-serif">declarations of trust, which were created at different times in the past and differ from each other in several ways. The Amended and Restated Declaration of Trust will benefit the affected funds by harmonizing the terms of these governing documents, eliminating the inefficiencies inherent in operating under a variety of declarations of trust, allowing increased flexibility in the operation of your fund, modernizing and streamlining governance provisions, reducing the risks and costs of potential litigation and eliminating certain ambiguities and inconsistencies.</FONT></P>
<P style="text-align: left;">
<B><FONT size=2 face="sans-serif">4. Other Matters. </FONT></B><FONT size=2 face="sans-serif">Shareholders of three funds are being asked to approve changes to certain investment policies designed to conform their operations with those of other Putnam funds.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">Detailed information regarding these proposals may be found in the enclosed proxy statement.</FONT></P>
<P style="text-align: left;">
<B><FONT size=3 face="sans-serif">Please vote today</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">We encourage you to sign and return your proxy card today or, alternatively, to vote online or by telephone using the voting control number that appears on your proxy card. Delaying your vote will increase fund expenses if further mailings are required. Your shares will be voted on your behalf exactly as you have instructed. </FONT><B><FONT size=2 face="sans-serif">If you sign the proxy card without specifying your vote, your shares will be voted in accordance with the Trustees&#146; recommendations.</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="sans-serif">Your vote is extremely important. If you have questions, please call toll-free 1-866-963-5821 or contact your financial advisor.</FONT></P>
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   <TD noWrap align=left><FONT size=1 face=sans-serif>Putnam Investments</FONT>&nbsp;</TD>

   <TD noWrap align=left>&nbsp;</TD></TR>

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   <TD noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

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   <TD noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109</FONT>&nbsp;</TD>

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   <TD noWrap align=left><FONT size=1 face=sans-serif>Putnam Investor Services</FONT>&nbsp;</TD>

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   <TD noWrap align=left><FONT size=1 face=sans-serif>P.O. Box 8383</FONT>&nbsp;</TD>

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   <TD noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02266-8383</FONT>&nbsp;</TD>

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   <TD noWrap align=left><FONT size=1 face=sans-serif>putnam.com</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>284999 11/13</FONT>&nbsp;</TD></TR></TABLE></DIV>

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   <TD noWrap align=left><B><FONT size=2 face=sans-serif>Notice of a Special Meeting of Shareholders</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=2 face=sans-serif>1</FONT></B>&nbsp;</TD></TR>

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</TD></TR>

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   <TD noWrap align=left><B><FONT size=2 face=sans-serif>Trustees&#8217; Recommendations</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=2 face=sans-serif>3</FONT></B>&nbsp;</TD></TR>

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   <TD noWrap align=left><B><FONT size=2 face=sans-serif>The Proposals</FONT></B>&nbsp;</TD>

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   <TD noWrap align=left><B><FONT size=2 face=sans-serif>1. APPROVING A NEW MANAGEMENT CONTRACT</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=2 face=sans-serif>3</FONT></B>&nbsp;</TD></TR>

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   <TD noWrap align=left><B><FONT size=2 face=sans-serif>2. ELECTING TRUSTEES</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=2 face=sans-serif>10</FONT></B>&nbsp;</TD></TR>

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   <TD noWrap align=left><B><FONT size=2 face=sans-serif>3. APPROVING AN AMENDED AND</FONT></B>&nbsp;</TD>

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   <TD noWrap align=left><B><FONT size=2 face=sans-serif>RESTATED DECLARATION OF TRUST</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=2 face=sans-serif>18</FONT></B>&nbsp;</TD></TR>

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   <TD noWrap align=left><B><FONT size=2 face=sans-serif>4. APPROVING AN AMENDMENT TO A</FONT></B>&nbsp;</TD>

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   <TD noWrap align=left><B><FONT size=2 face=sans-serif>FUNDAMENTAL INVESTMENT</FONT></B>&nbsp;</TD>

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   <TD noWrap align=left><B><FONT size=2 face=sans-serif>RESTRICTION &#8212; COMMODITIES</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=2 face=sans-serif>23</FONT></B>&nbsp;</TD></TR>

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   <TD noWrap align=left><B><FONT size=2 face=sans-serif>5. APPROVING AN AMENDMENT TO A</FONT></B>&nbsp;</TD>

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   <TD noWrap align=left><B><FONT size=2 face=sans-serif>FUNDAMENTAL INVESTMENT POLICY &#8212;</FONT></B>&nbsp;</TD>

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   <TD noWrap align=left><B><FONT size=2 face=sans-serif>NON-DIVERSIFIED STATUS</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=2 face=sans-serif>24</FONT></B>&nbsp;</TD></TR>

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   <TD noWrap align=left><B><FONT size=2 face=sans-serif>Further Information About Voting and the</FONT></B>&nbsp;</TD>

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   <TD noWrap align=left><B><FONT size=2 face=sans-serif>Special Meeting</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=2 face=sans-serif>25</FONT></B>&nbsp;</TD></TR>

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   <TD noWrap align=left><B><FONT size=2 face=sans-serif>Fund Information</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=2 face=sans-serif>29</FONT></B>&nbsp;</TD></TR>

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   <TD noWrap align=left><B><FONT size=2 face=sans-serif>Appendix A &#8212; Number of Shares Outstanding</FONT></B>&nbsp;</TD>

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   <TD noWrap align=left><B><FONT size=2 face=sans-serif>as of the Record Date</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=2 face=sans-serif>A-1</FONT></B>&nbsp;</TD></TR>

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   <TD noWrap align=left><B><FONT size=2 face=sans-serif>Appendix B &#8212; Forms of Proposed</FONT></B>&nbsp;</TD>

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   <TD noWrap align=left><B><FONT size=2 face=sans-serif>Management Contract</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=2 face=sans-serif>B-1</FONT></B>&nbsp;</TD></TR>

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   <TD noWrap align=left><B><FONT size=2 face=sans-serif>Appendix C &#8212; Management Contracts:</FONT></B>&nbsp;</TD>

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   <TD noWrap align=left><B><FONT size=2 face=sans-serif>Dates and Approvals</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=2 face=sans-serif>C-1</FONT></B>&nbsp;</TD></TR>

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   <TD noWrap align=left><B><FONT size=2 face=sans-serif>Appendix D &#8212; Management Contract Fees and</FONT></B>&nbsp;</TD>

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   <TD noWrap align=left><B><FONT size=2 face=sans-serif>Information About Similar Funds Advised by</FONT></B>&nbsp;</TD>

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   <TD noWrap align=left><B><FONT size=2 face=sans-serif>Putnam Management</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=2 face=sans-serif>D-1</FONT></B>&nbsp;</TD></TR>

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   <TD noWrap align=left><B><FONT size=2 face=sans-serif>Appendix E &#8212; Current Sub-Management and</FONT></B>&nbsp;</TD>

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   <TD noWrap align=left><B><FONT size=2 face=sans-serif>Sub-Advisory Contracts</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=2 face=sans-serif>E-1</FONT></B>&nbsp;</TD></TR>

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   <TD noWrap align=left><B><FONT size=2 face=sans-serif>Appendix F &#8212; Description of Contract</FONT></B>&nbsp;</TD>

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   <TD noWrap align=left><B><FONT size=2 face=sans-serif>Approval Process</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=2 face=sans-serif>F-1</FONT></B>&nbsp;</TD></TR>

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   <TD noWrap align=left><B><FONT size=2 face=sans-serif>Appendix G &#8212; Auditors</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=2 face=sans-serif>G-1</FONT></B>&nbsp;</TD></TR>

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   <TD noWrap align=left><B><FONT size=2 face=sans-serif>Appendix H &#8212; Dollar Range and Number of Shares</FONT></B>&nbsp;</TD>

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   <TD noWrap align=left><B><FONT size=2 face=sans-serif>Beneficially Owned</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=2 face=sans-serif>H-1</FONT></B>&nbsp;</TD></TR>

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   <TD noWrap align=left><B><FONT size=2 face=sans-serif>Appendix I &#8212; Trustee Compensation Table</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=2 face=sans-serif>I-1</FONT></B>&nbsp;</TD></TR>

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   <TD noWrap align=left><B><FONT size=2 face=sans-serif>Appendix J &#8212; Payments to Putnam</FONT></B>&nbsp;</TD>

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   <TD noWrap align=left><B><FONT size=2 face=sans-serif>Management and its Affiliates</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=2 face=sans-serif>J-1</FONT></B>&nbsp;</TD></TR>

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   <TD noWrap align=left><B><FONT size=2 face=sans-serif>Appendix K &#8212; 5% Beneficial Ownership</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=2 face=sans-serif>K-1</FONT></B>&nbsp;</TD></TR>

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   <TD noWrap align=left><B><FONT size=2 face=sans-serif>Appendix L &#8212; Form of Amended and</FONT></B>&nbsp;</TD>

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   <TD noWrap align=left><B><FONT size=2 face=sans-serif>Restated Declaration of Trust</FONT></B>&nbsp;</TD>

   <TD noWrap align=right><B><FONT size=2 face=sans-serif>L-1</FONT></B>&nbsp;</TD></TR>

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<P style="MARGIN: 0px"><B><FONT size=2 face=sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0px"><B><FONT size=2 face=sans-serif>PROXY CARD(S) ENCLOSED</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>If you have any questions, please call toll-free 1-866-963-5821 or call your financial advisor.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Important Notice Regarding the Availability of Proxy Materials for the Special Shareholder Meeting to be Held on February 27, 2014.</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>The proxy statement is available at </FONT></B><B><U><FONT size=2 face=sans-serif>www.proxy-direct.com/put-25215</FONT></U></B><B><FONT size=2 face=sans-serif>.</FONT></B></P></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT size=4 face=sans-serif>Notice of a Special Meeting </FONT></B><B><FONT size=4 face=sans-serif>of Shareholders</FONT></B><BR><BR><FONT size=2 face=sans-serif>To the Shareholders of:</FONT><BR><BR><B><FONT size=2 face=sans-serif>PUTNAM AMERICAN GOVERNMENT INCOME FUND</FONT></B><BR><B><FONT size=2 face=sans-serif>PUTNAM ARIZONA TAX EXEMPT INCOME FUND</FONT></B><BR><B><FONT size=2 face=sans-serif>PUTNAM ASSET ALLOCATION FUNDS</FONT></B><BR><FONT size=2 face=sans-serif>PUTNAM DYNAMIC ASSET ALLOCATION</FONT><BR><FONT size=2 face=sans-serif>BALANCED FUND</FONT><BR><FONT size=2 face=sans-serif>PUTNAM DYNAMIC ASSET ALLOCATION</FONT><BR><FONT size=2 face=sans-serif>CONSERVATIVE FUND</FONT><BR><FONT size=2 face=sans-serif>PUTNAM DYNAMIC ASSET ALLOCATION GROWTH FUND</FONT><BR><B><FONT size=2 face=sans-serif>PUTNAM CALIFORNIA TAX EXEMPT INCOME FUND</FONT></B><BR><B><FONT size=2 face=sans-serif>PUTNAM CONVERTIBLE SECURITIES FUND</FONT></B><BR><B><FONT size=2 face=sans-serif>PUTNAM DIVERSIFIED INCOME TRUST</FONT></B><BR><B><FONT size=2 face=sans-serif>PUTNAM EQUITY INCOME FUND</FONT></B><BR><B><FONT size=2 face=sans-serif>PUTNAM EUROPE EQUITY FUND</FONT></B><BR><B><FONT size=2 face=sans-serif>THE PUTNAM FUND FOR GROWTH AND INCOME</FONT></B><BR><B><FONT size=2 face=sans-serif>PUTNAM FUNDS TRUST</FONT></B><BR><FONT size=2 face=sans-serif>PUTNAM ABSOLUTE RETURN 100 FUND</FONT><BR><FONT size=2 face=sans-serif>PUTNAM ABSOLUTE RETURN 300 FUND</FONT><BR><FONT size=2 face=sans-serif>PUTNAM ABSOLUTE RETURN 500 FUND</FONT><BR><FONT size=2 face=sans-serif>PUTNAM ABSOLUTE RETURN 700 FUND</FONT><BR><FONT size=2 face=sans-serif>PUTNAM ASIA PACIFIC EQUITY FUND</FONT><BR><FONT size=2 face=sans-serif>PUTNAM CAPITAL SPECTRUM FUND</FONT><BR><FONT size=2 face=sans-serif>PUTNAM DYNAMIC ASSET ALLOCATION EQUITY FUND</FONT><BR><FONT size=2 face=sans-serif>PUTNAM DYNAMIC RISK ALLOCATION FUND</FONT><BR><FONT size=2 face=sans-serif>PUTNAM EMERGING MARKETS EQUITY FUND</FONT><BR><FONT size=2 face=sans-serif>PUTNAM EMERGING MARKETS INCOME FUND</FONT><BR><FONT size=2 face=sans-serif>PUTNAM EQUITY SPECTRUM FUND</FONT><BR><FONT size=2 face=sans-serif>PUTNAM FLOATING RATE INCOME FUND</FONT><BR><FONT size=2 face=sans-serif>PUTNAM GLOBAL CONSUMER FUND</FONT><BR><FONT size=2 face=sans-serif>PUTNAM GLOBAL DIVIDEND FUND</FONT><BR><FONT size=2 face=sans-serif>PUTNAM GLOBAL ENERGY FUND</FONT><BR><FONT size=2 face=sans-serif>PUTNAM GLOBAL FINANCIALS FUND</FONT><BR><FONT size=2 face=sans-serif>PUTNAM GLOBAL INDUSTRIALS FUND</FONT><BR><FONT size=2 face=sans-serif>PUTNAM GLOBAL SECTOR FUND</FONT><BR><FONT size=2 face=sans-serif>PUTNAM GLOBAL TECHNOLOGY FUND</FONT><BR><FONT size=2 face=sans-serif>PUTNAM GLOBAL TELECOMMUNICATIONS FUND</FONT><BR><FONT size=2 face=sans-serif>PUTNAM INTERMEDIATE-TERM MUNICIPAL INCOME FUND</FONT><BR><FONT size=2 face=sans-serif>PUTNAM INTERNATIONAL VALUE FUND</FONT><BR><FONT size=2 face=sans-serif>PUTNAM LOW VOLATILITY EQUITY FUND</FONT><BR><FONT size=2 face=sans-serif>PUTNAM MONEY MARKET LIQUIDITY FUND</FONT><BR><FONT size=2 face=sans-serif>PUTNAM MULTI-CAP CORE FUND</FONT><BR><FONT size=2 face=sans-serif>PUTNAM RETIREMENT INCOME FUND LIFESTYLE 2</FONT><BR><FONT size=2 face=sans-serif>PUTNAM RETIREMENT INCOME FUND LIFESTYLE 3</FONT><BR><FONT size=2 face=sans-serif>PUTNAM SHORT DURATION INCOME FUND</FONT><BR><FONT size=2 face=sans-serif>PUTNAM SHORT TERM INVESTMENT FUND</FONT><BR><FONT size=2 face=sans-serif>PUTNAM SHORT-TERM MUNICIPAL INCOME FUND</FONT><BR><FONT size=2 face=sans-serif>PUTNAM SMALL CAP GROWTH FUND</FONT><BR><FONT size=2 face=sans-serif>PUTNAM STRATEGIC VOLATILITY EQUITY FUND</FONT><BR><B><FONT size=2 face=sans-serif>THE GEORGE PUTNAM FUND OF BOSTON (d/b/a GEORGE</FONT></B><BR><B><FONT size=2 face=sans-serif>PUTNAM BALANCED FUND)<BR></FONT></B><B><FONT size=2 face=sans-serif>PUTNAM GLOBAL EQUITY FUND</FONT></B><BR><B><FONT size=2 face=sans-serif>PUTNAM GLOBAL HEALTH CARE FUND</FONT></B><BR><B><FONT size=2 face=sans-serif>PUTNAM GLOBAL INCOME TRUST</FONT></B><BR><B><FONT size=2 face=sans-serif>PUTNAM GLOBAL NATURAL RESOURCES FUND</FONT></B><BR><B><FONT size=2 face=sans-serif>PUTNAM GLOBAL UTILITIES FUND</FONT></B><BR><B><FONT size=2 face=sans-serif>PUTNAM HIGH INCOME SECURITIES FUND*</FONT></B><BR><B><FONT size=2 face=sans-serif>PUTNAM HIGH YIELD ADVANTAGE FUND</FONT></B><BR><B><FONT size=2 face=sans-serif>PUTNAM HIGH YIELD TRUST</FONT></B><BR><B><FONT size=2 face=sans-serif>PUTNAM INCOME FUND</FONT></B><BR><B><FONT size=2 face=sans-serif>PUTNAM INTERNATIONAL EQUITY FUND</FONT></B><BR><B><FONT size=2 face=sans-serif>PUTNAM INVESTMENT FUNDS</FONT></B><BR><FONT size=2 face=sans-serif>PUTNAM CAPITAL OPPORTUNITIES FUND</FONT><BR><FONT size=2 face=sans-serif>PUTNAM GROWTH OPPORTUNITIES FUND</FONT><BR><FONT size=2 face=sans-serif>PUTNAM INTERNATIONAL CAPITAL</FONT><BR><FONT size=2 face=sans-serif>OPPORTUNITIES FUND</FONT><BR><FONT size=2 face=sans-serif>PUTNAM INTERNATIONAL GROWTH FUND</FONT><BR><FONT size=2 face=sans-serif>PUTNAM MULTI-CAP VALUE FUND</FONT><BR><FONT size=2 face=sans-serif>PUTNAM RESEARCH FUND</FONT><BR><FONT size=2 face=sans-serif>PUTNAM SMALL CAP VALUE FUND</FONT><BR><B><FONT size=2 face=sans-serif>PUTNAM INVESTORS FUND</FONT></B><BR><B><FONT size=2 face=sans-serif>PUTNAM MANAGED MUNICIPAL INCOME TRUST*</FONT></B><BR><B><FONT size=2 face=sans-serif>PUTNAM MASSACHUSETTS TAX EXEMPT INCOME FUND</FONT></B><BR><B><FONT size=2 face=sans-serif>PUTNAM MASTER INTERMEDIATE INCOME TRUST*</FONT></B><BR><B><FONT size=2 face=sans-serif>PUTNAM MUNICIPAL OPPORTUNITIES TRUST*</FONT></B><BR><B><FONT size=2 face=sans-serif>PUTNAM MICHIGAN TAX EXEMPT INCOME FUND</FONT></B><BR><B><FONT size=2 face=sans-serif>PUTNAM MINNESOTA TAX EXEMPT INCOME FUND</FONT></B><BR><B><FONT size=2 face=sans-serif>PUTNAM MONEY MARKET FUND</FONT></B><BR><B><FONT size=2 face=sans-serif>PUTNAM MULTI-CAP GROWTH FUND</FONT></B><BR><B><FONT size=2 face=sans-serif>PUTNAM NEW JERSEY TAX EXEMPT INCOME FUND</FONT></B><BR><B><FONT size=2 face=sans-serif>PUTNAM NEW YORK TAX EXEMPT INCOME FUND</FONT></B><BR><B><FONT size=2 face=sans-serif>PUTNAM OHIO TAX EXEMPT INCOME FUND</FONT></B><BR><B><FONT size=2 face=sans-serif>PUTNAM PENNSYLVANIA TAX EXEMPT INCOME FUND</FONT></B><BR><B><FONT size=2 face=sans-serif>PUTNAM PREMIER INCOME TRUST*</FONT></B><BR><B><FONT size=2 face=sans-serif>PUTNAM RETIREMENTREADY FUNDS</FONT></B><BR><FONT size=2 face=sans-serif>PUTNAM RETIREMENTREADY 2055 FUND</FONT><BR><FONT size=2 face=sans-serif>PUTNAM RETIREMENTREADY 2050 FUND</FONT><BR><FONT size=2 face=sans-serif>PUTNAM RETIREMENTREADY 2045 FUND</FONT><BR><FONT size=2 face=sans-serif>PUTNAM RETIREMENTREADY 2040 FUND</FONT><BR><FONT size=2 face=sans-serif>PUTNAM RETIREMENTREADY 2035 FUND</FONT><BR><FONT size=2 face=sans-serif>PUTNAM RETIREMENTREADY 2030 FUND</FONT><BR><FONT size=2 face=sans-serif>PUTNAM RETIREMENTREADY 2025 FUND</FONT><BR><FONT size=2 face=sans-serif>PUTNAM RETIREMENTREADY 2020 FUND</FONT><BR><FONT size=2 face=sans-serif>PUTNAM RETIREMENTREADY 2015 FUND</FONT><BR><FONT size=2 face=sans-serif>PUTNAM RETIREMENT INCOME FUND LIFESTYLE 1</FONT><BR><B><FONT size=2 face=sans-serif>PUTNAM TAX EXEMPT INCOME FUND</FONT></B><BR><B><FONT size=2 face=sans-serif>PUTNAM TAX EXEMPT MONEY MARKET FUND</FONT></B><BR><B><FONT size=2 face=sans-serif>PUTNAM TAX-FREE INCOME TRUST</FONT></B><BR><FONT size=2 face=sans-serif>PUTNAM AMT-FREE MUNICIPAL FUND</FONT><BR><FONT size=2 face=sans-serif>PUTNAM TAX-FREE HIGH YIELD FUND</FONT><BR><B><FONT size=2 face=sans-serif>PUTNAM U.S. GOVERNMENT INCOME TRUST</FONT></B><BR><B><FONT size=2 face=sans-serif>PUTNAM VARIABLE TRUST</FONT></B><BR><FONT size=2 face=sans-serif>PUTNAM VT ABSOLUTE RETURN 500 FUND</FONT><BR><FONT size=2 face=sans-serif>PUTNAM VT AMERICAN GOVERNMENT INCOME FUND</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>PUTNAM VT CAPITAL OPPORTUNITIES FUND</FONT><BR><FONT size=2 face=sans-serif>PUTNAM VT DIVERSIFIED INCOME FUND</FONT><BR><FONT size=2 face=sans-serif>PUTNAM VT EQUITY INCOME FUND</FONT><BR><FONT size=2 face=sans-serif>PUTNAM VT GEORGE PUTNAM BALANCED FUND</FONT><BR><FONT size=2 face=sans-serif>PUTNAM VT GLOBAL ASSET ALLOCATION FUND</FONT><BR><FONT size=2 face=sans-serif>PUTNAM VT GLOBAL EQUITY FUND</FONT><BR><FONT size=2 face=sans-serif>PUTNAM VT GLOBAL HEALTH CARE FUND</FONT><BR><FONT size=2 face=sans-serif>PUTNAM VT GLOBAL UTILITIES FUND</FONT><BR><FONT size=2 face=sans-serif>PUTNAM VT GROWTH AND INCOME FUND</FONT><BR><FONT size=2 face=sans-serif>PUTNAM VT GROWTH OPPORTUNITIES FUND</FONT><BR><FONT size=2 face=sans-serif>PUTNAM VT HIGH YIELD FUND</FONT><BR><FONT size=2 face=sans-serif>PUTNAM VT INCOME FUND</FONT><BR><FONT size=2 face=sans-serif>PUTNAM VT INTERNATIONAL EQUITY FUND</FONT><BR><FONT size=2 face=sans-serif>PUTNAM VT INTERNATIONAL GROWTH FUND</FONT><BR><FONT size=2 face=sans-serif>PUTNAM VT INTERNATIONAL VALUE FUND</FONT><BR><FONT size=2 face=sans-serif>PUTNAM VT INVESTORS FUND</FONT><BR><FONT size=2 face=sans-serif>PUTNAM VT MONEY MARKET FUND<BR></FONT><FONT size=2 face=sans-serif>PUTNAM VT MULTI-CAP GROWTH FUND</FONT><BR><FONT size=2 face=sans-serif>PUTNAM VT MULTI-CAP VALUE FUND</FONT><BR><FONT size=2 face=sans-serif>PUTNAM VT RESEARCH FUND</FONT><BR><FONT size=2 face=sans-serif>PUTNAM VT SMALL CAP VALUE FUND</FONT><BR><FONT size=2 face=sans-serif>PUTNAM VT VOYAGER FUND</FONT><BR><B><FONT size=2 face=sans-serif>PUTNAM VOYAGER FUND</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>* Denotes closed-end funds; all other funds are open-end funds</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>This is the formal agenda for your fund&#8217;s special shareholder meeting. It tells you what proposals will be voted on and the time and place of the special meeting, in the event you attend in person.</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>A special meeting of shareholders of your fund will be held on February 27, 2014 at 11:00 a.m., Boston time, at the principal offices of the funds, One Post Office Square, Boston, Massachusetts 02109, to consider the following proposals, in each case as applicable to the particular funds listed in the table below:</FONT></P>

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   <TD width="12%" noWrap align=left><B><FONT size=1 face=sans-serif>Proposal</FONT></B>&nbsp;</TD>

   <TD width="40%" noWrap align=left><B><FONT size=1 face=sans-serif>Proposal Description</FONT></B>&nbsp;</TD>

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   <TD width="12%" noWrap align=left><FONT size=2 face=sans-serif>1.</FONT>&nbsp;</TD>

   <TD width="40%" noWrap align=left><FONT size=2 face=sans-serif>Approving a new management contract for</FONT>&nbsp;</TD>

   <TD width="47%" noWrap align=left><FONT size=2 face=sans-serif>All funds</FONT>&nbsp;</TD></TR>

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   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="40%" noWrap align=left><FONT size=2 face=sans-serif>your&nbsp;fund</FONT>&nbsp;</TD>

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   <TD width="12%" noWrap align=left><FONT size=2 face=sans-serif>2.</FONT>&nbsp;</TD>

   <TD width="40%" noWrap align=left><FONT size=2 face=sans-serif>Electing Trustees</FONT>&nbsp;</TD>

   <TD width="47%" noWrap align=left><FONT size=2 face=sans-serif>All open-end funds</FONT>&nbsp;</TD></TR>

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   <TD width="12%" noWrap align=left><FONT size=2 face=sans-serif>3.</FONT>&nbsp;</TD>

   <TD width="40%" noWrap align=left><FONT size=2 face=sans-serif>Approving an Amended and Restated</FONT>&nbsp;</TD>

   <TD width="47%" noWrap align=left><FONT size=2 face=sans-serif>All open-end funds</FONT>&nbsp;</TD></TR>

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   <TD width="40%" noWrap align=left><FONT size=2 face=sans-serif>Declaration of Trust for your fund</FONT>&nbsp;</TD>

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   <TD width="12%" noWrap align=left><FONT size=2 face=sans-serif>4.</FONT>&nbsp;</TD>

   <TD width="40%" noWrap align=left><FONT size=2 face=sans-serif>Approving an amendment to a funda-</FONT>&nbsp;</TD>

   <TD width="47%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Dynamic Asset Allocation Conservative Fund</FONT>&nbsp;</TD></TR>

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   <TD width="40%" noWrap align=left><FONT size=2 face=sans-serif>mental investment restriction with respect</FONT>&nbsp;</TD>

   <TD width="47%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="40%" noWrap align=left><FONT size=2 face=sans-serif>to investments in commodities</FONT>&nbsp;</TD>

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   <TD width="12%" noWrap align=left><FONT size=2 face=sans-serif>5.</FONT>&nbsp;</TD>

   <TD width="40%" noWrap align=left><FONT size=2 face=sans-serif>Approving an amendment to a funda-</FONT>&nbsp;</TD>

   <TD width="47%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Global Consumer Fund</FONT>&nbsp;</TD></TR>

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   <TD width="12%" noWrap align=left>&nbsp;</TD>

   <TD width="40%" noWrap align=left><FONT size=2 face=sans-serif>mental investment policy with respect to</FONT>&nbsp;</TD>

   <TD width="47%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Global Financials Fund</FONT>&nbsp;</TD></TR>

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   <TD width="40%" noWrap align=left><FONT size=2 face=sans-serif>diversification of investments</FONT>&nbsp;</TD>

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<P style="MARGIN: 0px"><FONT size=2 face=sans-serif>By Michael J. Higgins, Clerk, and by the Trustees</FONT><BR><BR><FONT size=2 face=sans-serif>Jameson A. Baxter, Chair</FONT><BR><BR><FONT size=2 face=sans-serif>Liaquat Ahamed</FONT><BR><FONT size=2 face=sans-serif>Ravi Akhoury</FONT><BR><FONT size=2 face=sans-serif>Barbara M. Baumann</FONT><BR><FONT size=2 face=sans-serif>Charles B. Curtis</FONT><BR><FONT size=2 face=sans-serif>Robert J. Darretta</FONT><BR><FONT size=2 face=sans-serif>Katinka Domotorffy</FONT><BR><FONT size=2 face=sans-serif>John A. Hill</FONT><BR><FONT size=2 face=sans-serif>Paul L. Joskow</FONT><BR><FONT size=2 face=sans-serif>Kenneth R. Leibler</FONT><BR><FONT size=2 face=sans-serif>Robert E. Patterson</FONT><BR><FONT size=2 face=sans-serif>George Putnam, III</FONT><BR><FONT size=2 face=sans-serif>Robert L. Reynolds</FONT><BR><FONT size=2 face=sans-serif>W. Thomas Stephens</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>In order for you to be represented at your fund&#8217;s special shareholder meeting, we urge you to record your voting instructions over the Internet or by telephone or to mark, sign, date, and mail the enclosed proxy card(s) in the postage-paid envelope provided.</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>December 23, 2013</FONT></P>

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<P style="TEXT-ALIGN: left"><B><FONT size=4 face=sans-serif>Proxy Statement</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>This document gives you the information you need to vote on the proposals. Much of the information is required under rules of the Securities and Exchange Commission; some of it is technical. If there is anything you don&#8217;t understand, please call toll-free 1-866-963-5821 or call your financial advisor.</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Why has a special meeting of shareholders been called?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;), which regulates investment companies such as your fund, requires management contracts to terminate automatically upon an &#8220;assignment&#8221; of the contract, which includes a &#8220;change of control&#8221; affecting an investment company&#8217;s investment adviser. Until his death on October 8, 2013, The Honourable Paul G. Desmarais, directly and through holding companies controlled by him, controlled a majority of the voting shares of Power Corporation of Canada, the ultimate parent company of Putnam Management, your fund&#8217;s investment adviser. Upon Mr. Desmarais&#8217; death, voting control over Power Corporation of Canada shares was transferred to The Desmarais Family Residuary Trust. Throughout this proxy statement, this transfer of voting control of Power Corporation of Canada shares is referred to as the &#8220;Transfer.&#8221; Because Putnam Management is indirectly controlled by Power Corporation of Canada, the Transfer may have resulted in a change of control of Putnam Management and an assignment of your fund&#8217;s management contract within the meaning of the 1940 Act. This means that, even though the Transfer will not have any impact on the operations of Putnam Management, it is possible that your fund&#8217;s management contract with Putnam Management terminated automatically upon the Transfer. To eliminate any ambiguity as to the effectiveness of your fund&#8217;s management contract, a special meeting of shareholders has been called so that shareholders may approve a new management contract with Putnam Management to allow Putnam Management to continue as your fund&#8217;s investment adviser.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Will the Transfer affect Putnam Management?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Transfer will not have any effect on the operations of Putnam Management or your fund.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Does the proposed new management contract differ from your fund&#8217;s current management contract?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The proposed new management contract is identical to your fund&#8217;s current management contract, except for its effective date and initial term and other non-substantive changes. There will be no change in the services that your fund will receive or to the fees and costs that your fund will bear.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>What other proposals are being presented to shareholders at the special meeting?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In addition to being asked to approve a new management contract with Putnam Management, shareholders of all open-end Putnam funds are being asked to vote for the election of Trustees and to authorize the Trustees to adopt an Amended and Restated Declaration of Trust for your fund. Shareholders of Putnam </FONT><FONT size=2 face=sans-serif>Dynamic Asset Allocation Conservative Fund are also being asked to approve an amendment to that fund&#8217;s fundamental investment restriction with respect to commodities, and shareholders of Putnam Global Consumer Fund and Putnam Global Financials Fund are also being asked to approve an amendment to those funds&#8217; fundamental investment policies with respect to diversification of investments.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Who is asking for your vote?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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 Thursday, February 27, 2014 and, if your fund&#8217;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 card and this proxy statement are being mailed beginning on or about December 23, 2013.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>How do your fund&#8217;s Trustees recommend that shareholders vote on the proposals?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Trustees unanimously recommend that you vote </FONT><B><FONT size=2 face=sans-serif>FOR </FONT></B><FONT size=2 face=sans-serif>each proposal.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Who is eligible to vote?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Shareholders of record of each fund at the close of business on Monday, December 2, 2013 (the &#8220;Record Date&#8221;) are entitled to be present and to vote at the special meeting or any adjournment.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The number of shares of each fund outstanding on the Record Date is shown in </FONT><B><FONT size=2 face=sans-serif>Appendix A</FONT></B><FONT size=2 face=sans-serif>. Each share is entitled to one vote, with fractional shares voting proportionately. Shares represented by your duly executed proxy card will be voted in accordance with your instructions. If you sign and return the proxy card but don&#8217;t fill in a vote, your shares will be voted in accordance with the Trustees&#8217; recommendations. If any other business comes before your fund&#8217;s special meeting, your shares will be voted at the discretion of the persons designated on the proxy card.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Shareholders of each fund vote separately with respect to the proposal to approve a new management contract and the proposed changes in investment policies. Shareholders of all series of a trust vote together with respect to the other proposals. The name of each trust is indicated in bold in the Notice of a Special Meeting of Shareholders on pages 1 and 2, with the funds that are series of that trust appearing below its name. The outcome of a vote affecting one fund does not affect any other fund, except where series of a trust vote together as a single class. No proposal is contingent upon the outcome of any other proposal.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=4 face=sans-serif>The Proposals</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>1. APPROVING A NEW MANAGEMENT CONTRACT </FONT></B><B><FONT size=2 face=sans-serif>FOR YOUR FUND</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Background Information</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Putnam Management, your fund&#8217;s investment adviser, is majority owned (indirectly through other companies) by Power Corporation of Canada, a diversified international management and holding company with interests in companies in the financial services, communications and other business sectors. Until his death on</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>October 8, 2013, The Honourable Paul G. Desmarais controlled a majority of the voting shares of Power Corporation of Canada, directly and through holding companies that he controlled.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Since 1996, Mr. Desmarais&#8217; two sons, Paul Desmarais, Jr. and Andr&#233; Desmarais, have managed the day-to-day affairs of Power Corporation of Canada, serving as Chairman and Co-Chief Executive Officer and President and Co-Chief Executive Officer, respectively. Until his death, The Honourable Paul G. Desmarais served as Director of Power Corporation of Canada and Chairman of the Executive Committee of the Board of Directors. He also served as Director of Power Financial Corporation, a majority-owned subsidiary of Power Corporation of Canada, and continued to exercise voting control over a majority of the voting shares of Power Corporation of Canada. However, he did not participate actively in the management or affairs of Putnam Investments, LLC, the parent company of Putnam Management (&#8220;Putnam Investments&#8221;). Paul Desmarais, Jr. and Andr&#233; Desmarais, in addition to their executive roles at Power Corporation of Canada, are active members of the Boards of Directors of numerous subsidiaries of Power Corporation of Canada, including Putnam Investments.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Following Mr. Desmarais&#8217; death, voting control of the shares of Power Corporation of Canada that he owned directly and controlled indirectly was transferred to The Desmarais Family Residuary Trust, a trust established pursuant to the Last Will and Testament of The Honourable Paul G. Desmarais. (This transfer of voting control of Power Corporation of Canada shares is referred to as the &#8220;Transfer&#8221; throughout this proxy statement.) There are five trustees of The Desmarais Family Residuary Trust, consisting of Mr. Desmarais&#8217; two sons, Paul Desmarais, Jr. and Andr&#233; Desmarais, his widow, Jacqueline Desmarais, and Guy Fortin and Michel Plessis-B&#233;lair. Under the terms of the trust, the family member trustees (or the family member successor trustees) effectively determine how the shares of Power Corporation of Canada owned or controlled by The Desmarais Family Residuary Trust will be voted. As a practical matter, it is generally expected that, while they serve as trustees, Paul Desmarais, Jr. and Andr&#233; Desmarais will exercise, jointly, voting control over the Power Corporation of Canada shares owned or controlled by the trust.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The trustees have the responsibility to manage the affairs of The Desmarais Family Residuary Trust, which include managing the trust property, distributing income to its designated beneficiaries, voting the shares of Power Corporation of Canada owned or controlled by the trust, and complying with the terms of the trust more generally. The family member trustees determine who will replace any of the trustees, provided that the family member trustees must be replaced with members of the Desmarais family and that the non-family member trustees must be replaced with non-family members. The ultimate beneficiaries of the principal of the trust, including any shares of Power Corporation of Canada owned by The Desmarais Family Residuary Trust, will be determined only upon the occurrence of future events, though it is generally contemplated that current and future members of the Desmarais family will be the ultimate beneficiaries.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Transfer has not impacted the ownership of any of the companies owned, directly or indirectly, by Power Corporation of Canada. As indicated in the accompanying chart, Power Corporation of Canada continues to own a majority of the voting shares of Power Financial Corporation, which in turn owns a majority of the voting shares of Great-West Lifeco Inc. All of the voting shares of Putnam Investments are owned by Great-West Lifeco Inc. Putnam Investments, through a series of wholly-owned holding companies, is the sole owner of Putnam Management. The address of The Desmarais Family Residuary Trust is 759 Victoria Square, Montreal, Quebec H2Y 2J7. The address of Power Corporation of Canada and Power Financial Corporation is 751 Victoria Square, Montreal, Quebec H2Y 2J3. The address of Great-West Lifeco Inc. is 100 Osborne Street North, Winnipeg, Manitoba, R3C 3A5. The address of Putnam Investments and Putnam Management is One Post Office Square, Boston, Massachusetts 02109.</FONT></P>
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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Representatives of Power Corporation of Canada, Power Financial Corporation, and Great-West Lifeco have confirmed that the Transfer will not impact Putnam Investments&#8217; operations. Paul Desmarais, Jr. and Andr&#233; Desmarais, who as trustees of The Desmarais Family Residuary Trust are expected to determine how to vote the shares of Power Corporation of Canada that are controlled by the trust, continue to serve as Co-Chief Executive Officers of Power Corporation of Canada and as Directors of Putnam Investments. In these roles, they will continue to oversee the operations and affairs of Power Corporation of Canada and its subsidiary companies, including Putnam Investments. Putnam Investments will continue to operate as a separate business unit within the Power Corporation of Canada group of companies, overseen by its separate Board of Directors, and will retain its existing management team. There are no current plans to make any changes to the operations of the funds as a result of the Transfer. In particular, the funds have been advised that there are no current plans to make changes with respect to existing management fees, expense limitations, distribution arrangements, or the quality of any services provided to the funds or their shareholders as a result of the Transfer. In addition, the Putnam brand, Putnam Investments&#8217; current business strategy and Putnam Management&#8217;s investment management philosophy will not change as a result of the Transfer and there will not be any disruption or change for fund shareholders or the Putnam organization.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Although the Transfer is unrelated to, and will not have any impact on, the operations of Putnam Management and your fund, it is possible that the Transfer, as a technical matter under the 1940 Act, constitutes a &#8220;change of control&#8221; of Putnam Management. Under the 1940 Act, which regulates investment companies such as the Putnam funds, investment advisory contracts are required to terminate automatically when there is a change of control of the investment adviser. Fund shareholders must then approve new investment advisory contracts so that the fund may continue to receive advisory services.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>The Interim Management Contracts</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Each of the Putnam funds&#8217; management contracts with Putnam Management terminates automatically in the event of an &#8220;assignment.&#8221; In light of the possibility that the Transfer constituted a change of control of Putnam Management and therefore an assignment of your fund&#8217;s management contract, Putnam Management is currently providing services to your fund under an interim management contract.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Rule 15a-4 under the 1940 Act allows an investment company to enter into an interim management contract with a maximum term of 150 days without first obtaining shareholder approval, so that the investment company may receive investment management services without interruption following an assignment of a previous management contract. Shortly after Mr. Desmarais&#8217; death, the Putnam funds&#8217; Board of Trustees met in person on October 18, 2013 and approved interim management contracts for each of the Putnam funds, effective as of October 8, 2013. </FONT><FONT size=2 face=sans-serif>Consistent with the 1940 Act and Rule 15a-4 thereunder, each interim management contract will continue in effect until the earlier to occur of (i) approval by a &#8220;majority of the outstanding voting securities,&#8221; as defined in the 1940 Act, of a new management contract and (ii) March 7, 2014, which is the 150th day after October 8, 2013, unless the Securities and Exchange Commission or its staff permit the contract to remain in effect for a longer period. Each fund&#8217;s interim management contract is identical to the contract it replaced, except for its date and the provisions regarding the term of the contract and for certain non-substantive changes.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>The Proposed New Management Contract; Comparison with your Fund&#8217;s Prior Management Contract</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>To eliminate any ambiguity as to the status of your fund&#8217;s management contract, the Trustees have concluded that it is in the best interests of your fund&#8217;s shareholders to call a special meeting so that shareholders may approve a new management contract with Putnam Management and Putnam Management can continue as your fund&#8217;s investment adviser. At an in-person meeting on November 21 and 22, 2013, the Trustees 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 for your fund is attached at </FONT><B><FONT size=2 face=sans-serif>Appendix B</FONT></B><FONT size=2 face=sans-serif>. You should refer to </FONT><B><FONT size=2 face=sans-serif>Appendix B </FONT></B><FONT size=2 face=sans-serif>for the complete terms of your fund&#8217;s proposed management contract.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The terms of the proposed new management contract (described generally below) are identical to those of the previous management contract except for the effective dates and initial term and for certain non-substantive changes. The date of each fund&#8217;s previous management contract, the date on which it was last submitted to a vote of shareholders, and the purpose of the submission is set forth in </FONT><B><FONT size=2 face=sans-serif>Appendix C</FONT></B><FONT size=2 face=sans-serif>.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Fees. </FONT></B><FONT size=2 face=sans-serif>There is no change in the rate of the fees that the funds will pay Putnam Management under the proposed new management contracts. The current fee schedule for investment management services and administrative services for each fund is set forth in </FONT><B><FONT size=2 face=sans-serif>Appendix D</FONT></B><FONT size=2 face=sans-serif>. The actual fees paid by some funds are subject to expense limitations, which are unaffected by the Transfer.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Investment Management Services. </FONT></B><FONT size=2 face=sans-serif>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&#8217;s assets will be held uninvested, in compliance with the fund&#8217;s governing documents, investment objectives, policies and restrictions, and subject to the oversight and control of the Trustees. As indicated above, Putnam Management&#8217;s responsibilities under the proposed new management contract are identical to those under both the previous management contract and the current interim management contract.</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Putnam Management is authorized under the proposed new management contract to place orders for the purchase and sale of portfolio investments for your fund with brokers or dealers that Putnam Management selects. Putnam Management must select brokers and dealers, and place orders, using its best efforts to obtain for the funds the most favorable price and execution available, except that Putnam Management may pay higher brokerage commissions if it determines in good faith that the commission is reasonable in relation to the value of brokerage and research services provided by the broker or dealer (a practice commonly known as &#8220;soft dollars&#8221;). Putnam Management may make this determination in terms of either the particular transaction or Putnam Management&#8217;s overall responsibilities with respect to a fund and to other clients of Putnam Management for which Putnam Management exercises investment discretion. Putnam Management&#8217;s use of soft dollars is subject to policies established by the Trustees from time to time and applicable guidance issued by the Securities and Exchange Commission.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Delegation of Responsibilities. </FONT></B><FONT size=2 face=sans-serif>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 &#8220;interested persons&#8221;) 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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>At present, Putnam Management has delegated certain responsibilities to affiliated sub-advisers, as described below under the heading &#8220;Sub-Adviser Arrangements.&#8221; The sub-management and sub-advisory contracts governing these arrangements, like the management contracts, terminate upon a change of control of Putnam Management. In connection with their approval of the interim management contracts, the Trustees approved the continuance of the existing sub-management and sub-advisory contracts with these sub-advisers at their in-person meeting held on October 18, 2013. If your fund&#8217;s shareholders approve the proposed new management contract, pursuant to the new management contract, Putnam Management will enter into equivalent sub-management and sub-advisory contracts with these affiliated sub-advisers, effective at the time the new management contract becomes effective. See &#8220;Sub-Adviser Arrangements&#8221; below for a description of the sub-advisers, and see </FONT><B><FONT size=2 face=sans-serif>Appendix E </FONT></B><FONT size=2 face=sans-serif>for copies of the current sub-management and sub-advisory contracts. The new sub-management and sub-advisory contracts will be identical to the current sub-management and sub-advisory contracts except for their </FONT><FONT size=2 face=sans-serif>effective dates and initial term. Consistent with current law and interpretations of the Securities and Exchange Commission staff, it is not necessary for shareholders to approve the sub-management and sub-advisory contracts. (Shareholder approval would be required were Putnam Management to delegate any of its advisory responsibilities to advisers that are not subsidiaries of Putnam Investments.) Shareholders should be aware that a vote to approve your fund&#8217;s new management contract will have the effect of voting for the continuation of these arrangements.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Administrative Services. </FONT></B><FONT size=2 face=sans-serif>Like the previous management contract and the current interim management contract, the proposed new management contract provides that Putnam Management will manage, supervise and conduct the other (</FONT><I><FONT size=2 face=sans-serif>i.e.</FONT></I><FONT size=2 face=sans-serif>, non-investment) affairs and business of each 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&#8217;s affairs, including determination of the net asset value of the fund, but excluding shareholder accounting services.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Putnam Management has delegated certain administrative, pricing and bookkeeping services to State Street Bank and Trust Company. This delegation was not affected by the Transfer.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Expenses. </FONT></B><FONT size=2 face=sans-serif>Like the previous management contract and the current interim management contract, the proposed new management contract requires 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 each fund and (iii) providing administrative services. Like the previous and interim management contracts, the proposed new management contract also provides 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&#8217; independent staff, which assists the Trustees in overseeing each of the funds.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Term and Termination. </FONT></B><FONT size=2 face=sans-serif>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. Like the previous management contract and the current interim management contract, the proposed new management contract provides that the management contract may be terminated at any time, by either Putnam Management or the fund by not less than 60 days&#8217; written notice to the other party and without the payment of any penalty by Putnam Management or the fund. A fund may effect termination by vote of a majority of its Trustees or by the affirmative vote of a &#8220;majority of the outstanding voting</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>securities&#8221; of the fund, as defined in the 1940 Act. The proposed new management contract also will terminate automatically in the event of its &#8220;assignment.&#8221;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The proposed new management contract will, unless terminated as described above, continue until June 30, 2014 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 &#8220;majority of the outstanding voting securities&#8221; of the fund, as defined in the 1940 Act, and (ii) a majority of the Trustees who are not &#8220;interested persons&#8221; 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 style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Limitation of Liability. </FONT></B><FONT size=2 face=sans-serif>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.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>As required under each fund&#8217;s Declaration of Trust, the proposed new management contract contains a notice provision stating that the fund&#8217;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 fund&#8217;s obligations arising out of the proposed management contract are limited only to the assets and property of the </FONT><FONT size=2 face=sans-serif>fund and are not binding on any of the Trustees, officers or shareholders individually.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Amendments; Defined Terms. </FONT></B><FONT size=2 face=sans-serif>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 interpretations of the Securities and Exchange Commission or its staff. Similarly, certain terms used in the proposed new 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 Securities and Exchange Commission or its staff.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Sub-Adviser Arrangements</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Sub-Management Contract. </FONT></B><FONT size=2 face=sans-serif>Putnam Management has retained an affiliate, Putnam Investments Limited (&#8220;PIL&#8221;), as the sub-manager for a portion of a fund&#8217;s assets as determined by Putnam Management from time to time (an &#8220;Allocated Sleeve&#8221;). PIL is currently authorized to serve as the sub-manager, to the extent determined by Putnam Management from time to time, for each of the funds. PIL is a wholly owned subsidiary of The Putnam Advisory Company, LLC (&#8220;PAC&#8221;), which is itself a subsidiary of Putnam Investments.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>PIL serves as sub-manager for the funds under a sub-management contract between Putnam Management and PIL. Under the sub-management contract, Putnam Management (and not the fund) pays a quarterly sub-management fee to PIL for its services at the annual rates set forth in the accompanying table, in each case measured as a percentage of the average aggregate net asset value of assets invested in an Allocated Sleeve.</FONT></P>

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   <TD width="15%" noWrap align=left><B><FONT size=2 face=sans-serif>Fee</FONT></B>&nbsp;</TD>

   <TD width="84%" colSpan=2 noWrap align=center><B><FONT size=2 face=sans-serif>Funds Covered by Sub-Management Fee</FONT></B>&nbsp;</TD></TR>

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   <TD width="15%" noWrap align=left><FONT size=2 face=sans-serif>0.40%</FONT>&nbsp;</TD>

   <TD width="42%" noWrap align=left><FONT size=2 face=sans-serif>Putnam AMT-Free Municipal Fund</FONT>&nbsp;</TD>

   <TD width="42%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Master Intermediate Income Trust</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="42%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Arizona Tax Exempt Income Fund</FONT>&nbsp;</TD>

   <TD width="42%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Michigan Tax Exempt Income Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="42%" noWrap align=left><FONT size=2 face=sans-serif>Putnam California Tax Exempt Income Fund</FONT>&nbsp;</TD>

   <TD width="42%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Minnesota Tax Exempt Income Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="42%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Diversified Income Trust</FONT>&nbsp;</TD>

   <TD width="42%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Municipal Opportunities Trust</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="42%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Emerging Markets Income Fund</FONT>&nbsp;</TD>

   <TD width="42%" noWrap align=left><FONT size=2 face=sans-serif>Putnam New Jersey Tax Exempt Income Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="42%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Floating Rate Income Fund</FONT>&nbsp;</TD>

   <TD width="42%" noWrap align=left><FONT size=2 face=sans-serif>Putnam New York Tax Exempt Income Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="42%" noWrap align=left><FONT size=2 face=sans-serif>The George Putnam Fund of Boston</FONT>&nbsp;</TD>

   <TD width="42%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Ohio Tax Exempt</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="42%" noWrap align=left><FONT size=2 face=sans-serif>(d/b/a George Putnam Balanced Fund)</FONT>&nbsp;</TD>

   <TD width="42%" noWrap align=left><FONT size=2 face=sans-serif>Income Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="42%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Global Income Trust</FONT>&nbsp;</TD>

   <TD width="42%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Pennsylvania Tax Exempt Income Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="42%" noWrap align=left><FONT size=2 face=sans-serif>Putnam High Income Securities Fund</FONT>&nbsp;</TD>

   <TD width="42%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Premier Income Trust</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="42%" noWrap align=left><FONT size=2 face=sans-serif>Putnam High Yield Advantage Fund</FONT>&nbsp;</TD>

   <TD width="42%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Tax Exempt Income Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="42%" noWrap align=left><FONT size=2 face=sans-serif>Putnam High Yield Trust</FONT>&nbsp;</TD>

   <TD width="42%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Tax-Free High Yield Fund</FONT>&nbsp;</TD></TR>

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   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="42%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Intermediate-Term Municipal Income Fund</FONT>&nbsp;</TD>

   <TD width="42%" noWrap align=left><FONT size=2 face=sans-serif>Putnam VT Diversified Income Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="42%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Managed Municipal Income Trust</FONT>&nbsp;</TD>

   <TD width="42%" noWrap align=left><FONT size=2 face=sans-serif>Putnam VT George Putnam Balanced Fund</FONT>&nbsp;</TD></TR>

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   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="42%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Massachusetts Tax Exempt Income Fund</FONT>&nbsp;</TD>

   <TD width="42%" noWrap align=left><FONT size=2 face=sans-serif>Putnam VT High Yield Fund</FONT>&nbsp;</TD></TR>

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   <TD width="15%" noWrap align=left><FONT size=2 face=sans-serif>0.25%</FONT>&nbsp;</TD>

   <TD width="42%" noWrap align=left><FONT size=2 face=sans-serif>Putnam American Government Income Fund</FONT>&nbsp;</TD>

   <TD width="42%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Tax Exempt Money Market Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="42%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Income Fund</FONT>&nbsp;</TD>

   <TD width="42%" noWrap align=left><FONT size=2 face=sans-serif>Putnam U.S. Government Income Trust</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="42%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Money Market Fund</FONT>&nbsp;</TD>

   <TD width="42%" noWrap align=left><FONT size=2 face=sans-serif>Putnam VT American Government Income Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="42%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Short Duration Income Fund</FONT>&nbsp;</TD>

   <TD width="42%" noWrap align=left><FONT size=2 face=sans-serif>Putnam VT Income Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="42%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Short-Term Municipal Income Fund</FONT>&nbsp;</TD>

   <TD width="42%" noWrap align=left><FONT size=2 face=sans-serif>Putnam VT Money Market Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=2 face=sans-serif>0.20%</FONT>&nbsp;</TD>

   <TD width="42%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Money Market Liquidity Fund</FONT>&nbsp;</TD>

   <TD width="42%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="42%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Short Term Investment Fund</FONT>&nbsp;</TD>

   <TD width="42%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="15%" noWrap align=left><FONT size=2 face=sans-serif>0.35%</FONT>&nbsp;</TD>

   <TD width="42%" noWrap align=left><FONT size=2 face=sans-serif>All other funds</FONT>&nbsp;</TD>

   <TD width="42%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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&#8217;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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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&#8217;s willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations and duties.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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 not less than 30 days&#8217; nor more than 60 days&#8217; 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 &#8220;interested persons&#8221; 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 &#8220;interested persons&#8221; of Putnam Management or the fund. In each of the foregoing cases, the vote of the shareholders is </FONT><FONT size=2 face=sans-serif>the affirmative vote of a &#8220;majority of the outstanding voting securities&#8221; as defined in the 1940 Act.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Sub-Advisory Contract. </FONT></B><FONT size=2 face=sans-serif>PAC has been retained as a sub-adviser for a portion of the assets of the funds identified in the accompanying table (collectively referred to as the &#8220;PAC Funds&#8221;) as determined from time to time by Putnam Management or, with respect to portions of such fund&#8217;s assets for which PIL acts as sub-adviser as described above, by PIL.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>PAC serves as sub-adviser under the sub-advisory contract. Pursuant to the terms of the sub-advisory contract, Putnam Management or, with respect to portions of a PAC Fund&#8217;s assets for which PIL acts as sub-manager, PIL (and not the fund) pays a quarterly sub-advisory fee to PAC for its services at the annual rate of 0.35% of the average aggregate net asset value of the portion of such fund with respect to which PAC acts as sub-adviser.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Under the terms of the sub-advisory contract, PAC, at its own expense, furnishes continuously an investment program for that portion of a fund that is allocated to PAC from time to time by Putnam Management or PIL, as applicable, and makes investment decisions on behalf of such portion of the fund, subject to the supervision of Putnam Management or 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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The sub-advisory contract provides that PAC is not subject to any liability to Putnam Management, PIL, a PAC Fund or any shareholder of such fund for any act or omission in the course of or connected with rendering services to the fund in the absence of PAC&#8217;s willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations and duties.</FONT></P>

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   <TD noWrap align=center><B><FONT size=2 face=sans-serif>The following is a complete list of the PAC Funds:</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Absolute Return 100 Fund</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Global Natural Resources Fund</FONT>&nbsp;</TD></TR>

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   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Absolute Return 300 Fund</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Global Sector Fund</FONT>&nbsp;</TD></TR>

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   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Absolute Return 500 Fund</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Global Technology Fund</FONT>&nbsp;</TD></TR>

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   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Absolute Return 700 Fund</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Global Telecommunications Fund</FONT>&nbsp;</TD></TR>

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   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Asia Pacific Equity Fund</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Global Utilities Fund</FONT>&nbsp;</TD></TR>

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   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Capital Spectrum Fund</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Putnam International Equity Fund</FONT>&nbsp;</TD></TR>

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   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Dynamic Asset Allocation Balanced Fund</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Putnam International Growth Fund</FONT>&nbsp;</TD></TR>

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   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Dynamic Asset Allocation Conservative Fund</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Putnam International Value Fund</FONT>&nbsp;</TD></TR>

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   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Dynamic Asset Allocation Equity Fund</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Research Fund</FONT>&nbsp;</TD></TR>

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   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Dynamic Asset Allocation Growth Fund</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Retirement Income Fund Lifestyle 2</FONT>&nbsp;</TD></TR>

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   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Emerging Markets Equity Fund</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Retirement Income Fund Lifestyle 3</FONT>&nbsp;</TD></TR>

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   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Equity Spectrum Fund</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Putnam VT Absolute Return 500 Fund</FONT>&nbsp;</TD></TR>

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   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Europe Equity Fund</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Putnam VT Global Asset Allocation Fund</FONT>&nbsp;</TD></TR>

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   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Global Consumer Fund</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Putnam VT Global Equity Fund</FONT>&nbsp;</TD></TR>

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   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Global Dividend Fund</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Putnam VT Global Health Care Fund</FONT>&nbsp;</TD></TR>

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   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Global Energy Fund</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Putnam VT Global Utilities Fund</FONT>&nbsp;</TD></TR>

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   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Global Equity Fund</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Putnam VT International Equity Fund</FONT>&nbsp;</TD></TR>

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   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Global Financials Fund</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Putnam VT International Growth Fund</FONT>&nbsp;</TD></TR>

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   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Global Health Care Fund</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Putnam VT International Value Fund</FONT>&nbsp;</TD></TR>

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   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Putnam Global Industrials Fund</FONT>&nbsp;</TD>

   <TD width="50%" noWrap align=left><FONT size=2 face=sans-serif>Putnam VT Research Fund</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The sub-advisory contract may be terminated without penalty by vote of the Trustees or the shareholders of the relevant PAC Fund, or by PAC, PIL or Putnam Management, on not less than 30 days&#8217; nor more than 60 days&#8217; 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 &#8220;interested persons&#8221; of Putnam Management or the PAC 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 shareholders of the respective PAC Fund and, in either case, by a majority of the Trustees who are not &#8220;interested persons&#8221; of Putnam Management or the PAC Fund. In each of the foregoing cases, the vote of the shareholders of a PAC Fund is the affirmative vote of a &#8220;majority of the outstanding voting securities&#8221; as defined in the 1940 Act.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>To the extent that the Transfer may have constituted a &#8220;change of control&#8221; of Putnam Management, terminating automatically the funds&#8217; previous management contracts, then the funds&#8217; sub-management contract and the sub-advisory contract would also have terminated. To ensure that your fund did not lose the benefit of PIL&#8217;s or PAC&#8217;s services, at their in-person meeting held on October 18, 2013, the Trustees approved the continuance of the sub-management contract with PIL and the sub-advisory contract with PIL and PAC. The sub-management contract and sub-advisory contract are not interim in nature and will continue in effect through June 30, 2014. However, as described above, Putnam Management, PIL and PAC intend to enter into new sub-management and sub-advisory contracts contemporaneously with the execution of the proposed new management contracts if the new management contracts are approved by fund shareholders. See </FONT><B><FONT size=2 face=sans-serif>Appendix E </FONT></B><FONT size=2 face=sans-serif>for copies of the current sub-management and sub-advisory contracts.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>What did the Trustees consider in evaluating the proposed new management contracts?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In considering whether to approve the proposed new management contracts, as well as the interim management contracts, the Trustees took into account that they had recently approved the annual continuation of all of the previous management contracts and the sub-management and sub-advisory contracts for the Putnam funds in June 2013. That approval, on which the Trustees voted at an in-person meeting held on June 20 and 21, 2013, followed a lengthy process during which the Trustees considered a variety of factors that the Trustees considered to have a bearing on the contracts. </FONT><B><FONT size=2 face=sans-serif>Appendix F </FONT></B><FONT size=2 face=sans-serif>contains a general description of the Trustees&#8217; deliberations.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>At their in-person meeting on October 18, 2013, the Trustees, including the Trustees who are not &#8220;interested persons&#8221; as defined in the 1940 Act, considered the potential implications of Mr. Desmarais&#8217; death and the Transfer. To address the possibility that the Transfer constituted an assignment of the funds&#8217; management contracts, on October 18, 2013, the Trustees unanimously voted to approve interim management contracts for the funds. </FONT><FONT size=2 face=sans-serif>The Trustees considered that, except for certain non-substantive changes, the effective date (October 8, 2013) and duration (until the earlier of either (i) March 7, 2014 (which, pursuant to Rule 15a-4 under the 1940 Act, represents the maximum allowable 150-day duration of an interim management contract) or (ii) the effective date of new management contracts that have been approved by fund shareholders, unless the Securities and Exchange Commission or its staff permits the contracts&#8217; continuance through a later date), the interim management contracts were identical to the funds&#8217; previous management contracts. Under the interim management contracts, Putnam Management provides investment advisory services to each fund on essentially the same terms and conditions, and for the same fees, as it did under the previous management contracts.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>On November 21 and 22, 2013, the Trustees met in person to discuss further the Transfer and the possibility that a change of control of Putnam Management had occurred. The Trustees considered the approval of new management contracts for each fund, proposed to become effective upon their execution following approval by shareholders, as well as calling a special meeting of fund shareholders and filing a preliminary proxy statement. They reviewed the terms of the proposed new management contracts and the disclosure included in the preliminary proxy statement. They noted that, as described above, the terms of the proposed new management contracts were identical to the previous management contracts, except for the effective dates and initial terms and for certain non-substantive changes. In particular, the Trustees considered:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#8226; Information about the operations of The Desmarais Family Residuary Trust, including that Paul Desmarais, Jr. and Andr&#233; Desmarais, Mr. Desmarais&#8217; sons, were expected to exercise, jointly, voting control over the Power Corporation of Canada shares controlled by The Desmarais Family Residuary Trust.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#8226; That Paul Desmarais, Jr. and Andr&#233; Desmarais had been playing active managerial roles at Power Corporation of Canada, with responsibility for the oversight of Power Corporation of Canada&#8217;s subsidiaries, including Putnam Investments, since Power Corporation of Canada had acquired Putnam Investments in 2007, including serving as Directors of Putnam Investments, and that the Transfer would not affect their responsibilities as officers of Power Corporation of Canada.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#8226; The intention expressed by representatives of Power Corporation of Canada, Power Financial Corporation, and Great-West Lifeco that there would be no change to the operations or management of Putnam Investments, to Putnam Management&#8217;s management of the funds or to investment, advisory and other services provided to the funds by Putnam Management and its affiliates as a result of the Transfer.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#8226; Putnam Management&#8217;s assurances that, following the Transfer, Putnam Management would continue to provide the same level of services to each fund and that the Transfer will not have an adverse impact on the ability of Putnam Management and</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>its affiliates to continue to provide high quality investment advisory and other services to the funds.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#8226; Putnam Management&#8217;s assurances that there are no current plans to make any changes to the operations of the funds, existing management fees, expense limitations, distribution arrangements, or the quality of any services provided to the funds or their shareholders, as a result of the Transfer.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#8226; The benefits that the funds have received and may potentially receive as a result of Putnam Management being a member of the Power Corporation of Canada group of companies, which promotes the stability of the Putnam organization.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#8226; The commitment of Putnam Investments to bear a reasonable share of the expenses incurred by the Putnam funds in connection with the Transfer (see page 28 below).</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Based upon the foregoing considerations, the Trustees concluded that, to eliminate any ambiguity as to the status of your fund&#8217;s management contract, it was in the best interests of your fund&#8217;s shareholders to call a special meeting so that shareholders may approve a new management contract with Putnam Management and Putnam Management can continue as your fund&#8217;s investment adviser. On November 22, 2013, the Trustees, including all of the Trustees present who are not &#8220;interested persons&#8221; 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 style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>What is the voting requirement for approving the proposal?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Approval of your fund&#8217;s proposed new management contract requires the affirmative vote of a &#8220;majority of the outstanding voting securities&#8221; of the fund, which is defined under the 1940 Act to be </FONT><I><FONT size=2 face=sans-serif>the lesser of </FONT></I><FONT size=2 face=sans-serif>(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 special 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 size=2 face=sans-serif>The Trustees unanimously recommend that shareholders vote FOR the proposed new management contracts.</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>2. ELECTING TRUSTEES</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Affected funds: </FONT></B><FONT size=2 face=sans-serif>All open-end funds (</FONT><I><FONT size=2 face=sans-serif>i.e., </FONT></I><FONT size=2 face=sans-serif>all funds except Putnam High Income Securities Fund, Putnam Managed Municipal Income Trust, Putnam Master Intermediate Income Trust, Putnam Municipal Opportunities Trust, and Putnam Premier Income Trust)</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Who are the nominees for Trustees?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Board Policy and Nominating Committee of the Board is responsible for making recommendations concerning the nominees for Trustees of your fund. The Board Policy and Nominating Committee consists solely of Trustees who are not &#8220;interested persons&#8221; (as defined in the 1940 Act) of your fund. Those Trustees who are not &#8220;interested persons&#8221; of your fund </FONT><FONT size=2 face=sans-serif>are referred to as &#8220;Independent Trustees&#8221; in this Section II of this proxy statement.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Board, based on the recommendation of the Board Policy and Nominating Committee, has fixed the number of Trustees of your fund at 14 and recommends that you vote for the election of the nominees described in the following pages. Each nominee is currently a Trustee of your fund and of the other Putnam funds.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Your fund does not regularly hold an annual shareholder meeting, but may from time to time schedule a special meeting. Except for Putnam Asia Pacific Equity Fund and Putnam International Value Fund, each of which held a special meeting in 2011, the last such meeting was held in 2009. Funds that commenced operations after 2009 have not yet held any shareholder meeting.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Biographical Information For The Fund&#8217;s Nominees.</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Board&#8217;s nominees for Trustees and their backgrounds are shown in the following pages. This information includes each nominee&#8217;s name, year of birth, principal occupation(s) during the past five years, and other information about the nominee&#8217;s professional background, including other directorships the nominee holds. Each Trustee oversees all of the Putnam funds and serves until the election and qualification of his or her successor, or until he or she sooner dies, resigns, retires, or is removed. The address of all of the Trustees is One Post Office Square, Boston, Massachusetts 02109. As of September 30, 2013, there were 116 Putnam funds.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Independent Trustees</FONT></B></P>
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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Liaquat Ahamed </FONT></B><FONT size=2 face=sans-serif>(Born 1952)</FONT><BR><FONT size=2 face=sans-serif>Trustee since 2012</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Mr. Ahamed is the Pulitzer Prize-winning author of </FONT><I><FONT size=2 face=sans-serif>Lords of Finance: The Bankers Who Broke the World</FONT></I><FONT size=2 face=sans-serif>. His articles on economics have appeared in the New York Times, Foreign </FONT><FONT size=2 face=sans-serif>Affairs, and the Financial Times.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Mr. Ahamed serves as a director of Aspen Insurance Co., a New York Stock Exchange company, and is the Chair of the Aspen Board&#8217;s Investment Committee. He is a Trustee of the Brookings Institution, where he serves as Chair of the Investment Committee. He is also a director of the Rohatyn Group, an emerging-market fund complex that manages money for institutions. Mr. Ahamed was previously the Chief Executive Officer of Fischer Francis Trees &amp; Watts, Inc., a fixed income investment management subsidiary of BNP Paribas. He was formerly the head of the investment division at the World Bank, and is a member of the Foreign Affairs Policy Board of the U.S. Department of State.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Mr. Ahamed holds a B.A. in economics from Trinity College, Cambridge University and an M.A. in economics from Harvard University.</FONT></P>

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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Ravi Akhoury </FONT></B><FONT size=2 face=sans-serif>(Born 1947)</FONT><BR><FONT size=2 face=sans-serif>Trustee since 2009</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Mr. Akhoury serves as a Trustee of the Rubin Museum, serving on the Investment Committee, and of the American India Foundation. Mr. Akhoury is also a Director of RAGE Frameworks, Inc. and English Helper, Inc. (each a private software company).</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Previously, Mr. Akhoury served as a Director of Jacob Ballas Capital India (a non-banking finance company focused on private equity advisory services) and a member of its Compensation Committee. He was also a Director and on the Compensation Committee of MaxIndia/New York Life Insurance Company in India. He was also Vice President and Investment Policy Committee member of Fischer Francis Trees &amp; Watts, a fixed income investment management firm. He has also served on the Board of Bharti Telecom (an Indian telecommunications company), serving as a member of its Audit and Compensation Committees, and as a Director and member of the Audit Committee on the Board of Thompson Press (a publishing company). From 1992 to 2007, he was Chairman and CEO of MacKay Shields, a multi-product investment management firm with over $40 billion in assets under management.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Mr. Akhoury graduated from the Indian Institute of Technology with a B.S. in Engineering and obtained an M.S. in Quantitative Methods from SUNY at Stony Brook.</FONT></P>
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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Barbara M. Baumann </FONT></B><FONT size=2 face=sans-serif>(Born 1955)</FONT><BR><FONT size=2 face=sans-serif>Trustee since 2010</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Ms. Baumann is President and Owner of Cross Creek Energy Corporation, a strategic consultant to domestic energy firms and direct investor in energy projects.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Ms. Baumann currently serves as a Director of SM Energy Company (a publicly held U.S. exploration and production company) and UNS Energy Corporation (a publicly held electric and gas utility in Arizona). She is a director of Cody Resources management (a private company in the energy and ranching businesses). Ms. Baumann is a Trustee of Mount Holyoke College. She is a former Chair of the Board and a current Board member of Girls Inc. of Metro Denver, and serves on the Finance Committee of The Children&#8217;s Hospital of Colorado, as well as the Investment Committee of The Denver Foundation.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Until May 2012, Ms. Baumann was a Director of CVR Energy (a publicly held petroleum refiner and fertilizer manufacturer). Prior to 2003, Ms. Baumann was Executive Vice President of Associated Energy Managers, a domestic private equity firm. From 1981 until 2000, she held a variety of financial and operational management positions with the global energy company Amoco Corporation and its successor, BP, most recently serving as Commercial Operations Manager of its Western Business Unit.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Ms. Baumann holds an M.B.A. from The Wharton School of the University of Pennsylvania and a B.A. from Mount Holyoke College.</FONT></P>
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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Jameson A. Baxter </FONT></B><FONT size=2 face=sans-serif>(Born 1943)</FONT><BR><FONT size=2 face=sans-serif>Trustee since 1994, Vice Chair from 2005 to </FONT><FONT size=2 face=sans-serif>2011 and Chair since 2011</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Ms. Baxter is the President of Baxter Associates, Inc., a private investment firm.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Ms. Baxter serves as Chair of the Mutual Fund Directors Forum, Director of the Adirondack Land Trust and Trustee of the Nature Conservancy&#8217;s Adirondack Chapter. Until 2011, Ms. Baxter was a director of ASHTA Chemical, Inc. Until 2007, she was a Director of Banta Corporation (a printing and supply chain management company), Ryerson, Inc. (a metals service corporation), and Advocate Health Care. She has also served as a director on a number of other boards, including BoardSource (formerly the National Center for Nonprofit Boards), Intermatic Corporation (a manufacturer of energy control products), and MB Financial. She is Chair Emeritus of the Board of Trustees of Mount Holyoke College, having served as Chair for five years.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Ms. Baxter has held various positions in investment banking and corporate finance, including Vice President of and Consultant to First Boston Corporation and Vice President and Principal of the Regency Group. She is a graduate of Mount Holyoke College.</FONT></P>
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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Charles B. Curtis </FONT></B><FONT size=2 face=sans-serif>(Born 1940)</FONT><BR><FONT size=2 face=sans-serif>Trustee since 2001</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Mr. Curtis serves as Senior Advisor to the Center for Strategic and International Studies and is President Emeritus of the Nuclear Threat Initiative (a private foundation dealing with national security issues).</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Mr. Curtis is a member of the Council on Foreign Relations and the U.S. State Department International Security Advisory Board. He also serves as a Director of Edison International and Southern California Edison.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Mr. Curtis is an attorney with over 15 years in private practice and 19 years in various positions in public service, including service at the Department of Treasury, the U.S. House of Representatives, the Securities and Exchange Commission, the Federal Energy Regulatory Commission and the Department of Energy.</FONT></P>
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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Robert J. Darretta </FONT></B><FONT size=2 face=sans-serif>(Born 1946)</FONT><BR><FONT size=2 face=sans-serif>Trustee since 2007</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Mr. Darretta serves as Director of UnitedHealth Group, a diversified health-care company.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Until April 2007, Mr. Darretta was Vice Chairman of the Board of Directors of Johnson &amp; Johnson, one of the world&#8217;s largest and most broadly based health-care companies. Prior to 2007, he had responsibility for Johnson &amp; Johnson&#8217;s finance, investor relations, information technology, and procurement functions. He served as Johnson &amp; Johnson Chief Financial Officer for a decade, prior to which he spent two</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>years as Treasurer of the corporation and over 10 years leading various Johnson &amp; Johnson operating companies. From 2009 until 2012, Mr. Darretta served as the Health Care Industry Adviser to Permira, a global private equity firm.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Mr. Darretta received a B.S. in Economics from Villanova University.</FONT></P>
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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Katinka Domotorffy </FONT></B><FONT size=2 face=sans-serif>(Born 1975)</FONT><BR><FONT size=2 face=sans-serif>Trustee since 2012</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Ms. Domotorffy is a voting member of the Investment Committee of the Anne Ray Charitable Trust, part of the Margaret A. Cargill Philanthropies. She also serves as the Vice Chair of Reach Out and Read of Greater New York, an organization dedicated to promoting childhood literacy.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Until December 2011, Ms. Domotorffy was Partner, Chief Investment Officer, and Global Head of Quantitative Investment Strategies at Goldman Sachs Asset Management.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Ms. Domotorffy holds a BSc in Economics from the University of Pennsylvania and an MSc in Accounting and Finance from the London School of Economics.</FONT></P>
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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>John A. Hill </FONT></B><FONT size=2 face=sans-serif>(Born 1942)</FONT><BR><FONT size=2 face=sans-serif>Trustee since 1985 and Chairman from 2000 </FONT><FONT size=2 face=sans-serif>to 2011</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Mr. Hill is founder and Vice-Chairman of First Reserve Corporation, the leading private equity buyout firm specializing in the worldwide energy industry, with offices in Greenwich, Connecticut; Houston, Texas; London, England; and Hong Kong, China. The firm&#8217;s investments on behalf of some of the nation&#8217;s largest pension and endowment funds are currently concentrated in 31 companies with annual revenues in excess of $15 billion, which employ over 100,000 people in 23 countries.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Mr. Hill is a Director of Devon Energy Corporation (a leading independent natural gas and oil exploration and production company) and various private companies owned by First Reserve, and serves as a Trustee of Sarah Lawrence College where he serves as Chairman and also chairs the Investment Committee. He is also a member of the Advisory Board of the Millstein Center for Global Markets and Corporate Ownership at The Columbia University Law School.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Prior to forming First Reserve in 1983, Mr. Hill served as President of F. Eberstadt and Company, an investment banking and investment management firm. Between 1969 and 1976, Mr. Hill held various senior positions in Washington, D.C. with the federal government, including Deputy Associate Director of the Office of Management and Budget and Deputy Administrator of the Federal Energy Administration during the Ford Administration.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Born and raised in Midland, Texas, he received his B.A. in Economics from Southern Methodist University and pursued graduate studies as a Woodrow Wilson Fellow.</FONT></P>

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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Paul L. Joskow </FONT></B><FONT size=2 face=sans-serif>(Born 1947)</FONT><BR><FONT size=2 face=sans-serif>Trustee since 1997</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Dr. Joskow is an economist and President of the Alfred P. Sloan Foundation (a philanthropic institution focused primarily on research and education on issues related to science, technology, and economic performance). He is the Elizabeth and James Killian Professor of Economics, Emeritus at the Massachusetts Institute of Technology (MIT), where he joined the faculty in 1972. Dr. Joskow was the Director of the Center for Energy and Environmental Policy Research at MIT from 1999 through 2007.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Dr. Joskow serves as a Trustee of Yale University, as a Director of TransCanada Corporation (an energy company focused on natural gas transmission, oil pipelines, and power services) and of Exelon Corporation (an energy company focused on power services), and as a member of the Board of Overseers of the Boston Symphony Orchestra. Prior to August 2007, he served as a Director of National Grid (a UK-based holding company with interests in electric and gas transmission and distribution and telecommunications infrastructure). Prior to July 2006, he served as President of the Yale University Council. Prior to February 2005, he served on the Board of the Whitehead Institute for Biomedical Research (a non-profit research institution). Prior to February 2002, he was a Director of State Farm Indemnity Company (an automobile insurance company), and prior to March 2000, he was a Director of New England Electric System (a public utility holding company).</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Dr. Joskow has published seven books and numerous articles on industrial organization, government regulation of industry, and competition policy. He is active in industry restructuring, environmental, energy, competition, and privatization policies &#8212; having served as an advisor to governments and corporations worldwide. Dr. Joskow holds a Ph.D. and M.Phil. from Yale University and a B.A. from Cornell University.</FONT></P>

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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Kenneth R. Leibler </FONT></B><FONT size=2 face=sans-serif>(Born 1949)</FONT><BR><FONT size=2 face=sans-serif>Trustee since 2006</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Mr. Leibler is a founder and former Chairman of the Boston Options Exchange, an electronic marketplace for the trading of derivative securities.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Mr. Leibler currently serves on the Board of Trustees of Beth Israel Deaconess Hospital in Boston. He is also a Director of Northeast Utilities, which operates New England&#8217;s largest energy delivery system, and, until November 2010, was a Director of Ruder Finn Group, a global communications and advertising firm. Prior to December 2006, he served as a Director of the Optimum Funds group. Prior to October 2006, he served as a Director of ISO New England, the organization responsible for the operation of the electric generation system in the New England states. Prior to 2000, Mr. Leibler was a Director of the Investment Company Institute in Washington, D.C.</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Prior to January 2005, Mr. Leibler served as Chairman and Chief Executive Officer of the Boston Stock Exchange. Prior to January 2000, he served as President and Chief Executive Officer of Liberty Financial Companies, a publicly traded diversified asset management organization. Prior to June 1990, Mr. Leibler served as President and Chief Operating Officer of the American Stock Exchange (AMEX), and at the time was the youngest person in AMEX history to hold the title of President. Prior to serving as AMEX President, he held the position of Chief Financial Officer, and headed its management and marketing operations. Mr. Leibler graduated with a degree in Economics from Syracuse University.</FONT></P>
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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Robert E. Patterson </FONT></B><FONT size=2 face=sans-serif>(Born 1945)</FONT><BR><FONT size=2 face=sans-serif>Trustee since 1984</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Mr. Patterson is Co-Chairman of Cabot Properties, Inc. (a private equity firm investing in commercial real estate) and Chairman of its Investment Committee.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Mr. Patterson is past Chairman and served as a Trustee of the Joslin Diabetes Center. He previously was a Trustee of the Sea Education Association. Prior to December 2001, Mr. Patterson was President and Trustee of Cabot Industrial Trust (a publicly traded real estate investment trust). Prior to February 1998, he was Executive Vice President and Director of Acquisitions of Cabot Partners Limited Partnership (a registered investment adviser involved in institutional real estate investments). Prior to 1990, he served as Executive Vice President of Cabot, Cabot &amp; Forbes Realty Advisors, Inc. (the predecessor company of Cabot Partners).</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Mr. Patterson practiced law and held various positions in state government, and was the founding Executive Director of the Massachusetts Industrial Finance Agency. Mr. Patterson is a graduate of Harvard College and Harvard Law School.</FONT></P>
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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>George Putnam, III </FONT></B><FONT size=2 face=sans-serif>(Born 1951)</FONT><BR><FONT size=2 face=sans-serif>Trustee since 1984</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Mr. Putnam is Chairman of New Generation Research, Inc. (a publisher of financial advisory and other research services), and President of New Generation Advisors, LLC (a registered investment adviser to private funds). Mr. Putnam founded the New Generation companies in 1986.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Mr. Putnam is a Director of The Boston Family Office, LLC (a registered investment adviser). He is a Trustee of Epiphany School and a Trustee of the Marine Biological Laboratory in Woods Hole, Massachusetts. Prior to June 2007, Mr. Putnam was President of the Putnam funds. Until 2010, he was a Trustee of St. Mark&#8217;s School, until 2006, he was a Trustee of Shore Country Day School, and until 2002, he was a Trustee of the Sea Education Association.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Mr. Putnam previously worked as an attorney with the law firm of Dechert LLP (formerly known as Dechert Price &amp; Rhoads) in Philadelphia. He is a graduate of Harvard College, Harvard Business School, and Harvard Law School.</FONT></P>
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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>W. Thomas Stephens </FONT></B><FONT size=2 face=sans-serif>(Born 1942)</FONT><BR><FONT size=2 face=sans-serif>Trustee from 1997 to 2008, and since 2009</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Mr. Stephens retired as Chairman and Chief Executive Officer of Boise Cascade, LLC (a paper, forest products and timberland assets company) in December 2008.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Mr. Stephens is a Director of TransCanada Pipelines, Ltd. (an energy infrastructure company).</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Until 2010, Mr. Stephens was a Director of Boise Inc. (a manufacturer of paper and packaging products). Until 2004, Mr. Stephens was a Director of Xcel Energy Incorporated (a public utility company), Qwest Communications and Norske Canada, Inc. (a paper manufacturer). Until 2003, Mr. Stephens was a Director of Mail-Well, Inc. (a diversified printing company). He served as Chairman of Mail-Well until 2001 and as CEO of MacMillan-Bloedel, Ltd. (a forest products company) until 1999.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Prior to 1996, Mr. Stephens was Chairman and Chief Executive Officer of Johns Manville Corporation (a manufacturing company). He holds B.S. and M.S. degrees from the University of Arkansas.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Interested Trustee*</FONT></B></P>
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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Robert L. Reynolds </FONT></B><FONT size=2 face=sans-serif>(Born 1952)</FONT><BR><FONT size=2 face=sans-serif>Trustee since 2008 and President of the </FONT><FONT size=2 face=sans-serif>Putnam funds since July 2009</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Mr. Reynolds is President and Chief Executive Officer of Putnam Investments, a member of Putnam Investments&#8217; Executive Board of Directors, and President of the Putnam funds. He has more than 30 years of investment and financial services experience.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Prior to joining Putnam Investments in 2008, Mr. Reynolds was Vice Chairman and Chief Operating Officer of Fidelity Investments from 2000 to 2007. During this time, he served on the Board of Directors for FMR Corporation, Fidelity Investments Insurance Ltd., Fidelity Investments Canada Ltd., and Fidelity Management Trust Company. He was also a Trustee of the Fidelity Family of Funds. From 1984 to 2000, Mr. Reynolds served in a number of increasingly responsible leadership roles at Fidelity.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Mr. Reynolds serves on several not-for-profit boards, including those of the West Virginia University Foundation, Concord Museum, Dana-Farber Cancer Institute and Boston Chamber of Commerce. He is a member of the Chief Executives Club of Boston, the National Innovation Initiative, and the Council on Competitiveness, and he is a former President of the Commercial Club of Boston.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Mr. Reynolds received a B.S. in Business Administration/Finance from West Virginia University.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>* Trustee who is an &#8220;interested person&#8221; as defined in the 1940 Act of the fund and Putnam Management. Mr. Reynolds is deemed an &#8220;interested person&#8221; by virtue of his position as an officer of the fund and Putnam Management. Mr. Reynolds is the President and Chief Executive Officer of Putnam Investments and the President of your fund and each of the other Putnam funds.</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Board Policy and Nominating Committee is responsible for recommending proposed nominees for election to the Board of Trustees for its approval. In recommending the election or appointment of the current Board members as Trustees, the Committee generally considered the educational, business and professional experience of each Trustee in determining his or her qualifications to serve as a Trustee of the fund, including the Trustee&#8217;s record of service as a director or trustee of public and private organizations. This included each Trustee&#8217;s previous service as a member of the Board of Trustees of the Putnam funds, during which he or she has demonstrated a high level of diligence and commitment to the interests of fund shareholders and the ability to work effectively and collegially with other members of the Board. The Committee also considered, among other factors, the particular attributes described below with respect to the various individual Trustees.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Independent Trustees:</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Liaquat Ahamed &#8212; Mr. Ahamed&#8217;s experience as Chief Executive Officer of a major investment management organization and as head of the investment division at the World Bank, as well as his experience as an author of economic literature.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Ravi Akhoury &#8212; Mr. Akhoury&#8217;s experience as Chairman and Chief Executive Officer of a major investment management organization.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Barbara M. Baumann &#8212; Ms. Baumann&#8217;s experience in the energy industry as a consultant, an investor, and in both financial and operational management positions at a global energy company, and her service as a director of three New York Stock Exchange companies.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Jameson A. Baxter &#8212; Ms. Baxter&#8217;s experience in corporate finance acquired in the course of her career at a major investment bank, her experience as a director and audit committee chair of two New York Stock Exchange companies and her role as Chair of the Mutual Fund Directors Forum.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Charles B. Curtis &#8212; Mr. Curtis&#8217;s experience in public and regulatory policy matters relating to energy and finance acquired in the course of his service in various senior positions in government and on numerous boards of public and private organizations.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Robert J. Darretta &#8212; Mr. Darretta&#8217;s experience as the Chief Financial Officer and Vice Chairman of the board of a major New York Stock Exchange health products company.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Katinka Domotorffy &#8212; Ms. Domotorffy&#8217;s experience as Chief Investment Officer and Global Head of Quantitative Investment Strategies at a major asset management organization.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>John A. Hill &#8212; Mr. Hill&#8217;s experience as founder and Chairman of an open-end mutual fund and as a founder and lead managing partner of one of the largest private equity firms in the United States.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Paul L. Joskow &#8212; Dr. Joskow&#8217;s education and experience as a professional economist familiar with financial economics and related issues and his service on multiple for-profit boards.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Kenneth R. Leibler &#8212; Mr. Leibler&#8217;s extensive experience in the financial services industry, including as Chief Executive Officer of a major asset management organization, and his service as a director of various public and private companies.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Robert E. Patterson &#8212; Mr. Patterson&#8217;s training and experience as an attorney and his experience as president of a New York Stock Exchange company.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>George Putnam, III &#8212; Mr. Putnam&#8217;s training and experience as an attorney, his experience as the founder and Chief Executive Officer of an investment management firm and his experience as an author of various publications on the subject of investments.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>W. Thomas Stephens &#8212; Mr. Stephens&#8217;s extensive business experience, including his service as Chief Executive Officer of four public companies, as non-executive chairman of two public companies and as a director of numerous other public companies.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Interested Trustee:</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Robert L. Reynolds &#8212; Mr. Reynolds&#8217;s extensive experience as a senior executive of one of the largest mutual fund organizations in the United States and his current role as the President and Chief Executive Officer of Putnam Investments.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Each of the nominees has agreed to serve as a Trustee, if elected. If any of the nominees is unavailable for election at the time of the special meeting, which is not anticipated, the Trustees may vote for other nominees at their discretion, or the Trustees may fix the number of Trustees at fewer than 14 for your fund.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>What are the Trustees&#8217; responsibilities?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Your fund&#8217;s Trustees are responsible for the general oversight of your fund&#8217;s affairs and for assuring that your fund is managed in the best interests of its shareholders. The Trustees regularly review your fund&#8217;s investment performance as well as the quality of other services provided to your fund and its shareholders by Putnam Management and its affiliates, including administration, distribution and shareholder servicing. At least annually, the Trustees review and evaluate the fees and operating expenses paid by your fund for these services and negotiate changes if they deem it appropriate. In carrying out these responsibilities, the Trustees are assisted by an independent administrative staff and by your fund&#8217;s auditors, independent counsel and other experts as appropriate, selected by and responsible to the Trustees.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Board Leadership Structure. </FONT></B><FONT size=2 face=sans-serif>Currently, 13 of the 14 Trustees of your fund are Independent Trustees. These Independent Trustees must vote separately to approve all financial arrangements and other agreements with your fund&#8217;s investment manager and other affiliated parties. The role of the Independent Trustees has been characterized as that of a &#8220;watchdog&#8221; charged with oversight to protect shareholders&#8217; interests against overreaching and abuse by those who are in a position</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>to control or influence a fund. Your fund&#8217;s Independent Trustees meet regularly as a group in executive session. An Independent Trustee currently serves as chair of the Board.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Board Committees. </FONT></B><FONT size=2 face=sans-serif>Taking into account the number, the diversity and the complexity of the funds overseen by the Board and the aggregate amount of assets under management, your fund&#8217;s Trustees have determined that the efficient conduct of the Board&#8217;s affairs makes it desirable to delegate responsibility for certain specific matters to committees of the Board. Certain committees (the Executive Committee, Distributions Committee and Audit and Compliance Committee) are authorized to act for the Trustees as specified in their charters. The other committees review and evaluate matters specified in their charters and make recommendations to the Trustees as they deem appropriate. Each committee may utilize the resources of your fund&#8217;s auditors, independent staff and counsel as well as other experts. The committees meet as often as necessary, either in conjunction with regular meetings of the Trustees or otherwise. The membership and chair of each committee are appointed by the Trustees upon recommendation of the Board Policy and Nominating Committee. Each committee is chaired by an Independent Trustee and, except as noted below, the membership and chairs of each committee consist exclusively of Independent Trustees.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Trustees have determined that this committee structure also allows the Board to focus more effectively on the oversight of risk as part of its broader oversight of the fund&#8217;s affairs. While risk management is the primary responsibility of the fund&#8217;s investment manager, the Trustees regularly receive reports regarding investment risks and compliance risks. The Board&#8217;s committee structure allows separate committees to focus on different aspects of these risks and their potential impact on some or all of the funds and to discuss with the fund&#8217;s investment manager how it monitors and controls such risks.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Audit and Compliance Committee. </FONT></B><FONT size=2 face=sans-serif>The Audit and Compliance Committee provides oversight on matters relating to the preparation of the Putnam funds&#8217; financial statements, compliance matters, internal audit functions, and Codes of Ethics issues. This oversight is discharged by regularly meeting with management and the funds&#8217; auditors and keeping current on industry developments. Duties of this Committee also include the review and evaluation of all matters and relationships pertaining to the funds&#8217; auditors, including their independence. Information about the fees billed to the fund by the funds&#8217; auditors, as well as information about the Committee&#8217;s pre-approval policies relating to the work performed by the funds&#8217; auditors, is included in </FONT><B><FONT size=2 face=sans-serif>Appendix G </FONT></B><FONT size=2 face=sans-serif>of this proxy statement. The members of the Committee include only Independent Trustees. Each member of the Committee also is &#8220;independent,&#8221; as that term is interpreted for purposes of Rule 10A-3(b)(1) of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), and the listing standards of the New York Stock Exchange. The Board has adopted a written charter for the Committee, a current copy of which is available at </FONT><U><FONT size=2 face=sans-serif>www.putnam.com/about-putnam/</FONT></U><FONT size=2 face=sans-serif>. The </FONT><FONT size=2 face=sans-serif>Committee currently consists of Messrs. Leibler (Chairperson), Curtis, Darretta and Hill and Mses. Baumann and Domotorffy.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Board Policy and Nominating Committee. </FONT></B><FONT size=2 face=sans-serif>The Board Policy and Nominating Committee reviews matters pertaining to the operations of the Board and its committees, the compensation of the Trustees and their staff, and the conduct of legal affairs for the Putnam funds. The Committee also oversees the voting of proxies associated with portfolio investments of the Putnam funds, with the goal of ensuring that these proxies are voted in the best interest of each fund&#8217;s shareholders.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Committee evaluates and recommends all candidates for election as Trustees and recommends the appointment of members and chairs of each Board committee. The Committee also identifies prospective nominees for election as Trustee by considering individuals that come to its attention through the recommendation of current Trustees, Putnam Management or shareholders. Candidates properly submitted by shareholders (as described below) will be considered and evaluated on the same basis as candidates recommended by other sources. The Committee may, but is not required to, engage a third-party professional search firm to assist it in identifying and evaluating potential nominees.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>When evaluating a potential candidate for membership on the Board, the Committee considers the skills and characteristics that it determines would most benefit the Putnam funds at the time the evaluation is made. The Committee may take into account a wide variety of attributes in considering potential Trustee candidates, including, but not limited to: (i) availability and commitment of a candidate to attend meetings and perform his or her responsibilities to the Board, (ii) other board experience, (iii) relevant industry and related experience, (iv) educational background, (v) financial expertise, (vi) an assessment of the candidate&#8217;s ability, judgment and expertise, (vii) an assessment of the perceived needs of the Board and its committees at that point in time and (viii) overall Board composition. The Committee generally believes that the Board benefits from diversity of background, experience and views among its members, and considers this as a factor in evaluating the composition of the Board, but has not adopted any specific policy in this regard. In connection with this evaluation, the Committee will determine whether to interview prospective nominees, and, if warranted, one or more members of the Committee, and other Trustees and representatives of the funds, as appropriate, will interview prospective nominees in person or by telephone. Once this evaluation is completed, the Committee recommends such candidates as it determines appropriate to the Independent Trustees for nomination, and the Independent Trustees select the nominees after considering the recommendation of the Committee.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Committee will consider nominees for Trustee recommended by shareholders of a fund provided shareholders submit their recommendations by the date disclosed in the paragraphs entitled &#8220;Date for receipt of shareholders&#8217; proposals</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>for subsequent meetings of shareholders&#8221; in the section &#8220;Further Information About Voting and the Special Meeting,&#8221; and provided the shareholders&#8217; recommendations otherwise comply with applicable securities laws, including Rule 14a-8 under the Exchange Act.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Committee consists only of Independent Trustees. The Trustees have adopted a written charter for the Board Policy and Nominating Committee, a current copy of which is available at </FONT><U><FONT size=2 face=sans-serif>www.putnam.com/about-putnam/</FONT></U><FONT size=2 face=sans-serif>. The Board Policy and Nominating Committee currently consists of Messrs. Hill (Chairperson), Curtis, Patterson and Putnam and Ms. Baxter.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Brokerage Committee. </FONT></B><FONT size=2 face=sans-serif>The Brokerage Committee reviews the Putnam funds&#8217; policies regarding the execution of portfolio trades and Putnam Management&#8217;s practices and procedures relating to the implementation of those policies. The Committee reviews periodic reports on the cost and quality of execution of portfolio transactions and the extent to which brokerage commissions have been used (i) by Putnam Management to obtain brokerage and research services generally useful to it in managing the portfolios of the funds and of its other clients, and (ii) by the funds to pay for certain fund expenses. The Committee reports to the Trustees and makes recommendations to the Trustees regarding these matters. The Committee currently consists of Dr. Joskow (Chairperson), Ms. Baxter and Messrs. Ahamed, Akhoury, Patterson, Putnam and Stephens.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Contract Committee. </FONT></B><FONT size=2 face=sans-serif>The Contract Committee reviews and evaluates at least annually all arrangements pertaining to (i) the engagement of Putnam Management and its affiliates to provide services to the Putnam funds, (ii) the expenditure of the funds&#8217; assets for distribution purposes pursuant to Distribution Plans of the funds, and (iii) the engagement of other persons to provide material services to the funds, including in particular those instances where the cost of services is shared between the funds and Putnam Management and its affiliates or where Putnam Management or its affiliates have a material interest. The Committee also reviews the proposed organization of new fund products, proposed structural changes to existing funds and matters relating to closed-end funds. The Committee reports and makes recommendations to the Trustees regarding these matters. The Committee currently consists of Mr. Patterson (Chairperson), Dr. Joskow, Ms. Baxter and Messrs. Ahamed, Akhoury, Putnam and Stephens.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Distributions Committee. </FONT></B><FONT size=2 face=sans-serif>The Distributions Committee oversees all dividends and distributions by the Putnam funds. The Committee makes recommendations to the Trustees of the funds regarding the amount and timing of distributions paid by the funds, and determines such matters when the Trustees are not in session. The Committee also oversees the policies and procedures pursuant to which Putnam Management prepares recommendations for distributions, and meets regularly with representatives of Putnam Management to review the implementation of these policies and procedures. The Committee reports to the Trustees and makes recommendations to the </FONT><FONT size=2 face=sans-serif>Trustees regarding these matters. The Committee currently consists of Ms. Baumann (Chairperson), Ms. Domotorffy and Messrs. Curtis, Darretta, Hill and Leibler.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Executive Committee. </FONT></B><FONT size=2 face=sans-serif>The functions of the Executive Committee are twofold. The first is to ensure that the Putnam funds&#8217; business may be conducted at times when it is not feasible to convene a meeting of the Trustees or for the Trustees to act by written consent. The Committee may exercise any or all of the power and authority of the Trustees when the Trustees are not in session. The second is to establish annual and ongoing goals, objectives and priorities for the Board, and to ensure coordination of all efforts between the Trustees and Putnam Management on behalf of the shareholders of the funds. The Committee currently consists of Ms. Baxter (Chairperson) and Messrs. Hill, Leibler, Patterson and Putnam.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Investment Oversight Committees. </FONT></B><FONT size=2 face=sans-serif>The Investment Oversight Committees regularly meet with investment personnel of Putnam Management to review the investment performance and strategies of the Putnam funds in light of their stated investment objectives and policies. The Committees seek to identify any compliance issues that are unique to the applicable categories of funds and work with the appropriate Board committees to ensure that any such issues are properly addressed. Investment Oversight Committee A currently consists of Messrs. Akhoury (Chairperson), Ahamed, Darretta, Hill, Patterson and Reynolds and Ms. Baxter. Investment Oversight Committee B currently consists of Messrs. Putnam (Chairperson), Curtis, Leibler and Stephens, Dr. Joskow and Mses. Baumann and Domotorffy.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Pricing Committee. </FONT></B><FONT size=2 face=sans-serif>The Pricing Committee oversees the valuation of assets of the Putnam funds and reviews the funds&#8217; policies and procedures for achieving accurate and timely pricing of fund shares. The Committee also oversees implementation of these policies, including fair value determinations of individual securities made by Putnam Management or other designated agents of the funds. The Committee also oversees compliance by money market funds with Rule 2a-7 under the 1940 Act and the correction of occasional pricing errors. The Committee also reviews matters related to the liquidity of portfolio holdings. The Committee reports to the Trustees and makes recommendations to the Trustees regarding these matters. The Committee currently consists of Messrs. Darretta (Chairperson), Curtis, Hill and Leibler and Mses. Baumann and Domotorffy.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>How large a stake do the Trustees have in the Putnam family of funds?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Trustees allocate their investments among the Putnam funds based on their own investment needs. The number of shares beneficially owned by each nominee for Trustee, as well as the value of each nominee&#8217;s holdings in each fund and in all of the Putnam funds as of September 30, 2013 is included in </FONT><B><FONT size=2 face=sans-serif>Appendix H</FONT></B><FONT size=2 face=sans-serif>. As a group, the Trustees owned shares of the Putnam funds valued at approximately $95,601,009.14, as of September 30, 2013.</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>As of September 30, 2013, to the knowledge of your fund, each Trustee, and the officers and Trustees of the fund as a group, owned less than 1% of the outstanding shares of each class of each fund, except as listed in </FONT><B><FONT size=2 face=sans-serif>Appendix H</FONT></B><FONT size=2 face=sans-serif>.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>How can shareholders communicate with the Trustees?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Board provides a process for shareholders to send communications to the Trustees. Shareholders may direct communications to the Board as a whole or to specified individual Trustees by submitting them in writing to the following address:</FONT></P>

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   <TD align=center><FONT size=2 face=sans-serif>The Putnam funds</FONT></TD></TR>

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   <TD noWrap align=center><FONT size=2 face=sans-serif>Attention: &#8220;Board of Trustees&#8221; or any specified Trustee(s)</FONT>&nbsp;</TD></TR>

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   <TD align=center><FONT size=2 face=sans-serif>One Post Office Square</FONT></TD></TR>

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   <TD align=center><FONT size=2 face=sans-serif>Boston, Massachusetts 02109</FONT></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0px"><FONT size=2 face=sans-serif>Written communications must include the shareholder&#8217;s name, be signed by the shareholder, refer to the Putnam fund(s) in which the shareholder holds shares and include the class and number of shares held by the shareholder as of a recent date.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Representatives of the funds&#8217; transfer agent will review all communications sent to Trustees and, as deemed appropriate, will provide copies and/or summaries of communications to the Trustees.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>How often do the Trustees meet?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Trustees currently hold regular in-person meetings eight times each year, usually over a two-day period, to review the operations of the Putnam funds. A portion of these meetings is devoted to meetings of various committees of the Board that focus on particular matters. Each Independent Trustee generally attends at least two formal committee meetings during each regular meeting of the Trustees. In addition, the Trustees meet in small groups with senior investment personnel and portfolio managers to review recent performance and the current investment climate for selected funds. These meetings ensure that fund performance is reviewed in detail on at least an annual basis. The committees of the Board, including the Executive Committee, may also meet on special occasions as the need arises. During calendar year 2012, the average Trustee participated in approximately 37 committee and Board meetings.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The number of times each committee met during calendar year 2012 is shown in the table below:</FONT></P>

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   <TD noWrap align=left><FONT size=1 face=sans-serif>8</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left><FONT size=1 face=sans-serif>Distributions Committee</FONT>&nbsp;</TD>

   <TD noWrap align=left><FONT size=1 face=sans-serif>8</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left><FONT size=1 face=sans-serif>3</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left><FONT size=1 face=sans-serif>Investment Oversight Committee A</FONT>&nbsp;</TD>

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   <TD noWrap align=left><FONT size=1 face=sans-serif>Investment Oversight Committee B</FONT>&nbsp;</TD>

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<P style="MARGIN: 0px"><FONT size=2 face=sans-serif>The funds do not have a formal policy with respect to Trustee attendance at shareholder meetings, although, where possible, the Chair of the Trustees generally seeks to attend all meetings involving non-routine business matters. With the exception of Putnam Asia Pacific Equity Fund, Putnam High Income Securities Fund, Putnam International Value Fund, Putnam Managed Municipal Income Trust, Putnam Master Intermediate Income Trust, Putnam Municipal Opportunities Trust and Putnam Premier Income Trust, your fund&#8217;s Trustees other than John A. Hill did not attend the last shareholder meeting of your fund. The Trustees are generally represented at routine shareholder meetings by their independent staff and independent counsel.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>What are some of the ways in which the Trustees represent shareholder interests?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Among other ways, the Trustees seek to represent shareholder interests:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#8226; by reviewing your fund&#8217;s investment performance with your fund&#8217;s investment personnel;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#8226; by discussing with senior management of Putnam Management steps being taken to address any performance deficiencies;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#8226; by reviewing the quality of the various other services provided to your fund and its shareholders by Putnam Management and its affiliates;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#8226; by reviewing in depth the fees paid by each fund and by negotiating with Putnam Management, if appropriate, to ensure that such fees remain reasonable and competitive with those of comparable funds, while at the same time providing Putnam Management sufficient resources to continue to provide high quality services in the future;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#8226; by reviewing brokerage costs and fees, allocations among brokers, soft dollar expenditures and similar expenses of your fund;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#8226; by monitoring potential conflicts of interest between the Putnam funds, including your fund, and Putnam Management and its affiliates to ensure that the funds continue to be managed in the best interests of their shareholders; and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#8226; by monitoring potential conflicts among funds managed by Putnam Management to ensure that shareholders continue to realize the benefits of participation in a large and diverse family of funds.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>What are the Trustees paid for their services?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Each Independent Trustee of the fund receives an annual retainer fee and additional fees for each Trustee meeting attended and for certain related services. Independent Trustees also are reimbursed for expenses they incur relating to their service as Trustees. All of the current Independent Trustees of the fund are Trustees of all of the Putnam funds and receive fees for their services.</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Trustees periodically review their fees to ensure that the fees continue to be appropriate in light of their responsibilities as well as in relation to fees paid to trustees of other mutual fund complexes. The Board Policy and Nominating Committee, which consists solely of Independent Trustees of the fund, estimates that committee and Trustee meeting time, together with the appropriate preparation, requires the equivalent of at least four business days per Trustee meeting. The table found in </FONT><B><FONT size=2 face=sans-serif>Appendix I </FONT></B><FONT size=2 face=sans-serif>includes the year each Trustee became a Trustee of the Putnam funds, the fees paid to each of those Trustees by each fund included in this proxy statement for its most recent fiscal year (ended prior to October 1, 2013) and the fees paid to each of those Trustees by all of the Putnam funds during calendar year 2012.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Under a Retirement Plan in effect for Trustees of the Putnam funds elected to the Board before 2003 (the &#8220;Plan&#8221;), each eligible Trustee who retires with at least five years of service as a Trustee of the funds is entitled to receive an annual retirement benefit equal to one-half of the average annual attendance and retainer fees paid to such Trustee for calendar years 2003, 2004 and 2005. This retirement benefit is payable during a Trustee&#8217;s lifetime, beginning the year following retirement, for the number of years of service through December 31, 2006. A death benefit, also available under the Plan, ensures that the Trustee and his or her beneficiaries will receive benefit payments for the lesser of an aggregate period of (i) ten years or (ii) such Trustee&#8217;s total years of service.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Plan Administrator (currently the Board Policy and Nominating Committee) may terminate or amend the Plan at any time, but no termination or amendment will result in a reduction in the amount of benefits (i) currently being paid to a Trustee at the time of such termination or amendment, or (ii) to which a current Trustee would have been entitled had he or she retired immediately prior to such termination or amendment. The Trustees have terminated the Plan with respect to any Trustee first elected to the Board after 2003.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Why should you vote for your fund&#8217;s nominees?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Your current Trustees are independent, experienced, and highly qualified fiduciaries who exercise strong fund governance practices.</FONT></P>

<P style="TEXT-ALIGN: left"><I><FONT size=2 face=sans-serif>Independent</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#8226; The Chair of your fund, Jameson A. Baxter, is independent of Putnam Management and has served on the Board for nearly 20 years. She also serves as the Chair of the Mutual Fund Directors Forum, which provides educational and outreach programs for independent directors;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#8226; 13 of the 14 Trustees are independent of Putnam Management; and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#8226; The Independent Trustees are assisted by an independent administrative staff and legal counsel who are selected by the Independent Trustees and are independent of Putnam Management.</FONT></P>

<P style="TEXT-ALIGN: left"><I><FONT size=2 face=sans-serif>Highly Qualified</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#8226; The Trustees have significant current and past related industry experience, and have a demonstrated history of actively pursuing the interests of the fund&#8217;s shareholders; and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#8226; The Board includes individuals with substantial professional accomplishments and prior experience in a variety of fields, including investment management, economics, finance, energy, health care, manufacturing, national security and real estate; and</FONT></P>

<P style="TEXT-ALIGN: left"><I><FONT size=2 face=sans-serif>Strong Governance Practices</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#8226; The Board includes a combination of long-tenured and newer members, bringing diverse perspectives to fund oversight;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#8226; The Board has a well-established committee and oversight structure for the Putnam funds, including your fund, which has been developed over a long period of time; and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#8226; The fund does not have a staggered board structure or other takeover defenses.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>What is the voting requirement for electing Trustees?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>All of the funds within a trust will vote together on the election of Trustees as a single class. If a quorum for your trust is present at the special meeting, the 14 nominees for election as Trustees who receive the greatest number of votes cast at the meeting will be elected as Trustees of your trust. The name of each trust is indicated in bold in the Notice of a Special Meeting of Shareholders on pages 1 and 2, with the funds that are series of that trust appearing below its name. </FONT><B><FONT size=2 face=sans-serif>The Trustees unanimously recommend that shareholders vote &#8220;FOR&#8221; the election of your fund&#8217;s nominees.</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>3. APPROVING AN AMENDED AND RESTATED </FONT></B><B><FONT size=2 face=sans-serif>DECLARATION OF TRUST FOR YOUR FUND</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Affected funds: </FONT></B><FONT size=2 face=sans-serif>All open-end funds (</FONT><I><FONT size=2 face=sans-serif>i.e., </FONT></I><FONT size=2 face=sans-serif>all funds except Putnam High Income Securities Fund, Putnam Managed Municipal Income Trust, Putnam Master Intermediate Income Trust, Putnam Municipal Opportunities Trust, and Putnam Premier Income Trust)</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Each Putnam fund is organized as a series of a Massachusetts business trust or as a stand-alone Massachusetts business trust (each, a &#8220;Trust&#8221;). Each Trust is governed by a declaration of trust established under the laws of The Commonwealth of Massachusetts. The declaration of trust sets forth, among other things, details regarding the organization and operation of a fund, shareholder rights, powers of the Trustees and the characteristics of fund shares.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Putnam funds affected by this proposal currently operate under thirty-eight distinct declarations of trust (each a &#8220;Current Declaration&#8221; and together, the &#8220;Current Declarations&#8221;). The Current Declarations were created at different times in the past and differ from each other in a number of ways. These differences create certain inefficiencies in the operations of the Putnam funds that can be disadvantageous to the funds and their shareholders. In addition, the terms of many of the Current Declarations do not provide for the flexibility and the</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>same limitations of liabilities that more recent declarations of trust provide to many other mutual funds organized as Massachusetts business trusts and to their trustees and officers. The Trustees of your fund believe that the adoption of a single form of Amended and Restated Declaration of Trust (the &#8220;Revised Declaration&#8221;) for each Trust will, among other things: (i) provide the Trustees and Putnam Management increased flexibility in managing the affairs of the funds in an efficient and cost-effective manner in the best interests of shareholders; (ii) modernize and streamline certain corporate governance provisions, potentially resulting in a reduction of costs and delays over time and a reduction in the risks and costs of litigation; and (iii) eliminate certain ambiguities in and among the Current Declarations. On the basis of these and other considerations noted below, the Trustees recommend that shareholders of your fund vote to authorize the Trustees to adopt the Revised Declaration, a form of which is included herein as </FONT><B><FONT size=2 face=sans-serif>Appendix L</FONT></B><FONT size=2 face=sans-serif>.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The discussion below highlights certain differences between the Current Declarations and the Revised Declaration. The most significant changes are described below under the caption &#8220;Significant Changes.&#8221; There are other differences between the Revised Declaration and the Current Declarations, mostly in the nature of clarifying and conforming changes, certain of which are described below under the caption &#8220;Other Changes.&#8221; Because there are many variations among the Current Declarations, not all of the changes described below will necessarily pertain to your fund. In addition, not all of the differences between the Current Declarations and the Revised Declaration are described below, so you should carefully review the form of the Revised Declaration in </FONT><B><FONT size=2 face=sans-serif>Appendix L</FONT></B><FONT size=2 face=sans-serif>. For a copy of your fund&#8217;s Current Declaration, you may call Putnam Investments at 1-800-225-1581. Your fund&#8217;s Current Declaration is also on file with the Secretary of The Commonwealth of Massachusetts and may be accessed at the Secretary&#8217;s website at </FONT><U><FONT size=2 face=sans-serif>www.sec.state.ma.us</FONT></U><FONT size=2 face=sans-serif>.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Significant Changes</FONT></B></P>

<P style="TEXT-ALIGN: left"><I><FONT size=2 face=sans-serif>1. Class Reorganizations and Terminations (all funds)</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Each Current Declaration permits the Trustees to divide the shares of any series into one or more classes. The Trustees have historically used this power to create classes of shares that reflect different methods of distribution. It may be desirable at some point in the future for the Trustees to discontinue certain share classes, in which case it may be desirable to reorganize the shares of a discontinued class with another series or class or to liquidate the shares of such class. The Revised Declaration (Article III, Section 1) clarifies the Trustees&#8217; authority to combine shares of two or more classes of a fund into a single class without shareholder approval. Likewise, the Revised Declaration (Article IX, Section 5) permits the Trustees to authorize the reorganization of a class (by way of merger, consolidation or sale of assets) with another entity (including another series or class) without shareholder approval to the extent permitted by law. Finally, the Revised Declaration permits the Trustees to </FONT><FONT size=2 face=sans-serif>terminate and liquidate a particular class without shareholder approval. These additional powers are intended to provide the Board the flexibility to implement changes in a fund&#8217;s class structure that it believes to be in the shareholders&#8217; best interests, without causing the funds to incur the time and expense of soliciting shareholder approval. Putnam Management has advised the Trustees that it has no present intention of proposing any changes in the current class structure of the funds.</FONT></P>

<P style="TEXT-ALIGN: left"><I><FONT size=2 face=sans-serif>2. Derivative Actions and Exclusive Selection of Forum for Certain Shareholder Actions (all funds)</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Revised Declaration (Article III, Section 6) provides that a shareholder may not bring or maintain any court action, proceeding or claim on behalf of a Trust without first making demand on the Trustees requesting the Trustees to bring the action. The Current Declarations do not contain a similar provision, although Massachusetts courts have generally imposed a similar demand requirement in the past based on the Trustees&#8217; inherent authority to manage all affairs of the Trust, including the bringing of litigation on behalf of the Trust. This requirement also conforms to a recent change in Massachusetts law applicable to business corporations requiring that demand be made in all circumstances. The requirement for shareholder demand is intended to prevent the potential disruption and expense that could result when a shareholder attempts to bring a suit that the Trustees in their judgment do not believe would be in the best interests of a Trust. The effect of these changes may be to discourage suits brought on behalf of the funds by shareholders against Putnam Management or the Trustees, but is not intended to affect any right of shareholders to bring actions in their own name.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Revised Declaration (Article III, Section 7) also provides that any action brought by a shareholder seeking to enforce any right or privilege of shareholders under the Revised Declaration, challenging the powers of the Trustees thereunder, alleging a breach of fiduciary duty by any Trustee or officer of a Trust, or otherwise involving primarily the internal affairs of a Trust may be brought only in the courts of The Commonwealth of Massachusetts. The Current Declarations do not contain a similar provision. This proposed change is intended to ensure that the courts of The Commonwealth of Massachusetts will be the exclusive forum in which certain lawsuits against a fund, its Trustees or officers may be brought. In recent years, lawsuits against mutual funds and their officers and directors have often been brought and decided outside of a fund&#8217;s state of organization. Forum selection provisions can benefit funds and their shareholders by reducing the cost and disruption of multi-forum litigation (</FONT><I><FONT size=2 face=sans-serif>i.e., </FONT></I><FONT size=2 face=sans-serif>litigation brought by shareholders simultaneously in different forums that challenges the same action) and limiting the ability of plaintiffs&#8217; lawyers to seek out judicial forums that are particularly favorable to plaintiffs&#8217; actions, sometimes referred to as &#8220;forum shopping.&#8221; Forum selection provisions are intended to permit a fund and its shareholders to benefit from the special expertise and long history of Massachusetts courts in dealing with declarations of trust governing the affairs of entities organized as Massachusetts</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>business trusts. This provision would not, however, limit the ability of plaintiffs to bring actions outside of Massachusetts with respect to claims that do not fall within the scope of the forum selection provision, such as claims based on violations of federal securities law, contract claims or tort claims.</FONT></P>

<P style="TEXT-ALIGN: left"><I><FONT size=2 face=sans-serif>3. Removal of a Trustee (all funds)</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Revised Declaration (Article IV, Section 2) provides that a Trustee may be removed by the vote of two-thirds of the remaining Trustees or by the vote of two-thirds of a fund&#8217;s outstanding shares. Under the Current Declarations, the only mechanism for removing a Trustee is by the vote of two-thirds of the fund&#8217;s outstanding shares. This change is intended to increase administrative efficiency by providing Trustees the authority to remove a Trustee without causing the funds to incur the time and expense of soliciting shareholder approval. A Trustee would only be removed if the remaining Trustees deem such removal as necessary to ensure the effective operation of the Board or otherwise serve the best interests of shareholders, for example, to deal with the situation of a trustee who has become incapacitated, who refuses to resign in accordance with the Board&#8217;s retirement policy, or who has become involved in personal or business-related legal matters that could call into question his or her continuing fitness to serve. The ability of the Board to remove a Trustee without shareholder action is also consistent with recent changes in Massachusetts law applicable to business corporations.</FONT></P>

<P style="TEXT-ALIGN: left"><I><FONT size=2 face=sans-serif>4. Involuntary Redemptions (all funds)</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Current Declarations generally provide that the Trustees have the power to redeem the shares of any shareholder if either (i) the shareholder owns fewer shares than, or shares having an aggregate net asset value less than, an amount determined from time to time by the Trustees (the current minimum is 20 shares) or (ii) the shareholder owns shares of the fund in excess of a maximum amount set by the Trustees. In addition to these circumstances, the Revised Declaration (Article VI, Section 3) permits a fund to make involuntary redemptions in certain additional circumstances, including: (i) if a shareholder fails to supply appropriate personal and tax identification information requested by the fund; (ii) if a shareholder fails to meet or maintain the qualifications for ownership of a particular series or class; (iii) to collect a small account fee imposed on certain accounts (as described further below); or (iv) if the Trustees determine for any other reason, in their sole discretion, that the ownership of fund shares by a shareholder is not in the best interests of the remaining shareholders of the Trust or of the applicable series or class. Possible circumstances in which the Trustees may determine that a shareholder&#8217;s ownership of fund shares is not in the best interests of the remaining shareholders include situations in which a shareholder repeatedly violates short-term trading restrictions or otherwise abuses shareholder privileges, resides in a particular foreign jurisdiction that may result in the imposition of regulatory restrictions on the fund, or is added to the Specially Designated Nationals List maintained by the Office of Foreign Assets Control within the U.S. Department of the Treasury (or similar list of persons subject to </FONT><FONT size=2 face=sans-serif>sanction). A fund will provide advance notice to a shareholder of the intention to redeem shares involuntarily.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>It is common for mutual funds to pay transfer agent and other shareholder servicing costs that are incurred in whole or in part on a per account basis. As a result, having a large number of relatively small shareholder accounts can potentially increase a fund&#8217;s expense ratio, with larger shareholders bearing a disproportionate amount of such costs. The Current Declarations already permit the Trustees to redeem all shares held in an account falling below a number fixed by the Trustees. The Revised Declaration would provide the Trustees the additional flexibility to impose fees on accounts that do not meet a minimum investment amount and to redeem shares in any such account in an amount required to pay such fees. This would allow a fund to cause those shareholders who maintain small accounts to bear a fair portion of the costs of maintaining small accounts in lieu of redeeming such accounts altogether. A fund will provide advance notice to shareholders of its intention to impose fees on accounts that do not exceed a minimum investment size. Any such action would be subject to approval by the Trustees on such terms as they consider to be in the best interests of all shareholders. Any such fee would be retained by the fund (as an offset to transfer agency fees), and would not be paid to Putnam Management.</FONT></P>

<P style="TEXT-ALIGN: left"><I><FONT size=2 face=sans-serif>5. Indemnification of Trustees, Officers, etc. (all funds)</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Revised Declaration (Article VIII, Section 1) modifies certain provisions relating to the availability of indemnification to the Trust&#8217;s Trustees and officers (including persons who serve at the Trust&#8217;s request as directors, officers or trustees of another organization in which the Trust has any interest as a shareholder, creditor or otherwise) (each a &#8220;Covered Person&#8221;). Under the Revised Declaration, a Covered Person would not be indemnified with respect to any matter as to which such person had been finally adjudicated (i) not to have acted in good faith, (ii) not to have acted in the reasonable belief that his or her action was in the best interest of a Trust or at least was not opposed to the best interest of the Trust, (iii) in the case of a criminal proceeding, to have had reasonable cause to believe his or her action was unlawful, or (iv) to be liable by reason of such person&#8217;s willful misfeasance, bad faith, gross negligence or reckless disregard of his or her duties (referred to below as &#8220;Disabling Conduct&#8221;). The Current Declarations contain a similar provision but do not expressly permit indemnification in circumstances where such person has been finally adjudicated to have acted in good faith in the reasonable belief that his or her action was not opposed to the best interest of the Trust. The Current Declarations also do not contain the exception noted above for criminal proceedings. These changes are intended to conform to recent changes in law applicable to Massachusetts corporations.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Revised Declaration (Article VIII, Section 1) also adds a provision that creates a rebuttable presumption in favor of a Covered Person when determining whether there is reason to believe the Covered Person ultimately will be entitled to indemnification and hence may receive advancements of expenses in connection with indemnification. The Revised Declaration provides that the</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>persons making determinations concerning advance payments will afford the Covered Person a rebuttable presumption that he or she did not engage in Disabling Conduct. This rebuttable presumption is consistent with recent guidance of the Securities and Exchange Commission staff. The Revised Declaration both provides greater certainty to Trustees and other indemnified persons as to the circumstances where they might be denied indemnification, and makes it less likely in most circumstances that a Covered Person will be denied indemnification. The Trustees believe that providing for indemnification to the extent permitted by law is consistent with best corporate practices and will aid in attracting and retaining high quality members of the Board.</FONT></P>

<P style="TEXT-ALIGN: left"><I><FONT size=2 face=sans-serif>6. Limitation of Liability (all funds)</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Revised Declaration (Article VII, Section 2) clarifies that the duties, obligations and liability imposed upon a Trustee that is appointed, designated or identified as an officer of the fund or a member of any committee of the Trustees, or as an expert with respect to certain matters (including an audit committee financial expert), or a Trustee who has special skills or expertise shall be the same as those imposed on a Trustee in the absence of such appointment, designation, identification or expertise. The Revised Declaration also clarifies that no such appointment, designation, identification or expertise would affect any right or privilege to which the Trustee would otherwise be entitled as a Trustee, including the right to indemnification. While the Current Declarations do not address the standard of care with respect to Trustees with special skills or designations, nothing herein is intended to suggest that a different result was intended by the Current Declarations.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In the Security and Exchange Commission&#8217;s 2003 adopting release for disclosure requirements related to the &#8220;audit committee financial expert&#8221; designation, the Securities and Exchange Commission stated that &#8220;[w]e find no support in the Sarbanes-Oxley Act or in related legislative history that Congress intended to change the duties, obligations or liability of any audit committee member, including the audit committee financial expert, through this provision.&#8221; Although this is persuasive guidance, the standard of care imposed on a Trustee is primarily a matter governed by Massachusetts law rather than by federal law or regulations. The proposed change is intended to provide an extra safeguard for the Trustees in the event of litigation, making it clear that one standard of liability applies for all Trustees without regard to designation of additional responsibilities or titles or any actual or implied individual expertise or qualifications. By providing greater clarity regarding the applicable standard of care, the Trustees hope to reduce the uncertainties associated with potential litigation and enhance the ability of the funds to attract and retain high quality members of the Board.</FONT></P>

<P style="TEXT-ALIGN: left"><I><FONT size=2 face=sans-serif>7. Merger, Consolidation, Sale of Assets and Other Reorganizations (all funds)</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Revised Declaration (Article IX, Section 5) permits the Trustees to authorize various types of reorganization </FONT><FONT size=2 face=sans-serif>transactions in which a Trust, or a series or class, may be combined with another entity, typically another mutual fund. Such transactions are typically contemplated when a fund has declined in size to a point where it is no longer able to operate at an efficient cost level or to effectively distribute its shares, to reduce existing overlap in portfolios within the same asset class of a family of funds, and to change a fund&#8217;s investment philosophy, among others. For most funds, the Current Declarations already permit the Trustees to sell or exchange all or substantially all of the assets of the Trust without shareholder authorization, but is otherwise silent with regard to other types of reorganization transactions. However, in the case of those Affected Funds listed below, shareholder authorization is explicitly required before some or all sales or exchanges of all or substantially all of the assets of the Trust or before some or all mergers or consolidations of the Trust with any other trust or corporation, as further described below.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The proposed changes would expand the authority of the Trustees to authorize reorganization transactions for all open-end Putnam funds without shareholder approval where permitted by applicable law. The proposed changes would permit the Trustees to make decisions they believe are in the shareholders&#8217; best interests when considering a reorganization of a Trust (or a series or class of the Trust) without causing a Trust to incur the time and expense of soliciting shareholder approval, unless the law otherwise requires it.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Any exercise of the Trustees&#8217; increased authority under the Revised Declaration would be subject to the Trustees&#8217; general fiduciary responsibilities to act in the best interests of all shareholders and subject to the requirements of applicable law, including the 1940 Act. For example, Rule 17a-8 under the 1940 Act requires reorganizations involving affiliated funds to be approved by the shareholders of the trust or series being acquired unless certain conditions are satisfied. Because of this regulatory requirement, some transactions will continue to require shareholder approval. Should shareholders approve the Revised Declaration, shareholders would not have the right to vote under the Trust&#8217;s organizational document on any reorganization that may be effected without a shareholder vote pursuant to Rule 17a-8, unless the Trustees determined that it would be appropriate in the circumstance to permit shareholders to vote on the reorganization.</FONT></P>

<P style="TEXT-ALIGN: left"><I><FONT size=2 face=sans-serif>Affected Funds: Putnam Convertible Securities Fund, Putnam Global Equity Fund, Putnam Income Fund, Putnam Investors Fund, and Putnam Voyager Fund are currently not permitted to engage in any form of reorganization without shareholder approval; The Putnam Fund for Growth and Income and The George Putnam Fund of Boston (d/b/a George Putnam Balanced Fund) are currently not permitted to sell all of the Trust property as a whole without shareholder approval; the remaining open-end funds would be affected only by the additional authority to engage in mergers or consolidations.</FONT></I></P>

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<P style="TEXT-ALIGN: left"><I><FONT size=2 face=sans-serif>8. Redemption Fees (listed funds only)</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Revised Declaration (Article VI, Section 2) makes explicit that fees or charges may be imposed on shares being redeemed. Such fees or charges would typically be applied in circumstances where the Trustees believe that such fees are necessary or appropriate to protect non-redeeming shareholders from the transaction costs associated with redemptions, for example, during periods of market turmoil resulting in reduced trading liquidity. Any such fees would be retained by the fund and would not be paid to Putnam Management. While the Current Declarations for most funds state that the Trustees may impose redemption fees, the declarations of trust of the Affected Funds listed below do not explicitly contemplate this power. In order to conform your fund&#8217;s Current Declaration with the majority of the Putnam funds&#8217; declarations of trust and to avoid any ambiguity with respect to the ability of a fund to impose redemption fees, the Trustees believe it is prudent to make this power explicit in each fund&#8217;s Revised Declaration.</FONT></P>

<P style="TEXT-ALIGN: left"><I><FONT size=2 face=sans-serif>Affected Funds: Putnam American Government Income Fund, Putnam California Tax Exempt Income Fund, Putnam Convertible Securities Fund, Putnam Equity Income Fund, The Putnam Fund for Growth and Income, The George Putnam Fund of Boston (d/b/a George Putnam Balanced Fund), Putnam Global Equity Fund, Putnam Global Health Care Fund, Putnam Global Income Trust, Putnam Global Natural Resources Fund, Putnam High Yield Advantage Fund, Putnam High Yield Trust, Putnam Income Fund, Putnam International Equity Fund, Putnam Investors Fund, Putnam Massachusetts Tax Exempt Income Fund, Putnam Michigan Tax Exempt Income Fund, Putnam Minnesota Tax Exempt Income Fund, Putnam Money Market Fund, Putnam New York Tax Exempt Income Fund, Putnam Ohio Tax Exempt Income Fund, Putnam Tax Exempt Income Fund, Putnam U.S. Government Income Trust, and Putnam Voyager Fund.</FONT></I></P>

<P style="TEXT-ALIGN: left"><I><FONT size=2 face=sans-serif>9. In-Kind Redemptions and Distributions (listed funds only)</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Revised Declaration (Article VI, Sections 1 and 2) clarifies that redemption and distribution payments made to shareholders may be made in cash, fund shares or other property, or a combination thereof, as determined by the Trustees. While the Current Declarations for most funds expressly permit the Trustees to make redemption payments in property other than cash or fund shares (</FONT><I><FONT size=2 face=sans-serif>e.g.</FONT></I><FONT size=2 face=sans-serif>, a fund&#8217;s portfolio securities), the Current Declarations for the Affected Funds listed below do not explicitly contemplate such an &#8220;in-kind&#8221; redemption or distribution. The Trustees believe that standardizing the provisions relating to in-kind redemptions and distributions across the funds&#8217; declarations of trust would enhance efficiency in administering the Putnam funds. The Trustees expect that the flexibility to pay redemptions in-kind would be used only in extraordinary circumstances, for example, to ensure that transaction costs associated with unusually large and unanticipated redemptions or large redemptions during periods of unusually limited market liquidity are not borne by all other fund shareholders, and would not be used where doing so would be prohibited by </FONT><FONT size=2 face=sans-serif>the laws of any jurisdiction where shares of the Affected Fund are registered for sale. In addition, if the Revised Declaration is approved for a Trust, the Trust intends to file an election with the Securities and Exchange Commission under Rule 18f-1 under the 1940 Act, which will commit the Trust to pay in cash in all cases involving requests for redemption by a single shareholder during any 90-day period of up to the lesser of $250,000 or 1% of the relevant fund&#8217;s net asset value measured at the beginning of the 90-day period.</FONT></P>

<P style="TEXT-ALIGN: left"><I><FONT size=2 face=sans-serif>Affected Funds for In-Kind Distributions: Putnam American Government Income Fund, Putnam AMT-Free Municipal Fund, Putnam California Tax Exempt Income Fund, Putnam Convertible Securities Fund, Putnam Diversified Income Trust, Putnam Equity Income Fund, The Putnam Fund for Growth and Income, The George Putnam Fund of Boston (d/b/a George Putnam Balanced Fund), Putnam Global Equity Fund, Putnam Global Health Care Fund, Putnam Global Income Trust, Putnam Global Natural Resources Fund, Putnam High Yield Advantage Fund, Putnam High Yield Trust, Putnam Income Fund, Putnam International Equity Fund, Putnam Investors Fund, Putnam Massachusetts Tax Exempt Income Fund, Putnam Michigan Tax Exempt Income Fund, Putnam Minnesota Tax Exempt Income Fund, Putnam Money Market Fund, Putnam New York Tax Exempt Income Fund, Putnam Ohio Tax Exempt Income Fund, Putnam Tax Exempt Income Fund, Putnam Tax-Free High Yield Fund, Putnam U.S. Government Income Trust, and Putnam Voyager Fund.</FONT></I></P>

<P style="TEXT-ALIGN: left"><I><FONT size=2 face=sans-serif>Affected Funds for In-Kind Redemptions: Putnam American Government Income Fund, Putnam AMT-Free Municipal Fund, Putnam Arizona Tax Exempt Income Fund, Putnam California Tax Exempt Income Fund, Putnam Capital Opportunities Fund, Putnam Convertible Securities Fund, Putnam Diversified Income Trust, Putnam Dynamic Asset Allocation Balanced Fund, Putnam Dynamic Asset Allocation Conservative Fund, Putnam Dynamic Asset Allocation Growth Fund, Putnam Equity Income Fund, Putnam Europe Equity Fund, The Putnam Fund for Growth and Income, The George Putnam Fund of Boston (d/b/a George Putnam Balanced Fund), Putnam Global Equity Fund, Putnam Global Health Care Fund, Putnam Global Income Trust, Putnam Global Natural Resources Fund, Putnam Global Utilities Fund, Putnam Growth Opportunities Fund, Putnam High Yield Advantage Fund, Putnam High Yield Trust, Putnam Income Fund, Putnam International Capital Opportunities Fund, Putnam International Equity Fund, Putnam International Growth Fund, Putnam Investors Fund, Putnam Massachusetts Tax Exempt Income Fund, Putnam Michigan Tax Exempt Income Fund, Putnam Minnesota Tax Exempt Income Fund, Putnam Money Market Fund, Putnam Multi-Cap Growth Fund, Putnam Multi-Cap Value Fund, Putnam New Jersey Tax Exempt Income Fund, Putnam New York Tax Exempt Income Fund, Putnam Ohio Tax Exempt Income Fund, Putnam Pennsylvania Tax Exempt Income Fund, Putnam Research Fund, Putnam Small Cap Value Fund, Putnam Tax Exempt Income Fund, Putnam Tax Exempt</FONT></I></P>

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<P style="TEXT-ALIGN: left"><I><FONT size=2 face=sans-serif>Money Market Fund, Putnam Tax-Free High Yield Fund, Putnam U.S. Government Income Trust, and Putnam Voyager Fund.</FONT></I></P>

<P style="TEXT-ALIGN: left"><I><FONT size=2 face=sans-serif>10. Amendment of the Declaration of Trust (all funds)</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The proposed changes to the Revised Declaration would expand, to a certain extent, the Trustees&#8217; authority to amend a declaration of trust without obtaining a shareholder vote. Under the Revised Declaration (Article IX, Section 8), the Trustees have the authority to amend the declaration of trust without shareholder approval if (i) the amendment would be for the purpose of changing the name of the Trust or curing any omission, ambiguity, defect or inconsistency or (ii) the amendment would not, in the judgment of the Trustees, have a material adverse effect on the shareholders of any series or class of shares. In contrast, the Current Declarations for most funds permit the Trustees to amend the declaration of trust without shareholder authorization only for the purpose of changing the name of the Trust or curing any omission, ambiguity, defect or inconsistency. (In the case of The Putnam Fund for Growth and Income and The George Putnam Fund of Boston (d/b/a George Putnam Balanced Fund), the Current Declarations permit the Trustees to amend the declaration of trust without shareholder authorization to change the name of the Trust only in certain limited circumstances.) The proposed changes are designed to give the Trustees the flexibility to react quickly to future contingencies, changes to applicable law or other changes, and to take action without causing the Trust to incur the time and expense of soliciting shareholder approval. These situations could arise as a result of regulatory changes or changes in markets or mutual fund structures generally. In addition, any exercise of this power by the Trustees would be subject to their general fiduciary responsibilities to act in the best interests of all shareholders.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Where a shareholder vote is required to authorize an amendment of the Revised Declaration, approval requires the affirmative vote of at least a majority of shares voted, subject to applicable quorum requirements and applicable law. Under the Current Declarations, approval requires a vote of at least a majority of the outstanding shares entitled to vote on the matter. Obtaining the favorable vote of a majority of the outstanding shares can be difficult and expensive when shareholders do not return their proxies in sufficient numbers, even though a substantial majority of those shareholders voting have voted in favor of a proposal. These proposed changes are designed to enhance the ability of the Trustees to obtain shareholder approval of amendments to the declarations of trust provided that the current 30% quorum requirement is satisfied.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Other Changes</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In addition to the changes described above, the Revised Declaration would result in numerous minor changes to many of the Current Declarations for the purposes of eliminating immaterial inconsistencies in language and clarifying potential ambiguities. None of these additional changes is considered to have a material impact on the rights and privileges of shareholders </FONT><FONT size=2 face=sans-serif>and, in many cases, the Trustees would have the power under the Current Declarations to implement such changes in any event without shareholder approval.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>What is the voting requirement for approving the proposal?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>All of the funds within a Trust will vote together on the Revised Declaration, as a single class. Approval of the Revised Declaration with respect to a Trust requires the vote of a majority of the shares of such Trust outstanding and entitled to vote. If the shareholders of a Trust fail to approve the Revised Declaration, the Current Declaration will remain in effect for that Trust. The name of each trust is indicated in bold in the Notice of a Special Meeting of Shareholders on pages 1 and 2, with the funds that are series of that trust appearing below its name.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>4. APPROVING AN AMENDMENT TO A FUNDAMENTAL INVESTMENT RESTRICTION WITH RESPECT TO INVESTMENTS IN COMMODITIES</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Affected fund: </FONT></B><FONT size=2 face=sans-serif>Putnam Dynamic Asset Allocation Conservative Fund only</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>What is this proposal?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Under the 1940 Act, a fund&#8217;s investment policy relating to the purchase and sale of commodities must be fundamental, which means that it can be modified only by a vote of a majority of the fund&#8217;s outstanding voting securities. Commodities include physical commodities, such as gold and other metals, agricultural products, and oil, as well as certain financial instruments, such as futures contracts and related options.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Putnam Dynamic Asset Allocation Conservative Fund&#8217;s current fundamental investment restriction with respect to investments in commodities states that the fund may not:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Purchase or sell physical commodities unless acquired as a result of ownership of securities or other instruments. This restriction shall not prevent the fund from purchasing or selling financial instruments representing interests in commodities (or the values of which are determined by reference to commodities), but which do not involve the delivery of physical commodities to or by the fund, or from entering into financial futures contracts, options, foreign exchange contracts and other financial transactions.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Although the fund&#8217;s current restriction expressly permits investments in financial instruments whose values are determined by reference to physical commodities, it generally prohibits direct investment in physical commodities.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The proposed amended fundamental investment restriction would state that your fund may not:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Purchase or sell commodities, except as permitted by applicable law.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>This proposal would permit your fund to obtain exposure to commodities, whether through direct investment in physical commodities or through related financial instruments, in the</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>manner Putnam Management deems most efficient, as from time to time authorized by the Trustees.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>What effect will amending the current restriction with respect to investments in commodities have on your fund?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Under the proposed fundamental investment restriction, the fund will be able to invest directly in gold and other physical commodities, as well as engage in a variety of transactions (already permitted under its current investment restriction) involving the use of commodity-linked investments, including commodity-based exchange-traded funds or notes (ETFs or ETNs) and commodity-linked notes, to the extent permitted by law and consistent with the fund&#8217;s investment objectives and policies.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Putnam Management believes that this added flexibility to invest in physical commodities could assist your fund in achieving its investment objective, because at times such investments may provide a more advantageous form of exposure to commodities than investing through financial instruments. Investments in physical commodities and commodity-linked investments may offer the opportunity for attractive investment returns because economic exposure to gold or other commodities through these investments may enhance the ability of the fund to diversify risks, particularly to the extent that the returns of commodities are not correlated with the returns of other asset classes in which the fund invests. The proposed fundamental investment restriction amendment would also align your fund&#8217;s investment restriction with the investment restriction of many other Putnam funds, which had the same amendment approved by shareholders in 2009.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The fund intends to continue to qualify for treatment as a regulated investment company (a &#8220;RIC&#8221;) under the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;). If the fund qualifies as a RIC, the fund will generally not be subject to federal income tax on income and gains it distributes to its shareholders. In order to maintain its special status as a RIC, the fund must limit any &#8220;non-qualifying income&#8221; to a maximum of 10% of its annual gross income. Generally, the fund&#8217;s investments in commodity-linked derivatives or physical commodities will be limited by this requirement. Putnam Management presently has no specific intention to change the fund&#8217;s exposures to commodities or commodity-linked investments in response to the revision of the fund&#8217;s investment restriction, but this intention is subject to change based on Putnam Management&#8217;s assessment of both market conditions at any given time and those investments most likely to assist your fund in meeting its investment objective.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>While commodities and commodity-linked investments offer significant potential benefits to the fund, investment in this asset class presents particular risks as well. The values of commodity-linked investments may be highly volatile, and may be subject to a wide variety of risks relevant to the particular physical commodities that are the subject of the commodity-linked investment (such as the risks of drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments) to which the markets for </FONT><FONT size=2 face=sans-serif>other investments are not typically subject. The fund is already permitted to invest in commodity-linked investments.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Investments in physical commodities, which would be permitted under the proposed investment policy, may be subject to volatility and risks similar to those applicable to commodity-linked investments, and in addition may involve different custody, storage or delivery arrangements, which may be costly, and greater custody risks than other types of commodity-related investments. These and other risks associated with investment in commodities and commodity-linked notes are described in further detail in the fund&#8217;s prospectus and statement of additional information. Putnam Management will take these risks into account in determining whether to invest directly in physical&nbsp;commodities.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>What are the Trustees recommending?</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>The Trustees unanimously recommend that shareholders approve an amendment to the fund&#8217;s fundamental investment restriction with respect to investments in commodities.</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>What is the voting requirement for approving the proposal?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Approval of the proposed amendment to the fund&#8217;s fundamental investment restriction requires the affirmative vote of &#8220;a majority of the outstanding voting securities&#8221; of the fund, which is defined under the 1940 Act to be </FONT><I><FONT size=2 face=sans-serif>the lesser of </FONT></I><FONT size=2 face=sans-serif>(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></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>5. APPROVING AN AMENDMENT TO A </FONT></B><B><FONT size=2 face=sans-serif>FUNDAMENTAL INVESTMENT POLICY REGARDING </FONT></B><B><FONT size=2 face=sans-serif>DIVERSIFICATION OF INVESTMENTS</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Affected funds:</FONT></B><BR><FONT size=2 face=sans-serif>Putnam Global Consumer Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Global Financials Fund</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>What is this proposal?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Trustees recommend that each affected fund adopt a fundamental investment policy to operate as a &#8220;non-diversified&#8221; fund.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Each affected fund is currently sub-classified as a &#8220;diversified&#8221; fund for purposes of Section 5(b)(1) of the 1940 Act. As a diversified fund, with respect to 75% of its total assets, no more than 5% of each fund&#8217;s total assets may be invested in the securities of any single issuer, and it may not hold more than 10% of the outstanding voting securities of any single issuer. With respect to the remaining 25% of its total assets, there is no limit on the percentage of assets each fund may invest in the securities of a single issuer or on the outstanding voting securities of an issuer that may be held by each fund. These 1940 Act limits do not apply to securities issued or guaranteed by the U.S. government, its agencies or instrumentalities, or to securities issued by other investment companies. These limits apply only at the time a fund purchases a security. Each affected fund may exceed these limits if positions it already holds increase in value relative to the rest of the fund&#8217;s holdings.</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Trustees, subject to shareholder approval, have approved a change to each affected fund&#8217;s sub-classification under the 1940 Act from a &#8220;diversified&#8221; fund to a &#8220;non-diversified&#8221; fund under the 1940 Act. The Trustees and Putnam Management believe that changing each affected fund from a diversified fund to a non-diversified fund would give Putnam Management more flexibility in implementing each fund&#8217;s investment strategies in response to market or industry developments or to changes in Putnam Management&#8217;s views about issuers in the relevant sector. The proposed change would also conform the affected funds&#8217; fundamental investment restriction to the standard restriction currently used by Putnam&#8217;s other global sector funds, which operate as non-diversified funds.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Each affected fund was originally organized and operated as a non-diversified fund pursuant to the following fundamental investment policy, which matches that of other global sector funds. The policy provides that the fund may not:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>With respect to 50% of its total assets, invest in securities of any issuer if, immediately after such investment, more than 5% of the total assets of the fund (taken at current value) would be invested in the securities of such issuer; provided that this limitation does not apply to obligations issued or guaranteed as to interest or principal by the U.S. government or its agencies or instrumentalities or to securities issued by other investment companies.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>As discussed above, the affected funds are currently operating as diversified funds. Shareholder approval is required to permit each affected fund to once again operate as a non-diversified fund. If shareholders approve this proposal, consistent with the fundamental investment policy described above, Putnam Management would have the flexibility to operate the affected funds as non-diversified, although it has no immediate plans to alter materially its management of the affected funds.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>For each of the affected funds, the proposed change would allow the fund to invest more of its assets in the securities of fewer issuers than a diversified fund. The fund would be exposed to non-diversification risk, as its ability to invest more of its assets in the securities of fewer issuers would increase its vulnerability to factors affecting a single investment; therefore, the fund may be more exposed to the risks of loss and volatility than a fund that invests more broadly.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>What are the Trustees recommending?</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>The Trustees unanimously recommend that shareholders approve an amendment to each affected fund&#8217;s fundamental investment policy with respect to diversification of investments.</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>What is the voting requirement for approving the proposal?</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Approval of this proposal requires the affirmative vote of a &#8220;majority of the outstanding voting securities&#8221; of the affected fund, which is defined under the 1940 act to be </FONT><I><FONT size=2 face=sans-serif>the lesser of </FONT></I><FONT size=2 face=sans-serif>(1) more than 50% of the outstanding shares of the affected fund, or (2) 67% or more of the shares of the affected fund present (in person or by proxy) at the meeting if more than 50% of </FONT><FONT size=2 face=sans-serif>the outstanding shares of the affected fund are present at the meeting in person or by proxy.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=4 face=sans-serif>Further Information About Voting and the Special Meeting</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Meeting Quorum and Methods of Tabulation. </FONT></B><FONT size=2 face=sans-serif>The shareholders of each fund vote separately with respect to approving a new management contract (Proposal 1). The shareholders of all of the series of a trust vote together as a single class with respect to the election of Trustees (Proposal 2) and approval of an Amended and Restated Declaration of Trust (Proposal 3). Shareholders of Putnam Dynamic Asset Allocation Conservative Fund vote separately with respect to approving an amendment to that fund&#8217;s fundamental investment restriction with respect to investments in commodities (Proposal 4), and shareholders of Putnam Global Consumer Fund and Putnam Global Financials Fund each vote separately with respect to approving an amendment to the fund&#8217;s fundamental investment policy with respect to diversification of investments (Proposal 5). Shares of all classes of each fund vote together as a single class. Thirty percent of the shares entitled to vote constitutes a quorum for the transaction of business with respect to any proposal at the special meeting for all funds except Putnam High Income Securities Fund, Putnam Managed Municipal Income Trust, Putnam Master Intermediate Income Trust, Putnam Municipal Opportunities Trust and Putnam Premier Income Trust, for which a majority of the shares entitled to vote constitutes a quorum. Votes cast by proxy or in person at the special meeting will be counted by persons your fund appoints as tellers for the meeting. The tellers will count the total number of votes cast &#8220;for&#8221; approval of a proposal for purposes of determining whether sufficient affirmative votes have been cast. Shares represented by proxies that reflect abstentions and &#8220;broker non-votes&#8221; (</FONT><I><FONT size=2 face=sans-serif>i.e.</FONT></I><FONT size=2 face=sans-serif>, 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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The documents that authorize Putnam Fiduciary Trust Company or Putnam Investor Services, Inc. to act as Trustee for certain individual retirement accounts (including traditional, Roth and SEP IRAs, 403(b)(7) accounts and Coverdell Education Savings Accounts) provide that if an account owner does not submit voting instructions for his or her shares, Putnam Fiduciary Trust Company or Putnam Investor Services 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 &#8220;echo-voting,&#8221; may have the effect of increasing the likelihood that a proposal will be acted upon (approved or disapproved) and that Putnam Fiduciary Trust Company or Putnam Investor Services, Inc., each of which is an affiliate of</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Putnam Management, may benefit indirectly from the approval of the proposed management contracts.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>With respect to Proposal 2, neither abstentions nor broker non-votes have an effect on the outcome of the proposal. With respect to other proposals, abstentions and broker non-votes have the effect of votes against the proposal. For Proposals 1, 4, and 5, treating broker non-votes as negative votes may result in the proposal not being approved, even though the votes cast in favor would have been sufficient to approve the proposal if some or all of the broker non-votes had been withheld. In certain circumstances in which a fund has received sufficient votes to approve a matter being recommended for approval by the fund&#8217;s Trustees, the fund may request that brokers and nominees, in their discretion, withhold or withdraw 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.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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 style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Special Rule for Proportional Voting for Putnam Managed Municipal Income Trust and Putnam Municipal Opportunities Trust. </FONT></B><FONT size=2 face=sans-serif>For funds listed on the New York Stock Exchange that have outstanding preferred shares, in accordance with the rules of the 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) the holders of a minimum of 30% of the outstanding preferred shares have been voted by the holders of preferred shares, (ii) the holders of less than 10% of the outstanding preferred shares have voted against such proposal, and (iii) the holders of the common shares have approved such proposal.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Other business. </FONT></B><FONT size=2 face=sans-serif>The Trustees know of no matters other than those described in this proxy statement to be brought before the special meeting. If, however, any other matters properly come before the special meeting, proxies will be voted on these matters in accordance with the judgment of the persons named in the enclosed proxy card(s).</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Simultaneous meetings. </FONT></B><FONT size=2 face=sans-serif>The special 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 special meetings will be held simultaneously.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>If any shareholder at the special 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 adjournment.</FONT></P>

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<P style="MARGIN: 0px"><B><FONT size=2 face=sans-serif>Solicitation of proxies. </FONT></B><FONT size=2 face=sans-serif>In addition to soliciting proxies by mail, the Trustees of your fund and employees of Putnam Management and Putnam Investor Services, as well as their agents, 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&#8217; 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. Shareholders would be called at the phone number Putnam Management or Putnam Investor Services has in its records for their accounts (or that Putnam Management or Putnam Investor Services obtains from agents acting on behalf of financial intermediaries, in the case of shares held in street name through a bank, banker or other financial intermediary) and would be given an opportunity to authenticate their identities and to authorize the proxies to vote their shares at the special meeting in accordance with their instructions. To ensure that shareholders&#8217; 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. 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 special meeting. Your fund is unaware of any such challenge at this time.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Shareholders have the opportunity to submit their voting instructions over 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 special meeting. To vote online using the Internet, please access the Internet address listed on the proxy card and follow the instructions on the Internet site. Note that, if you have a smart phone with a &#8220;QR&#8221; reader, you may access the Internet address by scanning the QR code on your proxy card. To record your voting instructions using the 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&#8217; instructions have been recorded properly.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Your fund&#8217;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 style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Revocation of proxies. </FONT></B><FONT size=2 face=sans-serif>Giving your proxy, whether by returning the proxy card(s) or providing voting instructions over the Internet or by telephone, does not affect your right to attend the special meeting and vote in person. Proxies, including proxies given by telephone or over the Internet, may be revoked at any time before</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>they are voted either (i) by a written revocation received by the Clerk of your fund, (ii) by properly executing and submitting a later-dated proxy, (iii) by recording later-dated voting instructions by telephone or via the Internet, or (iv) by attending the special meeting and voting in person. If your shares are held in street name through a bank, broker or other financial intermediary, please check your voting instruction form or contact your bank, broker or other financial intermediary for instructions on how to change or revoke your vote.</FONT></P>

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<P style="MARGIN: 0px"><B><FONT size=2 face=sans-serif>Voting Process. </FONT></B><FONT size=2 face=sans-serif>With respect to funds that are series of Putnam Variable Trust only, as of the Record Date, certain insurance companies or funds of funds sold exclusively to insurance company separate accounts and other variable insurance products (each an &#8220;Insurance Company&#8221;) 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 &#8220;Contract Owners&#8221;) 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></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Solicitation of proxies. </FONT></B><FONT size=2 face=sans-serif>In addition to soliciting proxies and voting instructions by mail, the Trustees of your fund and employees of Putnam Management, Putnam Investor Services, Inc., Putnam Retail Management and the Insurance Companies may solicit voting instructions from Contract Owners in person or by telephone. Your fund may arrange to have a proxy solicitation firm call you to record your voting instructions by telephone. The procedures for solicitation of proxies and voting instructions by telephone are designed to authenticate Contract Owners&#8217; 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. Contract Owners would be called at the phone number Putnam Management has in its records for their accounts (or that Putnam Management obtains from the Insurance Companies) and would be given an opportunity to give their instructions. To ensure that the Contract Owners&#8217; instructions have been recorded correctly, they will also receive a confirmation of their instructions in the mail. A </FONT><FONT size=2 face=sans-serif>special toll-free number will be available in case the information contained in the confirmation is incorrect. If these procedures were subject to a successful legal challenge, such votes would not be counted at the special meeting. Your fund is unaware of any such challenge at this time.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Contract Owner Instructions. </FONT></B><FONT size=2 face=sans-serif>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 accordance with the Trustees&#8217; recommendations. Each Insurance Company will vote the shares for which it receives timely voting instructions from Contract Owners in accordance with those instructions and will vote those shares for which it receives no timely voting instructions for and against approval of a proposal, and as an abstention, in the same proportion as the shares for which it receives voting instructions. Shares attributable to accounts retained by each Insurance Company will be voted in the same proportion as votes cast by Contract Owners. Accordingly, there are not expected to be any &#8220;broker non-votes.&#8221;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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 special meeting. To use the Internet, please access the Internet address listed on the proxy card, and follow the instructions on the Internet site. Note that, if you have a smart phone with a &#8220;QR&#8221; reader, you may access the Internet address by scanning the QR code on your proxy card. To record your voting instructions via automated telephone service, use the toll-free number listed on your proxy card. The Internet and telephone voting procedures are designed to authenticate Contract Owners&#8217; identities, to allow Contract Owners to give their voting instructions, and to confirm that their instructions have been recorded properly.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Your fund&#8217;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 style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Revocation of instructions. </FONT></B><FONT size=2 face=sans-serif>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 special meeting will be voted as specified in the instructions.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Revocation of proxies. </FONT></B><FONT size=2 face=sans-serif>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,</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(iii) by recording later-dated voting instructions by telephone or via the Internet, or (iv) by attending the special meeting and voting in person.</FONT></P>

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   <TD align=center><B><I><FONT size=2 face=sans-serif>Information for all Putnam funds other than</FONT></I></B></TD></TR>

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   <TD noWrap align=center><B><I><FONT size=2 face=sans-serif>Putnam High Income Securities Fund, Putnam Managed</FONT></I></B>&nbsp;</TD></TR>

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   <TD noWrap align=center><B><I><FONT size=2 face=sans-serif>Municipal Income Trust, Putnam Master Intermediate Income</FONT></I></B>&nbsp;</TD></TR>

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   <TD align=center><B><I><FONT size=2 face=sans-serif>Trust, Putnam Municipal Opportunities Trust and</FONT></I></B></TD></TR>

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   <TD align=center><B><I><FONT size=2 face=sans-serif>Putnam Premier Income Trust</FONT></I></B></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0px"><B><FONT size=2 face=sans-serif>Date for receipt of shareholders&#8217; proposals for subsequent meetings of shareholders.</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Your fund does not regularly hold an annual shareholder meeting, but may from time to time schedule a special meeting. Putnam Asia Pacific Equity Fund and Putnam International Value Fund last held a special meeting in 2011. Each other fund&#8217;s last special meeting was held in 2009, unless the fund commenced operations after 2009, in which case it has not yet held a shareholder meeting. In accordance with the regulations of the Securities and Exchange Commission, in order to be eligible for inclusion in the fund&#8217;s proxy statement for 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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>As described in more detail earlier in this proxy statement, the Board Policy and Nominating Committee of the Board of Trustees, which consists only of Independent Trustees, will also consider nominees recommended by shareholders of the fund to serve as Trustees. A shareholder or Contract Owner must submit the names of any such nominees in writing to the fund, to the attention of the Clerk, at the address of the principal offices of the fund.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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&#8217;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 Securities and Exchange Commission&#8217;s proxy rules. All shareholder proposals must also comply with other requirements of the Security and Exchange Commission&#8217;s rules and the fund&#8217;s Agreement and Declaration of Trust and Bylaws.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Expense of the solicitation. </FONT></B><FONT size=2 face=sans-serif>For managing the funds&#8217; overall proxy campaign, Computershare Fund Solutions, 280 Oser Avenue, Hauppauge, NY 11788, will receive a management fee plus reimbursement for out-of-pocket expenses. Computer-share Fund Solutions will also receive fees in connection with assembling, mailing, and transmitting the notice of meeting, proxy statement and related materials on behalf of the funds, tabulating those votes that are received, and any solicitation of additional votes. While the fees received by Computershare Fund Solutions will vary based on the level of additional solicitation necessary to achieve quorum and shareholder approval, the fees paid to Computershare Fund Solutions are estimated to be approximately $2.7 million. In addition, banks, brokers, or other financial intermediaries holding shares as nominees will be reimbursed, upon request, for their reasonable expenses in sending solicitation materials to the principals of the accounts and tabulating those instructions that are received. Other costs associated </FONT><FONT size=2 face=sans-serif>with the proxy campaign include the expenses of the preparation, printing, and delivery of proxy materials. All proxy campaign costs for the open-end funds (which are holding meetings to consider several matters) are being borne equally by Putnam Investments and the open-end funds (subject to any applicable expense limitations, under which Putnam Investments would bear the costs). All proxy campaign costs for the closed-end funds are being borne by Putnam Investments, because those funds are holding a special meeting only to approve new management contracts in connection with the Transfer.</FONT></P>

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   <TD noWrap align=center><B><I><FONT size=2 face=sans-serif>Information for Putnam High Income Securities Fund,</FONT></I></B>&nbsp;</TD></TR>

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   <TD noWrap align=center><B><I><FONT size=2 face=sans-serif>Putnam Managed Municipal Income Trust, Putnam Master</FONT></I></B>&nbsp;</TD></TR>

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   <TD noWrap align=center><B><I><FONT size=2 face=sans-serif>Intermediate Income Trust, and Putnam Premier Income Trust</FONT></I></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><B><FONT size=2 face=sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0px"><B><FONT size=2 face=sans-serif>Date for receipt of shareholders&#8217; proposals for subsequent meetings of shareholders. </FONT></B><FONT size=2 face=sans-serif>It is currently anticipated that your fund&#8217;s next annual meeting of shareholders will be held on April 25, 2014, although the Trustees of your fund reserve the right to set an earlier or later date for the annual meeting for the 2013-2014 fiscal year. Shareholder proposals to be included in the proxy statement for that meeting must be received by your fund on or before January 31, 2014. 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 Exchange Act. Shareholders who wish to make a proposal at the annual meeting for the 2013-2014 fiscal year &#8212; other than one that will be included in the fund&#8217;s proxy materials &#8212; should notify the fund no later than January 31, 2014. The fund may exclude from the proxy materials and consideration at a meeting certain proposals as permitted by Securities and Exchange Commission rules and state law. Shareholders who wish to propose one or more nominees for election as Trustees, or to make a proposal fixing the number of Trustees, at the annual meeting for the 2013&#8211;2014 fiscal year must provide written notice to the fund (including all required information) so that such notice is received in good order by the fund no later than February 3, 2014.</FONT></P>

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   <P style="TEXT-ALIGN: center"><B><I><FONT size=2 face=sans-serif>Information for Putnam Municipal Opportunities Trust</FONT></I></B></P></FONT></I></B></TD></TR></TABLE>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Date for receipt of shareholders&#8217; proposals for subsequent meeting of shareholders. </FONT></B><FONT size=2 face=sans-serif>It is currently anticipated that your fund&#8217;s next annual meeting of shareholders will be held on April 25, 2014, although the Trustees of your fund reserve the right to set an earlier or later date for the annual meeting for the 2013-2014 fiscal year. Shareholder proposals to be included in the proxy statement for that meeting must have been received by the fund on or before November 20, 2013, as was indicated in the proxy statement for the fund&#8217;s April 2013 annual meeting. 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 Exchange Act. Shareholders who wish to make a proposal at the annual meeting for the 2013-2014 fiscal year &#8212; other than one that will be included in the fund&#8217;s proxy materials &#8212; should notify the fund no later than February 3, 2014, as was indicated in the proxy statement for the fund&#8217;s April 2013 annual meeting. The fund may exclude from the proxy materials and consideration at a meeting certain proposals as permitted by Securities and Exchange Commission rules and state law. Shareholders who wish to propose one or more nominees for election as Trustees, or</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>to make a proposal fixing the number of Trustees, at the annual meeting for the 2013&#8211;2014 fiscal year 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 January 25, 2014 and no later than February 24, 2014, as was indicated in the proxy statement for the fund&#8217;s April 2013 annual meeting.</FONT></P>

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   <TD noWrap align=center><B><I><FONT size=2 face=sans-serif>Information for all Putnam funds</FONT></I></B>&nbsp;</TD></TR></TABLE></DIV>

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<P style="MARGIN: 0px"><B><FONT size=2 face=sans-serif>Adjournment. </FONT></B><FONT size=2 face=sans-serif>To the extent permitted by each fund&#8217;s Declaration of Trust and Bylaws, any meeting of shareholders may, by action of the chair of the meeting, be adjourned without further notice with respect to one or more matters to be considered at such meeting to a designated time and place, whether or not a quorum is present with respect to such matter. Upon motion of the chair of the meeting, the question of adjournment may be submitted to a vote of the shareholders, and in that case, any adjournment with respect to one or more matters must be approved by the vote of holders of a majority of the shares present and entitled to vote with respect to the matter or matters to be adjourned, to the extent permitted by each fund&#8217;s Declaration of Trust and Bylaws. If the quorum required for the special meeting has not been met, the persons named as proxies intend to propose adjournment of the meeting and to vote all shares that they are entitled to vote in favor of such adjournment. If the quorum required for the special meeting has been met, but sufficient votes in favor of one or more of Proposals 1, 3, 4, and 5 are not received by the time scheduled for the meeting, the persons named as proxies may also propose adjournment of the meeting with respect to any or all proposals in order to permit solicitation of additional proxies. The persons named as proxies will vote in favor of adjournment those proxies that they are entitled to vote in favor of a proposal. They will vote against adjournment those proxies required to be voted against a proposal. Unless a proxy is otherwise limited in this regard, any shares present and entitled to vote at a meeting that are represented by broker non-votes, may, at the discretion of the proxies named therein, be voted in favor of such an adjournment. Adjournments of the special meeting may be proposed for a period or periods of not more than 60 days in the aggregate to permit further solicitation of proxies. Putnam Investments and the funds will share equally the costs of any additional solicitation and of any adjourned session. Any proposal for which sufficient favorable votes have been received may be acted upon and considered final regardless of whether the special meeting is adjourned to permit additional solicitation with respect to any other proposal that may properly come before the meeting.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Duplicate mailings. </FONT></B><FONT size=2 face=sans-serif>As permitted by Securities and Exchange Commission rules, Putnam Management&#8217;s policy is to send a single copy of the proxy statement to shareholders who share the same last name and address, unless a shareholder previously has requested otherwise. Separate proxy cards will be included with the proxy statement for each account registered at that address. If you would prefer to receive your own copy of the proxy statement, please contact Putnam Investor Services by phone at 1-800-225-1581 or by mail at P.O. Box 8383, Boston, MA 02266-8383.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Financial information. Your fund&#8217;s Clerk will furnish to you, upon request and without charge, a copy of the fund&#8217;s annual report for its most recent fiscal year, and a copy of its semiannual report for any subsequent semiannual period. You may direct these requests to Putnam Investor Services, </FONT></B><B><FONT size=2 face=sans-serif>P.O. Box 8383, Boston, MA 02266-8383 or by phone at 1-800-225-1581. You may also access copies of these reports by visiting Putnam&#8217;s website at </FONT></B><B><U><FONT size=2 face=sans-serif>www.putnam.com/individual</FONT></U></B><B><FONT size=2 face=sans-serif>.</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=4 face=sans-serif>Fund Information</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Putnam Investments. </FONT></B><FONT size=2 face=sans-serif>Putnam Management is an indirect wholly-owned subsidiary of Putnam Investments. Great-West Lifeco Inc., a financial services holding company with operations in Canada, the United States and Europe and a member of the Power Financial Corporation group of companies, owns a majority interest in Putnam Investments through a series of subsidiaries. Power Financial Corporation, a diversified management and holding company with direct and indirect interests in the financial services sector in Canada, the United States and Europe, is a subsidiary of Power Corporation of Canada, a diversified international management and holding company with interests in companies in the financial services, communications and other business sectors. The Desmarais Family Residuary Trust, a trust established pursuant to the Last Will and Testament of The Honourable Paul G. Desmarais, directly and indirectly controls a majority of the voting shares of Power Corporation of Canada.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The address of each of Putnam Investments and Putnam Management is One Post Office Square, Boston, Massachusetts 02109. The address of The Desmarais Family Residuary Trust is 759 Victoria Square, Montreal, Quebec H2Y 2J7. The address of Power Corporation of Canada, and Power Financial Corporation is 751 Victoria Square, Montreal, Quebec H2Y 2J3. The address of Great-West Lifeco Inc. is 100 Osborne Street North, Winnipeg, Manitoba, R3C 3A5. Robert L. Reynolds is the President and Chief Executive Officer of Putnam Investments. His address is One Post Office Square, Boston, MA 02109.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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 size=2 face=sans-serif>Appendix D </FONT></B><FONT size=2 face=sans-serif>identifies these other funds and states their net assets and their current management fee schedules.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Putnam Investments Limited. </FONT></B><FONT size=2 face=sans-serif>Putnam Investments Limited, which has been retained by Putnam Management as investment sub-manager with respect to a portion of the assets of certain funds, is owned by The Putnam Advisory Company, LLC, which is a registered investment adviser owned indirectly by Putnam Investments. The directors of Putnam Investments Limited, listed along with their principal business occupations at Putnam Investments, are Simon Davis, Co-Head of International Equities, Alan G. McCormack, Head of Quantitative Equities and Risk, Joseph T. Phoenix, Head of Global Institutional Management, and Clare Richer, Chief Financial Officer. The address of Putnam Investments Limited, Alan G. McCormack and Simon Davis is Cassini House, 57-59 St. James&#8217;s Street, London, England SW1A 1LD. The address of The Putnam Advisory Company, LLC and of Joseph T. Phoenix and Clare Richer is One Post Office Square, Boston, Massachusetts 02109.</FONT></P>

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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>The Putnam Advisory Company, LLC. </FONT></B><FONT size=2 face=sans-serif>The Putnam Advisory Company, LLC, which has also been retained by Putnam Management to serve as sub-adviser for a portion of the assets of certain funds, is owned by Putnam Investments through a series of wholly-owned subsidiaries. The address of The Putnam Advisory Company, LLC is One Post Office Square, Boston, Massachusetts 02109.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Putnam Retail Management. </FONT></B><FONT size=2 face=sans-serif>Putnam Retail Management, the principal underwriter for the open-end Putnam funds, is a limited partnership whose general partner (and minority owner) is Putnam Retail Management GP, Inc. and whose limited partner and majority owner is Putnam U.S. Holdings I, LLC, which is also the sole owner of Putnam Retail Management GP, Inc. and an indirect wholly-owned subsidiary of Putnam Investments. The address of each of Putnam Retail Management, Putnam Retail Management GP, Inc. and Putnam U.S. Holdings I, LLC is One Post Office Square, Boston, Massachusetts 02109.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Putnam Investor Services, Inc. </FONT></B><FONT size=2 face=sans-serif>Putnam Investor Services, Inc. serves as your fund&#8217;s investor servicing agent. Putnam Investor Services, Inc. is an indirect wholly-owned subsidiary of Putnam Investments. The address of Putnam Investor Services, Inc. is One Post Office Square, Boston, Massachusetts 02109.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Payments to Putnam Management or its affiliates. Appendix J </FONT></B><FONT size=2 face=sans-serif>shows amounts paid to Putnam Management or its affiliates during each fund&#8217;s most recent fiscal year ended prior to October 1, 2013 for the services noted. The funds made no other material payments to Putnam Management or its affiliates during the periods shown.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Limitation of Trustee liability. </FONT></B><FONT size=2 face=sans-serif>Your fund&#8217;s Declaration of Trust provides that the fund will indemnify its Trustees and officers against liabilities and expenses incurred in connection with litigation in which they may be involved because of their offices with the fund, except if it is determined in the manner specified in the Declaration of Trust that they have not acted in good faith in the reasonable belief that their actions were in the best interests of the fund or that such indemnification would relieve any officer or Trustee of any liability to the fund or its shareholders arising by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of his or her duties. Your fund, at its expense, provides liability insurance for the benefit of its Trustees and officers.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Officers and other information. </FONT></B><FONT size=2 face=sans-serif>All of the officers of your fund are employees of Putnam Management or its affiliates or serve on the staff of the Office of the Trustees. Because of his positions with Putnam Management or its affiliates, Mr. Reynolds, as well as the other affiliated officers of your fund, will benefit indirectly from the management fees and investor servicing fees paid or allowed by your fund. In addition to Mr. Reynolds, the other officers of your fund are as follows:</FONT></P>

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   <TD width="25%" noWrap align=left><B><FONT size=1 face=sans-serif>Name, Address</FONT></B><SUP><FONT size=1 face=sans-serif>1</FONT></SUP><B><FONT size=1 face=sans-serif>, Year of</FONT></B>&nbsp;</TD>

   <TD width="44%" noWrap align=center><B><FONT size=1 face=sans-serif>Length of Service</FONT></B>&nbsp;</TD>

   <TD width="30%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><B><FONT size=1 face=sans-serif>Birth, Position(s) Held</FONT></B>&nbsp;</TD>

   <TD width="44%" noWrap align=center><B><FONT size=1 face=sans-serif>with the</FONT></B>&nbsp;</TD>

   <TD width="30%" noWrap align=left><B><FONT size=1 face=sans-serif>Principal Occupations</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><B><FONT size=1 face=sans-serif>with the Putnam funds</FONT></B>&nbsp;</TD>

   <TD width="44%" noWrap align=center><B><FONT size=1 face=sans-serif>Putnam funds</FONT></B><SUP><FONT size=1 face=sans-serif>2</FONT></SUP>&nbsp;</TD>

   <TD width="30%" noWrap align=left><B><FONT size=1 face=sans-serif>During Past 5 Years</FONT></B><SUP><FONT size=1 face=sans-serif>3</FONT></SUP>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=3>

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</TD></TR>

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   <TD width="25%" noWrap align=left><B><FONT size=1 face=sans-serif>Jonathan S. Horwitz</FONT></B><SUP><FONT size=1 face=sans-serif>4</FONT></SUP>&nbsp;</TD>

   <TD width="44%" noWrap align=center><FONT size=1 face=sans-serif>Since 2004</FONT>&nbsp;</TD>

   <TD width="30%" noWrap align=left><FONT size=1 face=sans-serif>Executive Vice President,</FONT>&nbsp;</TD></TR>

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   <TD width="25%" noWrap align=left><B><FONT size=1 face=sans-serif>(Born 1955)</FONT></B>&nbsp;</TD>

   <TD width="44%" noWrap align=left>&nbsp;</TD>

   <TD width="30%" noWrap align=left><FONT size=1 face=sans-serif>Principal Executive Officer,</FONT>&nbsp;</TD></TR>

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   <TD width="25%" noWrap align=left><I><FONT size=1 face=sans-serif>Executive Vice President,</FONT></I>&nbsp;</TD>

   <TD width="44%" noWrap align=left>&nbsp;</TD>

   <TD width="30%" noWrap align=left><FONT size=1 face=sans-serif>and Compliance Liaison,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><I><FONT size=1 face=sans-serif>Principal Executive Officer</FONT></I>&nbsp;</TD>

   <TD width="44%" noWrap align=left>&nbsp;</TD>

   <TD width="30%" noWrap align=left><FONT size=1 face=sans-serif>The Putnam Funds</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><I><FONT size=1 face=sans-serif>and Compliance Liaison</FONT></I>&nbsp;</TD>

   <TD width="44%" noWrap align=left>&nbsp;</TD>

   <TD width="30%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><B><FONT size=1 face=sans-serif>Steven D. Krichmar</FONT></B>&nbsp;</TD>

   <TD width="44%" noWrap align=center><FONT size=1 face=sans-serif>Since 2002</FONT>&nbsp;</TD>

   <TD width="30%" noWrap align=left><FONT size=1 face=sans-serif>Chief of Operations,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><B><FONT size=1 face=sans-serif>(Born 1958)</FONT></B>&nbsp;</TD>

   <TD width="44%" noWrap align=left>&nbsp;</TD>

   <TD width="30%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Investments and</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><I><FONT size=1 face=sans-serif>Vice President and</FONT></I>&nbsp;</TD>

   <TD width="44%" noWrap align=left>&nbsp;</TD>

   <TD width="30%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Management</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><I><FONT size=1 face=sans-serif>Principal Financial Officer</FONT></I>&nbsp;</TD>

   <TD width="44%" noWrap align=left>&nbsp;</TD>

   <TD width="30%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><B><FONT size=1 face=sans-serif>Robert T. Burns</FONT></B>&nbsp;</TD>

   <TD width="44%" noWrap align=center><FONT size=1 face=sans-serif>Since 2011</FONT>&nbsp;</TD>

   <TD width="30%" noWrap align=left><FONT size=1 face=sans-serif>General Counsel, Putnam</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><B><FONT size=1 face=sans-serif>(Born 1961)</FONT></B>&nbsp;</TD>

   <TD width="44%" noWrap align=left>&nbsp;</TD>

   <TD width="30%" noWrap align=left><FONT size=1 face=sans-serif>Investments, Putnam</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><I><FONT size=1 face=sans-serif>Vice President and Chief</FONT></I>&nbsp;</TD>

   <TD width="44%" noWrap align=left>&nbsp;</TD>

   <TD width="30%" noWrap align=left><FONT size=1 face=sans-serif>Management, and Putnam</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><I><FONT size=1 face=sans-serif>Legal Officer</FONT></I>&nbsp;</TD>

   <TD width="44%" noWrap align=left>&nbsp;</TD>

   <TD width="30%" noWrap align=left><FONT size=1 face=sans-serif>Retail Management</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><B><FONT size=1 face=sans-serif>Robert R. Leveille</FONT></B>&nbsp;</TD>

   <TD width="44%" noWrap align=center><FONT size=1 face=sans-serif>Since 2007</FONT>&nbsp;</TD>

   <TD width="30%" noWrap align=left><FONT size=1 face=sans-serif>Chief Compliance Officer,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><B><FONT size=1 face=sans-serif>(Born 1969)</FONT></B>&nbsp;</TD>

   <TD width="44%" noWrap align=left>&nbsp;</TD>

   <TD width="30%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Investments,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><I><FONT size=1 face=sans-serif>Vice President and Chief</FONT></I>&nbsp;</TD>

   <TD width="44%" noWrap align=left>&nbsp;</TD>

   <TD width="30%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Management,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><I><FONT size=1 face=sans-serif>Compliance Officer</FONT></I>&nbsp;</TD>

   <TD width="44%" noWrap align=left>&nbsp;</TD>

   <TD width="30%" noWrap align=left><FONT size=1 face=sans-serif>and Putnam Retail</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left>&nbsp;</TD>

   <TD width="44%" noWrap align=left>&nbsp;</TD>

   <TD width="30%" noWrap align=left><FONT size=1 face=sans-serif>Management</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><B><FONT size=1 face=sans-serif>Michael J. Higgins</FONT></B><SUP><FONT size=1 face=sans-serif>4</FONT></SUP>&nbsp;</TD>

   <TD width="44%" noWrap align=center><FONT size=1 face=sans-serif>Since 2010</FONT>&nbsp;</TD>

   <TD width="30%" noWrap align=left><FONT size=1 face=sans-serif>Manager of Finance,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><B><FONT size=1 face=sans-serif>(Born 1976)</FONT></B>&nbsp;</TD>

   <TD width="44%" noWrap align=left>&nbsp;</TD>

   <TD width="30%" noWrap align=left><FONT size=1 face=sans-serif>Dunkin&#8217; Brands (2008&#8211;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><I><FONT size=1 face=sans-serif>Vice President, Treasurer,</FONT></I>&nbsp;</TD>

   <TD width="44%" noWrap align=left>&nbsp;</TD>

   <TD width="30%" noWrap align=left><FONT size=1 face=sans-serif>2010); Senior Financial</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><I><FONT size=1 face=sans-serif>and Clerk</FONT></I>&nbsp;</TD>

   <TD width="44%" noWrap align=left>&nbsp;</TD>

   <TD width="30%" noWrap align=left><FONT size=1 face=sans-serif>Analyst, Old Mutual Asset</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left>&nbsp;</TD>

   <TD width="44%" noWrap align=left>&nbsp;</TD>

   <TD width="30%" noWrap align=left><FONT size=1 face=sans-serif>Management (2007&#8211;2008)</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><B><FONT size=1 face=sans-serif>Janet C. Smith</FONT></B>&nbsp;</TD>

   <TD width="44%" noWrap align=center><FONT size=1 face=sans-serif>Since 2007</FONT>&nbsp;</TD>

   <TD width="30%" noWrap align=left><FONT size=1 face=sans-serif>Director of Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><B><FONT size=1 face=sans-serif>(Born 1965)</FONT></B>&nbsp;</TD>

   <TD width="44%" noWrap align=left>&nbsp;</TD>

   <TD width="30%" noWrap align=left><FONT size=1 face=sans-serif>Administration Services,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><I><FONT size=1 face=sans-serif>Vice President, Principal</FONT></I>&nbsp;</TD>

   <TD width="44%" noWrap align=left>&nbsp;</TD>

   <TD width="30%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Investments and</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><I><FONT size=1 face=sans-serif>Accounting Officer and</FONT></I>&nbsp;</TD>

   <TD width="44%" noWrap align=left>&nbsp;</TD>

   <TD width="30%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Management</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><I><FONT size=1 face=sans-serif>Assistant Treasurer</FONT></I>&nbsp;</TD>

   <TD width="44%" noWrap align=left>&nbsp;</TD>

   <TD width="30%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><B><FONT size=1 face=sans-serif>Susan G. Malloy</FONT></B>&nbsp;</TD>

   <TD width="44%" noWrap align=center><FONT size=1 face=sans-serif>Since 2007</FONT>&nbsp;</TD>

   <TD width="30%" noWrap align=left><FONT size=1 face=sans-serif>Director of Accounting and</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><B><FONT size=1 face=sans-serif>(Born 1957)</FONT></B>&nbsp;</TD>

   <TD width="44%" noWrap align=left>&nbsp;</TD>

   <TD width="30%" noWrap align=left><FONT size=1 face=sans-serif>Control Services, Putnam</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><I><FONT size=1 face=sans-serif>Vice President and</FONT></I>&nbsp;</TD>

   <TD width="44%" noWrap align=left>&nbsp;</TD>

   <TD width="30%" noWrap align=left><FONT size=1 face=sans-serif>Investments and Putnam</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><I><FONT size=1 face=sans-serif>Assistant Treasurer</FONT></I>&nbsp;</TD>

   <TD width="44%" noWrap align=left>&nbsp;</TD>

   <TD width="30%" noWrap align=left><FONT size=1 face=sans-serif>Management</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><B><FONT size=1 face=sans-serif>James P. Pappas</FONT></B>&nbsp;</TD>

   <TD width="44%" noWrap align=center><FONT size=1 face=sans-serif>Since 2004</FONT>&nbsp;</TD>

   <TD width="30%" noWrap align=left><FONT size=1 face=sans-serif>Director of Trustee</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><B><FONT size=1 face=sans-serif>(Born 1953)</FONT></B>&nbsp;</TD>

   <TD width="44%" noWrap align=left>&nbsp;</TD>

   <TD width="30%" noWrap align=left><FONT size=1 face=sans-serif>Relations, Putnam</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><I><FONT size=1 face=sans-serif>Vice President</FONT></I>&nbsp;</TD>

   <TD width="44%" noWrap align=left>&nbsp;</TD>

   <TD width="30%" noWrap align=left><FONT size=1 face=sans-serif>Investments and Putnam</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left>&nbsp;</TD>

   <TD width="44%" noWrap align=left>&nbsp;</TD>

   <TD width="30%" noWrap align=left><FONT size=1 face=sans-serif>Management</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><B><FONT size=1 face=sans-serif>Mark C. Trenchard</FONT></B>&nbsp;</TD>

   <TD width="44%" noWrap align=center><FONT size=1 face=sans-serif>Since 2002</FONT>&nbsp;</TD>

   <TD width="30%" noWrap align=left><FONT size=1 face=sans-serif>Director of Operational</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><B><FONT size=1 face=sans-serif>(Born 1962)</FONT></B>&nbsp;</TD>

   <TD width="44%" noWrap align=left>&nbsp;</TD>

   <TD width="30%" noWrap align=left><FONT size=1 face=sans-serif>Compliance, Putnam</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><I><FONT size=1 face=sans-serif>Vice President and BSA</FONT></I>&nbsp;</TD>

   <TD width="44%" noWrap align=left>&nbsp;</TD>

   <TD width="30%" noWrap align=left><FONT size=1 face=sans-serif>Investments and Putnam</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><I><FONT size=1 face=sans-serif>Compliance Officer</FONT></I>&nbsp;</TD>

   <TD width="44%" noWrap align=left>&nbsp;</TD>

   <TD width="30%" noWrap align=left><FONT size=1 face=sans-serif>Retail Management</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><B><FONT size=1 face=sans-serif>Nancy E. Florek</FONT></B><SUP><FONT size=1 face=sans-serif>4</FONT></SUP>&nbsp;</TD>

   <TD width="44%" noWrap align=center><FONT size=1 face=sans-serif>Since 2000</FONT>&nbsp;</TD>

   <TD width="30%" noWrap align=left><FONT size=1 face=sans-serif>Vice President, Director</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><B><FONT size=1 face=sans-serif>(Born 1957)</FONT></B>&nbsp;</TD>

   <TD width="44%" noWrap align=left>&nbsp;</TD>

   <TD width="30%" noWrap align=left><FONT size=1 face=sans-serif>of Proxy Voting and</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><I><FONT size=1 face=sans-serif>Vice President, Director</FONT></I>&nbsp;</TD>

   <TD width="44%" noWrap align=left>&nbsp;</TD>

   <TD width="30%" noWrap align=left><FONT size=1 face=sans-serif>Corporate Governance,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><I><FONT size=1 face=sans-serif>of Proxy Voting and</FONT></I>&nbsp;</TD>

   <TD width="44%" noWrap align=left>&nbsp;</TD>

   <TD width="30%" noWrap align=left><FONT size=1 face=sans-serif>Assistant Clerk, and</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><I><FONT size=1 face=sans-serif>Corporate Governance,</FONT></I>&nbsp;</TD>

   <TD width="44%" noWrap align=left>&nbsp;</TD>

   <TD width="30%" noWrap align=left><FONT size=1 face=sans-serif>Associate Treasurer, The</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><I><FONT size=1 face=sans-serif>Assistant Clerk, and</FONT></I>&nbsp;</TD>

   <TD width="44%" noWrap align=left>&nbsp;</TD>

   <TD width="30%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Funds</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><I><FONT size=1 face=sans-serif>Associate Treasurer</FONT></I>&nbsp;</TD>

   <TD width="44%" noWrap align=left>&nbsp;</TD>

   <TD width="30%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><B><FONT size=2 face=sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0px"><B><FONT size=2 face=sans-serif>5% Beneficial Ownership. </FONT></B><FONT size=2 face=sans-serif>As of September 30, 2013, to the knowledge of the funds, no person other than those listed on </FONT><B><FONT size=2 face=sans-serif>Appendix K </FONT></B><FONT size=2 face=sans-serif>owned beneficially or of record 5% or more of any class of shares of any Putnam fund. Putnam Investments or one of its affiliates (typically Putnam Investment Holdings, LLC) typically provides initial capital sufficient for the operation of new funds. Putnam Investments and its affiliates intend to vote their shares for each of the proposals, in accordance with the Trustees&#8217; recommendations. As of the Record Date, these investments represented a majority of the outstanding voting shares of some Putnam funds. See </FONT><B><FONT size=2 face=sans-serif>Appendix K </FONT></B><FONT size=2 face=sans-serif>for information about persons owning 5% or more of any class of shares of each Putnam fund.</FONT></P>

<P style="TEXT-ALIGN: left"><SUP><FONT size=1 face=sans-serif>1 </FONT></SUP><FONT size=1 face=sans-serif>The address of each officer is One Post Office Square, Boston, MA 02109.</FONT><BR><SUP><FONT size=1 face=sans-serif><BR>2 </FONT></SUP><FONT size=1 face=sans-serif>Each officer serves an indefinite term, until his or her resignation, retirement, death or removal.</FONT><BR><SUP><FONT size=1 face=sans-serif><BR>3 </FONT></SUP><FONT size=1 face=sans-serif>Prior positions and/or officer appointments with the fund or the fund&#8217;s investment adviser have been omitted.</FONT><BR><SUP><FONT size=1 face=sans-serif><BR>4 </FONT></SUP><FONT size=1 face=sans-serif>Officers of the fund who are members of the Trustees&#8217; independent administrative staff. Compensation for these individuals is fixed by the Trustees </FONT><FONT size=1 face=sans-serif>and reimbursed to Putnam Management by the funds.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>30</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_39"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><B><FONT size=4 face=sans-serif>Appendix A &#8212; Number of Shares Outstanding as of the Record Date 12/02/2013</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="9%"></TD>

   <TD width="18%"></TD>

   <TD width="18%"></TD>

   <TD width="18%"></TD>

   <TD width="18%"></TD>

   <TD width="18%"></TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam Absolute Return</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam Absolute Return</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam Absolute Return</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam Absolute Return</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam American</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>100 Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>300 Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>500 Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>700 Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Government Income Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class A</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>15,530,216.343</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>46,626,767.515</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>31,491,323.266</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>28,459,856.834</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>56,790,186.359</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class B</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>297,887.980</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,186,549.737</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>3,247,367.546</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>2,364,664.764</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>920,839.057</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class C</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>2,925,653.088</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>15,743,381.878</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>16,200,797.505</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>12,527,363.499</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,777,012.486</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class M</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>248,322.388</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,041,424.170</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>600,617.302</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>380,535.310</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>153,229.452</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class R</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>30,641.810</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>64,264.041</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>481,317.289</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>156,375.857</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>828,007.252</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class R5</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>996.612</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>975.430</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>902.440</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>866.606</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,117.524</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class R6</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>49,465.144</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>238,192.189</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>365,506.523</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>523,500.332</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>246,587.821</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class Y</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>7,177,921.872</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>23,971,760.154</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>19,039,987.567</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>38,463,840.482</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>2,286,432.762</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam AMT-Free</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam Arizona Tax</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam Asia Pacific</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam California Tax</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam Capital</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Municipal Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Exempt Income Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Equity Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Exempt Income Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Opportunities Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class A</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>22,323,478.806</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>5,107,730.093</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>760,957.256</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>166,710,913.516</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>18,257,304.334</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class B</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>229,312.555</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>140,289.162</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>23,690.240</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>900,565.337</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>924,941.642</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class C</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>2,052,414.397</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>272,422.628</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>40,088.928</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>5,728,336.013</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,853,002.655</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class M</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>67,225.781</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>121,962.784</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>4,085.321</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>335,685.823</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>308,666.425</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class R</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>11,670.841</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,295,849.526</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class R5</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>828.866</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class R6</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>590,512.090</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class Y</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,832,796.354</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>288,063.319</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>72,417.262</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>6,115,895.014</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>3,472,419.572</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam Dynamic</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam Capital</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam Convertible</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam Diversified</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam Dynamic Asset</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Asset Allocation</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Spectrum Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Securities Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Income Trust</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Allocation Balanced Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Conservative Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class A</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>58,586,939.204</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>23,728,563.999</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>311,332,520.807</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>73,312,946.366</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>37,071,136.591</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class B</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,826,361.819</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>513,221.682</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>10,467,065.090</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>6,101,202.749</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>2,422,473.554</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class C</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>27,616,248.943</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>2,233,874.502</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>105,157,230.440</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>9,107,638.539</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>4,999,189.481</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class M</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>211,796.558</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>165,153.915</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>30,113,285.876</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>2,004,901.735</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>886,217.574</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class R</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>225,324.266</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>238,382.786</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>632,966.389</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>905,169.146</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>460,439.826</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class R5</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,293.328</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>7,567.479</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,073.688</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class R6</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,293.328</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>836,502.951</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>288,663.690</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class Y</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>69,463,936.835</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>8,516,528.967</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>185,995,045.757</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>8,747,646.165</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>6,458,359.452</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam Dynamic Asset</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam Dynamic Asset</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam Dynamic Risk</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam Emerging Markets</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam Emerging Markets</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Allocation Equity Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Allocation Growth Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Allocation Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Equity Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Income Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class A</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>2,767.796</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>77,415,213.756</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>4,049,864.166</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>2,721,095.299</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,045,036.260</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class B</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>7,542,982.727</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>302,657.502</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>228,750.300</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>2,124.348</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class C</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>9,629,964.582</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,735,731.235</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>265,172.702</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>17,241.074</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class M</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,768,994.511</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>29,891.512</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>47,872.801</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>2,247.241</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class R</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,017,040.425</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>42,998.082</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>31,517.832</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class R5</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>8,089.128</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>985.592</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class R6</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,566,697.407</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>193,651.927</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class Y</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,939,219.387</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>8,020,151.631</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>13,192,389.590</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>637,759.180</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>77,648.998</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam Equity</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam Equity</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam Europe</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam Floating Rate</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>The Putnam Fund for</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Income Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Spectrum Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Equity Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Income Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Growth and Income</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class A</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>155,696,245.446</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>30,911,784.662</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>6,872,868.210</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>46,196,846.223</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>264,175,203.745</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class B</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>5,142,478.290</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>956,805.054</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>144,630.042</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>2,172,435.771</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>5,065,709.627</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class C</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>10,342,248.072</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>6,853,128.023</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>397,724.256</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>13,946,717.714</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>2,572,549.255</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class M</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>2,026,712.273</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>81,605.477</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>126,273.199</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>686,465.132</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,920,670.995</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class R</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>4,671,645.991</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>176,166.939</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>8,957.112</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>57,916.364</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>206,614.029</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class R5</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>668.538</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>749.287</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class R6</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>7,193,968.256</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>949,115.390</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class Y</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>54,513,456.070</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>22,930,780.188</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>898,227.004</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>43,950,678.886</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>2,382,557.411</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=1 face=sans-serif>A-1</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_40"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="9%"></TD>

   <TD width="18%"></TD>

   <TD width="18%"></TD>

   <TD width="18%"></TD>

   <TD width="18%"></TD>

   <TD width="18%"></TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>The George Putnam Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>of Boston (d/b/a George</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam Global</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam Global</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam Global</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam Global</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam Balanced Fund)</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Consumer Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Dividend Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Energy Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Equity Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class A</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>68,127,494.943</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>740,312.483</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>837,767.527</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,126,787.494</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>67,793,161.663</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class B</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,721,208.520</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>63,939.423</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>7,391.578</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>179,906.201</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,849,385.266</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class C</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,648,508.801</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>149,628.673</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>20,912.292</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>103,099.328</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,236,530.942</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class M</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>5,026,563.095</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>3,138.735</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>5,995.149</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>4,682.227</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,063,107.344</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class R</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>66,316.401</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>10,024.583</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>83,586.992</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>96,846.625</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class R5</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>654.450</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,130.834</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class R6</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>654.450</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>751,971.922</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class Y</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>7,115,255.957</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>226,169.077</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>45,380.833</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>90,386.314</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>2,347,453.852</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam Global</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam Global Health</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam Global</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam Global</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam Global Natural</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Financials Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Care Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Income Trust</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Industrials Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Resources Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class A</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>599,587.572</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>19,547,792.859</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>15,725,009.751</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>915,616.931</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>10,829,410.718</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class B</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>53,820.074</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>670,771.820</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>706,454.333</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>32,063.056</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>655,802.777</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class C</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>292,949.188</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>517,762.538</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>2,471,799.908</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>41,648.231</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>618,387.482</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class M</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>6,277.193</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>231,561.548</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>981,412.460</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>4,002.167</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>198,693.144</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class R</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>41,669.585</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>73,449.467</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>445,167.078</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>4,351.856</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>690,842.707</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class R5</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>841.607</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class R6</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>324,168.982</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class Y</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>357,970,000.000</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>538,193.021</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>3,211,011.676</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>120,915.048</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>2,353,765.507</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam Global</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam Global</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam Global</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam Global</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam Growth</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Sector Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Technology Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Telecommunications Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Utilities Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Opportunities Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class A</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>188,121.163</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>506,084.219</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>937,150.724</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>16,643,381.582</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>14,838,500.550</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class B</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>25,480.633</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>67,153.012</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>41,509.165</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>472,132.754</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>963,492.956</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class C</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>29,825.366</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>72,456.510</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>69,122.924</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>336,813.147</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>791,998.063</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class M</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,520.150</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>5,634.662</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>3,615.927</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>109,316.413</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>234,962.828</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class R</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,203.418</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,442.339</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>26,417.922</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>120,491.980</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>107,606.232</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class R5</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>562.135</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class R6</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>313,288.980</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class Y</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>263,319.232</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>128,796.649</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>257,134.047</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>313,798.851</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>560,550.823</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam High Yield</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam High</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam Intermediate-Term</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam International</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Advantage Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Yield Trust</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Income Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Municipal Income Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Capital Opportunities Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class A</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>91,273,484.204</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>138,666,369.784</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>108,666,103.602</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,153,536.137</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>15,919,800.597</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class B</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>2,827,606.048</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>2,493,430.670</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>4,765,285.278</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>3,897.538</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>484,648.779</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class C</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>4,785,794.129</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>7,169,615.597</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>18,358,331.057</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,001.173</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,085,497.617</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class M</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>21,803,778.932</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>2,875,641.795</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>17,415,047.391</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,003.612</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>210,092.590</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class R</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>3,996,770.774</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,480,566.775</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,164,229.548</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,095,292.706</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class R5</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,476.034</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class R6</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>2,322,354.477</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class Y</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>36,079,016.265</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>28,908,067.502</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>17,995,595.293</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>6,952.660</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>3,228,397.397</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam International</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam International</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam International</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam Low Volatility</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Equity Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Growth Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Value Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Investors Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Equity Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class A</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>37,872,671.083</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>16,880,736.641</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>16,465,856.639</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>75,460,318.453</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>416,377.677</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class B</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,017,027.292</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>463,480.505</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>689,984.001</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>3,048,156.597</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>12,014.910</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class C</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>2,609,721.964</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>503,240.284</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>834,528.984</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>2,011,448.728</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>50,746.244</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class M</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>785,510.928</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>360,814.084</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>310,031.465</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,220,183.106</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,974.659</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class R</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>140,037.768</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>135,071.262</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>219,206.804</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>175,286.048</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class R5</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>590.424</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>862.069</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>723.708</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class R6</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>672,064.194</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>862.069</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>741,153.850</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class Y</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>2,591,203.774</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,071,065.920</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>684,216.774</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>2,859,646.396</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>2,336,475.481</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>A-2</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_41"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="9%"></TD>

   <TD width="18%"></TD>

   <TD width="18%"></TD>

   <TD width="18%"></TD>

   <TD width="18%"></TD>

   <TD width="18%"></TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam Massachusetts Tax</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam Michigan Tax</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam Minnesota Tax</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam Money</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam Money Market</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Exempt Income Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Exempt Income Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Exempt Income Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Market Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Liquidity Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class A</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>27,059,781.704</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>7,018,350.011</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>9,595,024.658</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,300,934,543.297</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class B</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>361,410.316</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>169,591.508</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>146,367.666</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>13,654,800.654</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class C</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>3,522,638.768</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>206,698.563</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,860,989.780</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>23,234,119.813</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class M</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>320,548.059</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>22,632.815</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>59,023.048</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>29,862,067.876</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class P</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>2,147,598,088.530</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class R</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>32,264,082.355</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class R5</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class R6</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class T</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>19,569,916.936</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class Y</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>2,427,562.140</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>622,275.189</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>166,963.765</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam Multi-Cap</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam Multi-Cap</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam Multi-Cap</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam New Jersey Tax</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam New York Tax</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Core Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Growth Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Value Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Exempt Income Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Exempt Income Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class A</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>767,705.843</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>46,496,822.420</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>16,808,921.085</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>19,225,867.520</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>117,513,229.834</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class B</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>49,855.055</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,614,761.478</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>517,827.902</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>606,285.511</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,490,376.854</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class C</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>176,275.211</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>887,481.685</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,107,412.792</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>2,662,487.167</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>7,034,298.198</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class M</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>8,161.032</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>806,928.821</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>233,543.948</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>283,368.780</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>174,909.107</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class R</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,128.321</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>120,408.636</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>610,523.502</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class R5</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class R6</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class Y</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>340,503.482</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>2,041,560.945</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,156,908.196</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,835,054.990</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>2,257,779.960</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam Ohio Tax Exempt</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam Pennsylvania Tax</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam RetirementReady</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam RetirementReady</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Income Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Exempt Income Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Research Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>2055 Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>2050 Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class A</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>13,490,976.120</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>18,618,327.659</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>9,510,752.563</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>55,151.256</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>271,332.557</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class B</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>207,261.008</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>626,203.852</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>499,179.988</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>2,442.396</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>15,566.866</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class C</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,278,170.697</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>2,959,353.534</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>630,928.035</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>7,594.117</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>19,882.032</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class M</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>50,815.987</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>452,660.844</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>197,280.226</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>2,588.269</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>2,012.163</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class R</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>9,126.279</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>7,210.260</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>129,701.827</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class R5</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class R6</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class Y</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>610,694.421</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>757,806.103</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>552,766.536</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>60,845.188</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>263,533.268</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam RetirementReady</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam RetirementReady</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam RetirementReady</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam RetirementReady</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam RetirementReady</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>2045 Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>2040 Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>2035 Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>2030 Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>2025 Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class A</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>423,312.939</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>565,567.393</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>785,933.081</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,074,802.518</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,280,107.983</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class B</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>16,393.074</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>43,530.540</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>57,661.059</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>68,505.862</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>55,062.757</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class C</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>16,878.945</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>22,888.403</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>29,759.595</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>44,010.867</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>50,041.481</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class M</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,329.391</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>3,115.990</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>15,813.870</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>10,294.547</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>9,828.527</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class R</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>137,244.718</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>175,749.214</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>226,038.297</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>359,785.060</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>276,096.963</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class R5</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class R6</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class Y</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>256,277.351</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>294,163.321</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>517,780.875</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>583,730.356</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>636,721.953</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam RetirementReady</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam RetirementReady</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam Retirement Income</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam Retirement Income</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam Retirement Income</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>2020 Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>2015 Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Fund Lifestyle 1</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Fund Lifestyle 2</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Fund Lifestyle 3</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class A</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,288,497.310</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>941,396.272</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>851,370.965</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,160,549.558</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,071,826.156</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class B</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>75,984.891</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>48,183.920</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>10,173.080</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>16,676.043</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>76,953.990</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class C</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>74,870.876</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>27,981.316</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>38,949.620</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>22,717.807</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>265,648.764</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class M</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>8,388.061</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>8,277.432</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>19,569.003</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>12,264.259</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>45,630.088</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class R</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>282,762.488</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>176,130.951</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>61,524.090</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>10,003.077</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>359.919</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class R5</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class R6</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class Y</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>373,782.337</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>246,212.165</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>467,468.735</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>14,395.746</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>109,073.026</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=1 face=sans-serif>A-3</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="9%"></TD>

   <TD width="18%"></TD>

   <TD width="18%"></TD>

   <TD width="18%"></TD>

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<TR vAlign=bottom>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam Short Duration</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam Short Term</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam Short-Term</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam Small Cap</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam Small Cap</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Income Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Investment Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Municipal Income Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Growth Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Value Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class A</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>116,416,702.151</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,472,476.184</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>4,407,984.600</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>10,749,203.666</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class B</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>51,199.615</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>2,842.018</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>42,169.548</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>315,678.112</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class C</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>787,365.468</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>17,450.562</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>284,006.059</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,053,925.093</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class M</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>67,831.971</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>7,017.874</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>50,015.223</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>102,200.082</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class P</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>2,712,183,315.000</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class R</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>200,274.123</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>402,428.468</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>36,630.307</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class R5</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,007.580</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>667.557</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class R6</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>47,471.078</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>667.557</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class Y</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>20,807,391.716</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>351,184.689</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>452,359.328</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>5,829,792.676</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam Strategic Volatility</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam Tax Exempt</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam Tax Exempt</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam Tax-Free</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam U.S. Government</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Equity Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Income Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Money Market Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>High Yield Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Income Trust</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class A</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>313,008.970</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>111,202,818.028</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>41,378,231.902</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>67,888,195.316</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>71,319,834.055</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class B</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>2,003.454</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,060,666.586</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,032,620.048</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,961,008.514</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class C</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>13,957.424</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>4,123,403.344</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>4,983,612.213</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>6,896,965.695</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class M</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,000.000</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>733,607.385</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>669,203.971</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,387,300.795</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class R</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>2,431,070.455</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class R5</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class R6</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class Y</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>101,691.007</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>3,012,841.875</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>4,703,563.010</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>4,738,785.072</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Voyager Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="27%" colSpan=2>

   <HR SIZE=1 noShade>

</TD>

   <TD width="72%" colSpan=4>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class A</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>113,575,724.134</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="27%" colSpan=2>

   <HR SIZE=1 noShade>

</TD>

   <TD width="72%" colSpan=4>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class B</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>4,424,393.329</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="27%" colSpan=2>

   <HR SIZE=1 noShade>

</TD>

   <TD width="72%" colSpan=4>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class C</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>5,567,398.615</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="27%" colSpan=2>

   <HR SIZE=1 noShade>

</TD>

   <TD width="72%" colSpan=4>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class M</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>974,737.475</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="27%" colSpan=2>

   <HR SIZE=1 noShade>

</TD>

   <TD width="72%" colSpan=4>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class R</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>612,881.436</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="27%" colSpan=2>

   <HR SIZE=1 noShade>

</TD>

   <TD width="72%" colSpan=4>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class R5</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>463.415</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="27%" colSpan=2>

   <HR SIZE=1 noShade>

</TD>

   <TD width="72%" colSpan=4>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class R6</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,085,157.778</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="27%" colSpan=2>

   <HR SIZE=1 noShade>

</TD>

   <TD width="72%" colSpan=4>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class Y</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>10,414,967.550</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam High Income</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam Managed Municipal</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam Master</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam Municipal</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam Premier</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Securities Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Income Trust</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Intermediate Income Trust</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Opportunities Trust</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Income Trust</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Common</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>16,320,020.942</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>57,293,816.998</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>61,817,857.904</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>41,558,832.364</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>133,014,418.930</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Series A</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Preferred</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>245</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Series B</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Preferred</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>3,417</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Series C</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Preferred</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,980</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>3,737</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam VT Absolute Return</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam VT American</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam VT Capital</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam VT Diversified</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam VT Equity</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>500 Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Government Income Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Opportunities Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Income Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Income Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class IA</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,000.000</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>5,788,658.152</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>793,711.393</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>16,270,898.873</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>10,047,859.135</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class IB</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,929,016.260</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>3,375,595.154</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>772,151.964</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>31,761,702.116</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>13,071,913.921</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam VT George Putnam</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam VT Global Asset</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam VT Global</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam VT Global Health</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam VT Global</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Balanced Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Allocation Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Equity Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Care Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Utilities Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class IA</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>9,094,776.157</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>7,534,607.440</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>13,027,877.260</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>3,046,967.539</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>6,623,829.677</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class IB</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>9,196,625.629</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>3,084,547.403</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,632,419.703</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>5,226,231.206</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,132,673.547</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam VT Growth and</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam VT Growth</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam VT</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam VT</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam VT International</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Income Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Opportunities Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>High Yield Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Income Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Equity Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class IA</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>46,327,492.091</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,756,409.018</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>40,194,964.908</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>17,020,912.240</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>9,434,627.157</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class IB</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>10,260,917.421</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,724,067.926</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>14,417,444.979</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>10,762,233.612</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>19,040,850.019</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>A-4</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_43"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="9%"></TD>

   <TD width="18%"></TD>

   <TD width="18%"></TD>

   <TD width="18%"></TD>

   <TD width="18%"></TD>

   <TD width="18%"></TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam VT International</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam VT International</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam VT</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam VT</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam VT Multi-Cap</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Growth Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Value Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Investors Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Money Market Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Growth Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class IA</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>2,036,666.262</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>6,786,673.413</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>5,700,933.820</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>86,734,418.180</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>19,542,124.928</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class IB</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>925,925.494</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>5,289,432.847</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>8,450,846.040</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>91,415,866.780</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>6,402,437.345</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam VT Multi-Cap</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam VT</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam VT Small Cap</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam VT</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Value Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Research Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Value Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=right><B><FONT size=1 face=sans-serif>Voyager Fund</FONT></B>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="81%" colSpan=5>

   <HR SIZE=1 noShade>

</TD>

   <TD width="18%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class IA</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,572,334.763</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,413,391.263</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>3,466,827.207</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>13,913,308.814</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="81%" colSpan=5>

   <HR SIZE=1 noShade>

</TD>

   <TD width="18%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="9%" noWrap align=left><FONT size=1 face=sans-serif>Class IB</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>695,538.002</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>1,833,749.125</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>7,259,010.760</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=right><FONT size=1 face=sans-serif>4,405,281.156</FONT>&nbsp;</TD>

   <TD width="18%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="81%" colSpan=5>

   <HR SIZE=1 noShade>

</TD>

   <TD width="18%">&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><B><FONT size=4 face=sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0px"><B><FONT size=4 face=sans-serif>Appendix B &#8212; Forms of Proposed Management Contract</FONT></B></P>

<P style="MARGIN: 0px"><STRONG><FONT size=4 face=Arial></FONT></STRONG>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="50%"></TD>

   <TD width="50%"></TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><B><FONT size=2 face=sans-serif>For the following funds only:</FONT></B>&nbsp;</TD>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam Multi-Cap Value Fund</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam American Government Income Fund</FONT></I>&nbsp;</TD>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam New Jersey Tax Exempt Income Fund</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam AMT-Free Municipal Fund</FONT></I>&nbsp;</TD>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam New York Tax Exempt Income Fund</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam Arizona Tax Exempt Income Fund</FONT></I>&nbsp;</TD>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam Ohio Tax Exempt Income Fund</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam California Tax Exempt Income Fund</FONT></I>&nbsp;</TD>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam Pennsylvania Tax Exempt Income Fund</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam Capital Opportunities Fund</FONT></I>&nbsp;</TD>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam Research Fund</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam Convertible Securities Fund</FONT></I>&nbsp;</TD>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam RetirementReady 2055 Fund</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam Diversified Income Trust</FONT></I>&nbsp;</TD>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam RetirementReady 2050 Fund</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam Dynamic Asset Allocation Balanced Fund</FONT></I>&nbsp;</TD>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam RetirementReady 2045 Fund</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam Dynamic Asset Allocation Conservative Fund</FONT></I>&nbsp;</TD>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam RetirementReady 2040 Fund</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam Dynamic Asset Allocation Equity Fund</FONT></I>&nbsp;</TD>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam RetirementReady 2035 Fund</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam Dynamic Asset Allocation Growth Fund</FONT></I>&nbsp;</TD>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam RetirementReady 2030 Fund</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam Dynamic Risk Allocation Fund</FONT></I>&nbsp;</TD>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam RetirementReady 2025 Fund</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam Equity Income Fund</FONT></I>&nbsp;</TD>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam RetirementReady 2020 Fund</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam Emerging Markets Income Fund</FONT></I>&nbsp;</TD>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam RetirementReady 2015 Fund</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam Floating Rate Income Fund</FONT></I>&nbsp;</TD>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam Retirement Income Fund Lifestyle 1</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>The Putnam Fund for Growth and Income</FONT></I>&nbsp;</TD>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam Retirement Income Fund Lifestyle 2</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>The George Putnam Fund of Boston</FONT></I>&nbsp;</TD>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam Retirement Income Fund Lifestyle 3</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>(d/b/a George Putnam Balanced Fund)</FONT></I>&nbsp;</TD>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam Short Duration Income Fund</FONT></I>&nbsp;</TD></TR>

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   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam Global Consumer Fund</FONT></I>&nbsp;</TD>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam Short Term Investment Fund</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam Global Energy Fund</FONT></I>&nbsp;</TD>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam Short-Term Municipal Income Fund</FONT></I>&nbsp;</TD></TR>

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   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam Global Financials Fund</FONT></I>&nbsp;</TD>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam Small Cap Value Fund</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam Global Health Care Fund</FONT></I>&nbsp;</TD>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam Tax Exempt Income Fund</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam Global Income Trust</FONT></I>&nbsp;</TD>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam Tax Exempt Money Market Fund</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam Global Industrials Fund</FONT></I>&nbsp;</TD>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam Tax-Free High Yield Fund</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam Global Natural Resources Fund</FONT></I>&nbsp;</TD>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam U.S. Government Income Trust</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam Global Sector Fund</FONT></I>&nbsp;</TD>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam VT Absolute Return 500 Fund</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam Global Technology Fund</FONT></I>&nbsp;</TD>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam VT American Government Income Fund</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam Global Telecommunications Fund</FONT></I>&nbsp;</TD>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam VT Capital Opportunities Fund</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam Global Utilities Fund</FONT></I>&nbsp;</TD>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam VT Diversified Income Fund</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam High Yield Advantage Fund</FONT></I>&nbsp;</TD>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam VT Equity Income Fund</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam High Yield Trust</FONT></I>&nbsp;</TD>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam VT George Putnam Balanced Fund</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam Income Fund</FONT></I>&nbsp;</TD>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam VT Global Asset Allocation Fund</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam Intermediate-Term Municipal Income Fund</FONT></I>&nbsp;</TD>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam VT Global Equity Fund</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam Investors Fund</FONT></I>&nbsp;</TD>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam VT Global Health Care Fund</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam Low Volatility Equity Fund</FONT></I>&nbsp;</TD>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam VT Global Utilities Fund</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam Massachusetts Tax Exempt Income Fund</FONT></I>&nbsp;</TD>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam VT Growth and Income Fund</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam Michigan Tax Exempt Income Fund</FONT></I>&nbsp;</TD>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam VT Growth Opportunities Fund</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam Minnesota Tax Exempt Income Fund</FONT></I>&nbsp;</TD>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam VT High Yield Fund</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam Money Market Fund</FONT></I>&nbsp;</TD>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam VT Income Fund</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam Money Market Liquidity Fund</FONT></I>&nbsp;</TD>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam VT International Equity Fund</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam Multi-Cap Core Fund</FONT></I>&nbsp;</TD>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam VT International Growth Fund</FONT></I>&nbsp;</TD></TR></TABLE></DIV>

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   <TD noWrap align=right><FONT size=1 face=sans-serif>A/B-1</FONT>&nbsp;</TD></TR></TABLE></DIV>

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   <TD width="50%"></TD></TR>

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   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam VT International Value Fund</FONT></I>&nbsp;</TD>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam VT Multi-Cap Value Fund</FONT></I>&nbsp;</TD></TR>

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   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam VT Investors Fund</FONT></I>&nbsp;</TD>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam VT Research Fund</FONT></I>&nbsp;</TD></TR>

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   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam VT Money Market Fund</FONT></I>&nbsp;</TD>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam VT Small Cap Value Fund</FONT></I>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam VT Multi-Cap Growth Fund</FONT></I>&nbsp;</TD>

   <TD width="50%" noWrap align=left><I><FONT size=2 face=sans-serif>Putnam VT Voyager Fund</FONT></I>&nbsp;</TD></TR></TABLE></DIV>

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<P style="MARGIN: 0px"><B><FONT size=2 face=sans-serif>FORM OF PROPOSED MANAGEMENT CONTRACT</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>This Management Contract is dated as of February 27, 2014 between [NAME OF FUND], a Massachusetts business trust (the &#8220;Fund&#8221;), and PUTNAM INVESTMENT MANAGEMENT, LLC, a Delaware limited liability company (the &#8220;Manager&#8221;).</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In consideration of the mutual covenants herein contained, it is agreed as follows:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>1. SERVICES TO BE RENDERED BY MANAGER TO FUND.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(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 &#8220;1940 Act&#8221;), each series of the Fund identified from time to time on </FONT><FONT size=2 face=sans-serif><U>Schedule A</U> </FONT><FONT size=2 face=sans-serif>to this Contract (each reference in this Contract to &#8220;a Fund&#8221; or to &#8220;the Fund&#8221; is also deemed to be a reference to any existing series of the Fund, as appropriate in the particular context), will determine what investments will be purchased, held, sold or exchanged by the Fund and what portion, if any, of the assets of the Fund will be held uninvested and will, on behalf of the Fund, make changes in such investments. Subject always to the control of the Trustees of the Fund and except for the functions carried out by the officers and personnel referred to in Section 1(d), the Manager will also manage, supervise and conduct the other affairs and business of the Fund and matters incidental thereto. In the performance of its duties, the Manager will comply with the provisions of the Agreement and Declaration of Trust and By-Laws of the Fund and the stated investment objectives, policies and restrictions of the Fund, will use its best efforts to safeguard and promote the welfare of the Fund and to comply with other policies which the Trustees may from time to time determine and will exercise the same care and diligence expected of the Trustees.</FONT></P>

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

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(c) The Manager, at its expense, will place all orders for the purchase and sale of portfolio investments for the Fund&#8217;s account with brokers or dealers selected by the Manager. In the selection of such brokers or dealers and the placing of such </FONT><FONT size=2 face=sans-serif>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&#8217;s best interests at all times, will consider all factors it deems relevant, including by way of illustration, price, the size of the transaction, the nature of the market for the security, the amount of the commission, the timing of the transaction taking into account market prices and trends, the reputation, experience and financial stability of the broker or dealer involved and the quality of service rendered by the broker or dealer in other transactions. Subject to such policies as the Trustees of the Fund may determine, the Manager will not be deemed to have acted unlawfully or to have breached any duty created by this Contract or otherwise solely by reason of its having caused the Fund to pay a broker or dealer that provides brokerage and research services to the Manager an amount of commission for effecting a portfolio investment transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction, if the Manager determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer, viewed in terms of either that particular transaction or the Manager&#8217;s overall responsibilities with respect to the Fund and to other clients of the Manager as to which the Manager exercises investment discretion. The Manager agrees that in connection with purchases or sales of portfolio investments for the Fund&#8217;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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(f) Subject to the prior approval of a majority of the Trustees, including a majority of the Trustees who are not &#8220;interested persons&#8221; and, to the extent required by the 1940 Act and the</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>rules and regulations under the 1940 Act, subject to any applicable guidance or interpretation of the Securities and Exchange Commission or its staff, by the shareholders of the Fund, the Manager may, from time to time, delegate to a sub-adviser or sub-administrator any of the Manager&#8217;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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>2. OTHER AGREEMENTS, ETC.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>It is understood that any of the shareholders, Trustees, officers and employees of the Fund may be a shareholder, director, officer or employee of, or be otherwise interested in, the Manager, and in any person controlled by or under common control with the Manager, and that the Manager and any person controlled by or under common control with the Manager may have an interest in the Fund. It is also understood that the Manager and any person controlled by or under common control with the Manager may have advisory, management, service or other contracts with other organizations and persons and may have other interests and business.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>3. COMPENSATION TO BE PAID BY THE FUND TO </FONT><FONT size=2 face=sans-serif>THE MANAGER.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Fund will pay to the Manager as compensation for the Manager&#8217;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&#8217;s Average Net Assets, computed and paid monthly at the annual rate(s) set forth on </FONT><FONT size=2 face=sans-serif><U>Schedule B</U> </FONT><FONT size=2 face=sans-serif>attached to this Contract, as from time to time amended. The Fund&#8217;s &#8220;Average Net Assets&#8221; means the average of all of the determinations of the Fund&#8217;s net asset value at the close of business on each business day during each month while this Contract is in effect, except as is otherwise specified on </FONT><U><FONT size=2 face=sans-serif>Schedule B</FONT></U><FONT size=2 face=sans-serif>. [The fee is payable for each month within 15 days after the close of the month.]</FONT><SUP><FONT size=2 face=sans-serif>1</FONT></SUP></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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 </FONT><FONT size=2 face=sans-serif>be reduced by the amount of excess by a reduction or refund thereof. In the event that the expenses of the Fund exceed any expense limitation which the Manager may, by written notice to the Fund, voluntarily declare to be effective subject to such terms and conditions as the Manager may prescribe in such notice, the compensation due the Manager will be reduced, and if necessary, the Manager will assume expenses of the Fund, to the extent required by the terms and conditions of such expense limitation.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>If the Manager serves for less than the whole of a month, the foregoing compensation will be prorated.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>4. ASSIGNMENT TERMINATES THIS CONTRACT; AMENDMENTS </FONT><FONT size=2 face=sans-serif>OF THIS CONTRACT.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>This Contract will automatically terminate, without the payment of any penalty, in the event of its assignment, provided that no delegation of responsibilities by the Manager pursuant to Section 1(f) will be deemed to constitute an assignment. No provision of this Contract may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against which enforcement of the change, waiver, discharge or termination is sought. No amendment of this Contract is effective until approved in a manner consistent with the 1940 Act, the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>5. EFFECTIVE PERIOD AND TERMINATION OF THIS CONTRACT.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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, 2014, 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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Either party hereto may at any time terminate this Contract as to a Fund by not less than 60 days&#8217; 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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Termination of this Contract pursuant to this Section 5 will be without the payment of any penalty.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>6. CERTAIN DEFINITIONS.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>For the purposes of this Contract, the &#8220;affirmative vote of a majority of the outstanding shares&#8221; of a Fund means the affirmative vote, at a duly called and held meeting of</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>1 For each series of Putnam RetirementReady Funds only, the fee is payable for each month within 30 days after the close of the month.</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>For the purposes of this Contract, the terms &#8220;affiliated person,&#8221; &#8220;control,&#8221; &#8220;interested person&#8221; and &#8220;assignment&#8221; have their respective meanings defined in the 1940 Act, subject, however, to the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff; the term &#8220;approve at least annually&#8221; will be construed in a manner consistent with the 1940 Act and the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff; and the term &#8220;brokerage and research services&#8221; has the meaning given in the Securities Exchange Act of 1934 and the rules and regulations under the Securities Exchange Act of 1934 and under any applicable guidance or interpretation of the Securities and Exchange Commission or its staff.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>7. NON-LIABILITY OF MANAGER.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>8. LIMITATION OF LIABILITY OF THE TRUSTEES, OFFICERS, AND SHAREHOLDERS.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>IN WITNESS WHEREOF, [NAME OF FUND] and PUTNAM INVESTMENT MANAGEMENT, LLC have each caused this instrument to be signed on its behalf by its President or a Vice President thereunto duly authorized, all as of the day and year first above written.</FONT></P>

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   <TD noWrap align=left><FONT size=2 face=sans-serif>[NAME OF FUND]</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left><FONT size=2 face=sans-serif>By:___________________________</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left><FONT size=2 face=sans-serif>PUTNAM INVESTMENT MANAGEMENT, LLC</FONT>&nbsp;</TD></TR>

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<P style="MARGIN: 0px"><B><FONT size=2 face=sans-serif>Schedule A</FONT></B><BR><FONT size=2 face=sans-serif>[LIST OF FUNDS]</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Schedule B</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>[FEE SCHEDULE: See </FONT><B><FONT size=2 face=sans-serif>Appendix D </FONT></B><FONT size=2 face=sans-serif>to this proxy statement for each fund&#8217;s detailed fee information. The management fee for each fund under the proposed new management contract is identical to that for each fund under the fund&#8217;s previous management contract.]</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>For the following funds only:</FONT></B><BR><I><FONT size=2 face=sans-serif>Putnam Absolute Return 500 Fund</FONT></I><BR><I><FONT size=2 face=sans-serif>Putnam Absolute Return 700 Fund</FONT></I><BR><I><FONT size=2 face=sans-serif>Putnam Asia Pacific Equity Fund</FONT></I><BR><I><FONT size=2 face=sans-serif>Putnam Capital Spectrum Fund</FONT></I><BR><I><FONT size=2 face=sans-serif>Putnam Emerging Markets Equity Fund</FONT></I><BR><I><FONT size=2 face=sans-serif>Putnam Equity Spectrum Fund</FONT></I><BR><I><FONT size=2 face=sans-serif>Putnam Europe Equity Fund</FONT></I><BR><I><FONT size=2 face=sans-serif>Putnam Global Dividend Fund</FONT></I><BR><I><FONT size=2 face=sans-serif>Putnam Global Equity Fund</FONT></I><BR><I><FONT size=2 face=sans-serif>Putnam Growth Opportunities Fund</FONT></I><BR><I><FONT size=2 face=sans-serif>Putnam International Capital Opportunities Fund</FONT></I><BR><I><FONT size=2 face=sans-serif>Putnam International Equity Fund</FONT></I><BR><I><FONT size=2 face=sans-serif>Putnam International Growth Fund</FONT></I><BR><I><FONT size=2 face=sans-serif>Putnam International Value Fund</FONT></I><BR><I><FONT size=2 face=sans-serif>Putnam Multi-Cap Growth Fund</FONT></I><BR><I><FONT size=2 face=sans-serif>Putnam Small Cap Growth Fund</FONT></I><BR><I><FONT size=2 face=sans-serif>Putnam Strategic Volatility Equity Fund</FONT></I><BR><I><FONT size=2 face=sans-serif>Putnam Voyager Fund</FONT></I></P>

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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>FORM OF PROPOSED MANAGEMENT CONTRACT</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>This Management Contract is dated as of February 27, 2014 between [NAME OF FUND], a Massachusetts business trust (the &#8220;Fund&#8221;), and PUTNAM INVESTMENT MANAGEMENT, LLC, a Delaware limited liability company (the &#8220;Manager&#8221;).</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In consideration of the mutual covenants herein contained, it is agreed as follows:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>1. SERVICES TO BE RENDERED BY MANAGER TO FUND.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(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 &#8220;1940 Act&#8221;), each series of the Fund identified from time to time on </FONT><FONT size=2 face=sans-serif><U>Schedule A</U> </FONT><FONT size=2 face=sans-serif>to this Contract (each reference in this Contract to &#8220;a Fund&#8221; or to &#8220;the Fund&#8221; is also deemed to be a reference to any existing series of the Fund, as appropriate in the particular context), will determine what investments will be purchased, held, sold or exchanged by the Fund and what portion, if any, of the assets of the Fund will be held uninvested and will, on behalf of the Fund, make changes in such investments. Subject always to the control of the Trustees of the Fund and except for the functions carried out by the officers and personnel referred to in Section 1(d), the Manager will also manage, supervise and conduct the other affairs and business of the Fund and matters incidental thereto. In the performance of its duties, the Manager will comply with the provisions of the Agreement and Declaration of Trust and By-Laws of the Fund and the stated investment objectives, policies and restrictions of the Fund, will use its best efforts to safeguard and promote the welfare of the Fund and to comply with other policies which the Trustees may from time to time determine and will exercise the same care and diligence expected of the Trustees.</FONT></P>

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

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(c) The Manager, at its expense, will place all orders for the purchase and sale of portfolio investments for the Fund&#8217;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 </FONT><FONT size=2 face=sans-serif>the Fund&#8217;s best interests at all times, will consider all factors it deems relevant, including by way of illustration, price, the size of the transaction, the nature of the market for the security, the amount of the commission, the timing of the transaction taking into account market prices and trends, the reputation, experience and financial stability of the broker or dealer involved and the quality of service rendered by the broker or dealer in other transactions. Subject to such policies as the Trustees of the Fund may determine, the Manager will not be deemed to have acted unlawfully or to have breached any duty created by this Contract or otherwise solely by reason of its having caused the Fund to pay a broker or dealer that provides brokerage and research services to the Manager an amount of commission for effecting a portfolio investment transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction, if the Manager determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer, viewed in terms of either that particular transaction or the Manager&#8217;s overall responsibilities with respect to the Fund and to other clients of the Manager as to which the Manager exercises investment discretion. The Manager agrees that in connection with purchases or sales of portfolio investments for the Fund&#8217;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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(f) Subject to the prior approval of a majority of the Trustees, including a majority of the Trustees who are not &#8220;interested persons&#8221; and, to the extent required by the 1940 Act and the rules and regulations under the 1940 Act, subject to any applicable guidance or interpretation of the Securities and Exchange Commission or its staff, by the shareholders of the Fund, the Manager may, from time to time, delegate to a sub-adviser or sub-administrator any of the Manager&#8217;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>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>2. OTHER AGREEMENTS, ETC.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>It is understood that any of the shareholders, Trustees, officers and employees of the Fund may be a shareholder, director, officer or employee of, or be otherwise interested in, the Manager, and in any person controlled by or under common control with the Manager, and that the Manager and any person controlled by or under common control with the Manager may have an interest in the Fund. It is also understood that the Manager and any person controlled by or under common control with the Manager may have advisory, management, service or other contracts with other organizations and persons and may have other interests and business.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>3. COMPENSATION TO BE PAID BY THE FUND TO </FONT><FONT size=2 face=sans-serif>THE MANAGER.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Fund will pay to the Manager as compensation for the Manager&#8217;s services rendered, for the facilities furnished and for the expenses borne by the Manager pursuant to paragraphs (a), (b), and (c) of Section 1, a Base Fee, computed and paid monthly on the Average Net Assets of the Fund at the annual rates set forth on </FONT><FONT size=2 face=sans-serif><U>Schedule B</U> </FONT><FONT size=2 face=sans-serif>attached to this Contract, as from time to time amended, subject to adjustment as set forth on </FONT><FONT size=2 face=sans-serif><U>Schedule C</U> </FONT><FONT size=2 face=sans-serif>attached to this Contract, as from time to time amended. The Fund&#8217;s &#8220;Average Net Assets&#8221; means the average of all of the determinations of the Fund&#8217;s net asset value at the close of business on each business day during each period for which such computation is made. The Base Fee, as adjusted, is payable for each month within 15 days after the close of the month.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In the event that expenses of the Fund for any fiscal year exceed the expense limitation on investment company expenses imposed by any statute or regulatory authority of any jurisdiction in which shares of the Fund are qualified for offer or sale, the compensation due the Manager for such fiscal year will be reduced by the amount of excess by a reduction or refund thereof. In the event that the expenses of the Fund exceed any expense limitation which the Manager may, by written notice to the Fund, voluntarily declare to be effective subject to such terms and conditions as the Manager may prescribe in such notice, the compensation due the Manager will be reduced, and if necessary, the Manager will assume expenses of the Fund, to the extent required by the terms and conditions of such expense limitation.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>If the Manager serves for less than the whole of a month, the foregoing compensation will be prorated.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>4. ASSIGNMENT TERMINATES THIS CONTRACT; AMENDMENTS </FONT><FONT size=2 face=sans-serif>OF THIS CONTRACT.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>This Contract will automatically terminate, without the payment of any penalty, in the event of its assignment, provided that no delegation of responsibilities by the Manager pursuant to Section 1(f) will be deemed to constitute an assignment. No provision of this Contract may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against which enforcement of the change, waiver, discharge or termination is sought. No amendment of this Contract is effective until approved in a manner consistent with the 1940 Act, the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>5. EFFECTIVE PERIOD AND TERMINATION OF THIS CONTRACT.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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, 2014, 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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Either party hereto may at any time terminate this Contract as to a Fund by not less than 60 days&#8217; 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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Termination of this Contract pursuant to this Section 5 will be without the payment of any penalty.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>6. CERTAIN DEFINITIONS.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>For the purposes of this Contract, the &#8220;affirmative vote of a majority of the outstanding shares&#8221; 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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>For the purposes of this Contract, the terms &#8220;affiliated person,&#8221; &#8220;control,&#8221; &#8220;interested person&#8221; and &#8220;assignment&#8221; have their respective meanings defined in the 1940 Act, subject, however, to the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff; the term &#8220;approve at least annually&#8221; will be construed in a manner consistent with the 1940 Act and</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff; and the term &#8220;brokerage and research services&#8221; has the meaning given in the Securities Exchange Act of 1934 and the rules and regulations under the Securities Exchange Act of 1934 and under any applicable guidance or interpretation of the Securities and Exchange Commission or its staff.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>7. NON-LIABILITY OF MANAGER.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>8. LIMITATION OF LIABILITY OF THE TRUSTEES, OFFICERS, AND SHAREHOLDERS.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>IN WITNESS WHEREOF, [NAME OF FUND] and PUTNAM INVESTMENT MANAGEMENT, LLC have each caused this instrument to be signed on its behalf by its President or a Vice President thereunto duly authorized, all as of the day and year first above written.</FONT></P>

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   <TD noWrap align=left><FONT size=2 face=sans-serif>[NAME OF FUND]</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left><FONT size=2 face=sans-serif>By:<FONT size=2 face=sans-serif>___________________________</FONT></FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left><FONT size=2 face=sans-serif>PUTNAM INVESTMENT MANAGEMENT, LLC</FONT>&nbsp;</TD></TR>

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<P style="MARGIN: 0px"><B><FONT size=2 face=sans-serif>Schedule A</FONT></B><BR><FONT size=2 face=sans-serif>[LIST OF FUNDS]</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Schedule B</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>[FEE SCHEDULE: See </FONT><B><FONT size=2 face=sans-serif>Appendix D </FONT></B><FONT size=2 face=sans-serif>to this proxy statement for each fund&#8217;s detailed fee information. The management fee for each fund under the proposed new management contract is identical to that for each fund under the fund&#8217;s previous management contract.]</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Schedule C</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>PUTNAM ABSOLUTE RETURN 500 FUND, PUTNAM ABSOLUTE RETURN 700 FUND, PUTNAM CAPITAL SPECTRUM FUND, PUTNAM EQUITY SPECTRUM FUND, PUTNAM GLOBAL DIVIDEND FUND, AND PUTNAM STRATEGIC VOLATILITY EQUITY FUND: Commencing with the thirteenth whole calendar month of the Fund&#8217;s operations, the Fund&#8217;s Base Fee computed in accordance with </FONT><FONT size=2 face=sans-serif><U>Schedule B</U> </FONT><FONT size=2 face=sans-serif>will be adjusted, on a monthly basis, upward or downward, as the case may be, by an amount computed by applying the Performance Adjustment Rate to the Average Net Assets of the Fund for the Performance Period and dividing the result by twelve.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>PUTNAM ASIA PACIFIC EQUITY FUND, PUTNAM EMERGING MARKETS EQUITY FUND, PUTNAM EUROPE EQUITY FUND, PUTNAM GLOBAL EQUITY FUND, PUTNAM GROWTH OPPORTUNITIES FUND, PUTNAM INTERNATIONAL CAPITAL OPPORTUNITIES FUND, PUTNAM INTERNATIONAL EQUITY FUND, PUTNAM INTERNATIONAL GROWTH FUND, PUTNAM INTERNATIONAL VALUE FUND, PUTNAM MULTI-CAP GROWTH FUND, PUTNAM SMALL CAP GROWTH FUND, AND PUTNAM VOYAGER FUND: The Fund&#8217;s Base Fee computed in accordance with </FONT><FONT size=2 face=sans-serif><U>Schedule B</U> </FONT><FONT size=2 face=sans-serif>will be adjusted, on a monthly basis, upward or downward, as the case may be, by an amount computed by applying the Performance Adjustment Rate to the Average Net Assets of the Fund for the Performance Period and dividing the result by twelve.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>PUTNAM ABSOLUTE RETURN 500 FUND, PUTNAM ABSOLUTE RETURN 700 FUND, PUTNAM CAPITAL SPECTRUM FUND, PUTNAM EQUITY SPECTRUM FUND, PUTNAM GLOBAL DIVIDEND FUND, AND PUTNAM STRATEGIC VOLATILITY EQUITY FUND: </FONT><B><FONT size=2 face=sans-serif>Performance Period. </FONT></B><FONT size=2 face=sans-serif>The Performance Period is equal to the shorter of (i) the period from the date the Fund commenced operations to the end of the month for which the fee adjustment is being computed or (ii) the thirty-six month period then ended.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>PUTNAM ASIA PACIFIC EQUITY FUND, PUTNAM EMERGING MARKETS EQUITY FUND, PUTNAM EUROPE EQUITY FUND, PUTNAM GLOBAL EQUITY FUND, PUTNAM GROWTH OPPORTUNITIES FUND, PUTNAM INTERNATIONAL CAPITAL OPPORTUNITIES FUND, PUTNAM INTERNATIONAL EQUITY FUND, PUTNAM INTERNATIONAL GROWTH FUND, PUTNAM INTERNATIONAL VALUE FUND, PUTNAM SMALL CAP GROWTH FUND, AND PUTNAM VOYAGER FUND: </FONT><B><FONT size=2 face=sans-serif>Performance Period. </FONT></B><FONT size=2 face=sans-serif>The Performance Period is equal to the shorter of (i) the period from January 1, 2010 to the end of the month for which the fee adjustment is being computed or (ii) the thirty-six month period then ended.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>PUTNAM MULTI-CAP GROWTH FUND: </FONT><B><FONT size=2 face=sans-serif>Performance Period. </FONT></B><FONT size=2 face=sans-serif>The Performance Period is equal to the shorter of (i) the period from February 1, 2010 to the end of the month for which the fee adjustment is being computed or (ii) the thirty-six month period then ended.</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>PUTNAM ABSOLUTE RETURN 500 FUND AND PUTNAM ABSOLUTE RETURN 700 FUND: </FONT><B><FONT size=2 face=sans-serif>Performance Adjustment Rate. </FONT></B><FONT size=2 face=sans-serif>The Performance Adjustment Rate is equal to the product of 0.04 multiplied by the difference, positive or negative, obtained by subtracting (i) the sum of the Investment Record of the Benchmark for the Performance Period plus the Hurdle from (ii) the Investment Performance of the Measuring Class for the Performance Period; </FONT><I><FONT size=2 face=sans-serif>provided </FONT></I><FONT size=2 face=sans-serif>that the Performance Adjustment Rate for the Fund may not exceed the Maximum Performance Adjustment Rate set forth on </FONT><FONT size=2 face=sans-serif><U>Schedule B</U> </FONT><FONT size=2 face=sans-serif>or be less than the Minimum Performance Adjustment Rate set forth on </FONT><U><FONT size=2 face=sans-serif>Schedule B</FONT></U><FONT size=2 face=sans-serif>.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>PUTNAM CAPITAL SPECTRUM FUND AND PUTNAM EQUITY SPECTRUM FUND: </FONT><B><FONT size=2 face=sans-serif>Performance Adjustment Rate. </FONT></B><FONT size=2 face=sans-serif>The Performance Adjustment Rate is equal to the product of 0.04 multiplied by the difference, positive or negative, obtained by subtracting (i) the Investment Record of the Benchmark for the Performance Period from (ii) the Investment Performance of the Measuring Class for the Performance Period; </FONT><I><FONT size=2 face=sans-serif>provided </FONT></I><FONT size=2 face=sans-serif>that the Performance Adjustment Rate for the Fund may not exceed the Maximum Performance Adjustment Rate set forth on </FONT><FONT size=2 face=sans-serif><U>Schedule B</U> </FONT><FONT size=2 face=sans-serif>or be less than the Minimum Performance Adjustment Rate set forth on </FONT><U><FONT size=2 face=sans-serif>Schedule B</FONT></U><FONT size=2 face=sans-serif>.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>PUTNAM ASIA PACIFIC EQUITY FUND, PUTNAM EMERGING MARKETS EQUITY FUND, PUTNAM EUROPE EQUITY FUND, PUTNAM GLOBAL DIVIDEND FUND, PUTNAM GLOBAL EQUITY FUND, PUTNAM GROWTH OPPORTUNITIES FUND, PUTNAM INTERNATIONAL CAPITAL OPPORTUNITIES FUND, PUTNAM INTERNATIONAL EQUITY FUND, PUTNAM INTERNATIONAL GROWTH FUND, PUTNAM INTERNATIONAL VALUE FUND, PUTNAM MULTI-CAP GROWTH FUND, PUTNAM SMALL CAP GROWTH FUND, PUTNAM STRATEGIC VOLATILITY EQUITY FUND, AND PUTNAM VOYAGER FUND: </FONT><B><FONT size=2 face=sans-serif>Performance Adjustment Rate. </FONT></B><FONT size=2 face=sans-serif>The Performance Adjustment Rate is equal to the product of 0.03 multiplied by the difference, positive or negative, obtained by subtracting (i) the Investment Record of the Benchmark for the Performance Period from (ii) the Investment Performance of the Measuring Class for the Performance Period; </FONT><I><FONT size=2 face=sans-serif>provided </FONT></I><FONT size=2 face=sans-serif>that the Performance Adjustment Rate for the Fund may not exceed the Maximum Performance Adjustment Rate set forth on </FONT><FONT size=2 face=sans-serif><U>Schedule B</U> </FONT><FONT size=2 face=sans-serif>or be less than the Minimum Performance Adjustment Rate set forth on </FONT><U><FONT size=2 face=sans-serif>Schedule B</FONT></U><FONT size=2 face=sans-serif>.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ALL FUNDS: </FONT><B><FONT size=2 face=sans-serif>Investment Performance and Investment Record. </FONT></B><FONT size=2 face=sans-serif>These terms are used as defined in Rule 205-1 under the Investment Advisers Act of 1940, as amended, and shall each be computed on an annualized basis for any Performance Period greater than one year.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>PUTNAM ABSOLUTE RETURN 500 FUND AND PUTNAM ABSOLUTE RETURN 700 FUND: Hurdle. The Fund&#8217;s Hurdle is set forth in </FONT><U><FONT size=2 face=sans-serif>Schedule B</FONT></U><FONT size=2 face=sans-serif>.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>PUTNAM ABSOLUTE RETURN 500 FUND, PUTNAM ABSOLUTE </FONT><FONT size=2 face=sans-serif>RETURN 700 FUND, PUTNAM CAPITAL SPECTRUM FUND, </FONT><FONT size=2 face=sans-serif>PUTNAM EMERGING MARKETS EQUITY FUND, PUTNAM EQUITY SPECTRUM FUND, PUTNAM EUROPE EQUITY FUND, PUTNAM GLOBAL DIVIDEND FUND, PUTNAM GLOBAL EQUITY FUND, PUTNAM GROWTH OPPORTUNITIES FUND, PUTNAM INTERNATIONAL CAPITAL OPPORTUNITIES FUND, PUTNAM INTERNATIONAL EQUITY FUND, PUTNAM INTERNATIONAL GROWTH FUND, PUTNAM MULTI-CAP GROWTH FUND, PUTNAM SMALL CAP GROWTH FUND, PUTNAM STRATEGIC VOLATILITY EQUITY FUND, AND PUTNAM VOYAGER FUND: </FONT><B><FONT size=2 face=sans-serif>Benchmark. </FONT></B><FONT size=2 face=sans-serif>The Fund&#8217;s initial Benchmark is set forth in </FONT><U><FONT size=2 face=sans-serif>Schedule B</FONT></U><FONT size=2 face=sans-serif>. If the Trustees determine that another appropriate index of securities prices should be substituted as the Benchmark, the Trustees may determine, with the consent of the Manager, to use such other appropriate index of securities prices for purposes of this </FONT><FONT size=2 face=sans-serif><U>Schedule C</U> </FONT><FONT size=2 face=sans-serif>(the &#8220;Replacement Benchmark&#8221;) without shareholder approval, unless shareholder approval of the change is otherwise required by applicable law. Any Replacement Benchmark will be applied prospectively to determine the amount of the Performance Adjustment. The Benchmark will continue to be used to determine the amount of the Performance Adjustment for that part of the Performance Period prior to the effective date of the Replacement Benchmark.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>PUTNAM ASIA PACIFIC EQUITY FUND AND PUTNAM INTERNATIONAL VALUE FUND: </FONT><B><FONT size=2 face=sans-serif>Benchmark. </FONT></B><FONT size=2 face=sans-serif>The Fund&#8217;s initial Benchmark is set forth in </FONT><U><FONT size=2 face=sans-serif>Schedule B</FONT></U><FONT size=2 face=sans-serif>. If the Trustees determine that another appropriate index of securities prices should be substituted as the Benchmark, the Trustees may determine, with the consent of the Manager, to use such other appropriate index of securities prices for purposes of this </FONT><FONT size=2 face=sans-serif><U>Schedule C</U> </FONT><FONT size=2 face=sans-serif>(the &#8220;Replacement Benchmark&#8221;) without shareholder approval, unless shareholder approval of the change is otherwise required by applicable law. Any Replacement Benchmark will be applied prospectively to determine the amount of the Performance Adjustment. The Benchmark will continue to be used to determine the amount of the Performance Adjustment for that part of the Performance Period prior to the effective date of the Replacement Benchmark.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Fund&#8217;s initial Replacement Benchmark is set forth in </FONT><U><FONT size=2 face=sans-serif>Schedule B</FONT></U><FONT size=2 face=sans-serif>, together with its effective date of incorporation into the calculation of any adjustment to the Fund&#8217;s Base Fee. Any further Replacement Benchmark, and its effective date of incorporation into the calculation of any adjustment to the Fund&#8217;s Base Fee, will also be identified on </FONT><U><FONT size=2 face=sans-serif>Schedule B</FONT></U><FONT size=2 face=sans-serif>.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>ALL FUNDS: </FONT><B><FONT size=2 face=sans-serif>Measuring Class. </FONT></B><FONT size=2 face=sans-serif>The &#8220;Measuring Class&#8221; of shares of the Fund initially is Class A shares of the Fund. If the Trustees determine that a different class of shares of the Fund is the most appropriate for use in calculating the Performance Adjustment, the Trustees may change, with the consent of the Manager, the class of shares used as the Measuring Class without shareholder approval, unless shareholder approval of such change is otherwise required by applicable law. If a different class of shares (&#8220;Replacement Measuring Class&#8221;) is substituted in calculating the Performance Adjustment, the use of that Replacement</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Measuring Class of shares for purposes of calculating the Performance Adjustment may apply to the entire Performance Period so long as the Replacement Measuring Class was outstanding at the beginning of such period. If the Replacement Measuring Class of shares was not outstanding for all or a portion of the Performance Period, it may only be used in calculating that portion of the Performance Adjustment attributable to the period during which the Replacement Measuring Class was outstanding and any previous portion of the Performance Period will be calculated using the Measuring Class.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Notwithstanding any other provisions in this </FONT><U><FONT size=2 face=sans-serif>Schedule C</FONT></U><FONT size=2 face=sans-serif>, the computation of the Performance Adjustment Rate, the Investment Performance of the Measuring Class and the Investment Record of the Benchmark will be made in accordance with the Investment Advisers Act of 1940, as amended, and any applicable rules thereunder.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>For the following funds only:</FONT></B><BR><I><FONT size=2 face=sans-serif>Putnam Absolute Return 100 Fund</FONT></I><BR><I><FONT size=2 face=sans-serif>Putnam Absolute Return 300 Fund</FONT></I></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>FORM OF PROPOSED MANAGEMENT CONTRACT</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>This Management Contract is dated as of February 27, 2014 between [NAME OF FUND], a Massachusetts business trust (the &#8220;Fund&#8221;), and PUTNAM INVESTMENT MANAGEMENT, LLC, a Delaware limited liability company (the &#8220;Manager&#8221;).</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In consideration of the mutual covenants herein contained, it is agreed as follows:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>1. SERVICES TO BE RENDERED BY MANAGER TO FUND.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(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 &#8220;1940 Act&#8221;), each series of the Fund identified from time to time on </FONT><FONT size=2 face=sans-serif><U>Schedule A</U> </FONT><FONT size=2 face=sans-serif>to this Contract (each reference in this Contract to &#8220;a Fund&#8221; or to &#8220;the Fund&#8221; is also deemed to be a reference to any existing series of the Fund, as appropriate in the particular context), will determine what investments will be purchased, held, sold or exchanged by the Fund and what portion, if any, of the assets of the Fund will be held uninvested and will, on behalf of the Fund, make changes in such investments. Subject always to the control of the Trustees of the Fund and except for the functions carried out by the officers and personnel referred to in Section 1(d), the Manager will also manage, supervise and conduct the other affairs and business of the Fund and matters incidental thereto. In the performance of its duties, the Manager will comply with the provisions of the Agreement and Declaration of Trust and By-Laws of the Fund and the stated investment objectives, policies and restrictions of the Fund, will use its best efforts to safeguard and promote the welfare of the Fund and to comply with other policies which the Trustees may from time </FONT><FONT size=2 face=sans-serif>to time determine and will exercise the same care and diligence expected of the Trustees.</FONT></P>

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

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(c) The Manager, at its expense, will place all orders for the purchase and sale of portfolio investments for the Fund&#8217;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&#8217;s best interests at all times, will consider all factors it deems relevant, including by way of illustration, price, the size of the transaction, the nature of the market for the security, the amount of the commission, the timing of the transaction taking into account market prices and trends, the reputation, experience and financial stability of the broker or dealer involved and the quality of service rendered by the broker or dealer in other transactions. Subject to such policies as the Trustees of the Fund may determine, the Manager will not be deemed to have acted unlawfully or to have breached any duty created by this Contract or otherwise solely by reason of its having caused the Fund to pay a broker or dealer that provides brokerage and research services to the Manager an amount of commission for effecting a portfolio investment transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction, if the Manager determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer, viewed in terms of either that particular transaction or the Manager&#8217;s overall responsibilities with respect to the Fund and to other clients of the Manager as to which the Manager exercises investment discretion. The Manager agrees that in connection with purchases or sales of portfolio investments for the Fund&#8217;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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(d) In consideration of the fees payable by the Fund to the Manager pursuant to Section 3, the Manager will also pay, or reimburse the Fund for, all of the Fund&#8217;s organizational and</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>other operating expenses, excluding only fees payable under distribution plans adopted pursuant to Rule 12b-1 under the 1940 Act, any upward or downward adjustments to the Fund&#8217;s Base Fee, brokerage, interest, taxes, investment-related expenses, extraordinary expenses, and acquired fund fees and expenses.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(e) Subject to the prior approval of a majority of the Trustees, including a majority of the Trustees who are not &#8220;interested persons&#8221; and, to the extent required by the 1940 Act and the rules and regulations under the 1940 Act, subject to any applicable guidance or interpretation of the Securities and Exchange Commission or its staff, by the shareholders of the Fund, the Manager may, from time to time, delegate to a sub-adviser or sub-administrator any of the Manager&#8217;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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>2. OTHER AGREEMENTS, ETC.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>It is understood that any of the shareholders, Trustees, officers and employees of the Fund may be a shareholder, director, officer or employee of, or be otherwise interested in, the Manager, and in any person controlled by or under common control with the Manager, and that the Manager and any person controlled by or under common control with the Manager may have an interest in the Fund. It is also understood that the Manager and any person controlled by or under common control with the Manager may have advisory, management, service or other contracts with other organizations and persons and may have other interests and business.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>3. COMPENSATION TO BE PAID BY THE FUND TO </FONT><FONT size=2 face=sans-serif>THE MANAGER.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Fund will pay to the Manager as compensation for the Manager&#8217;s services rendered, for the facilities furnished and for the expenses borne by the Manager pursuant to paragraphs (a), (b), and (c) of Section 1, a Base Fee, computed and paid monthly on the Average Net Assets of the Fund at the annual rate set forth on </FONT><FONT size=2 face=sans-serif><U>Schedule B</U> </FONT><FONT size=2 face=sans-serif>attached to this Contract, as from time to time amended, subject to adjustment as set forth on </FONT><U><FONT size=2 face=sans-serif>Schedule C </FONT></U><FONT size=2 face=sans-serif>attached to this Contract, as from time to time amended. The Fund&#8217;s &#8220;Average Net Assets&#8221; means the average of all of the determinations of the Fund&#8217;s net asset value at the close of business on each business day during each period for which such computation is made. The Base Fee, as adjusted, is payable for each month within 15 days after the close of the month.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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 </FONT><FONT size=2 face=sans-serif>affiliated person of the Manager in connection with obtaining such payments.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In the event that expenses of the Fund for any fiscal year exceed the expense limitation on investment company expenses imposed by any statute or regulatory authority of any jurisdiction in which shares of the Fund are qualified for offer or sale, the compensation due the Manager for such fiscal year will be reduced by the amount of excess by a reduction or refund thereof. In the event that the expenses of the Fund exceed any expense limitation which the Manager may, by written notice to the Fund, voluntarily declare to be effective subject to such terms and conditions as the Manager may prescribe in such notice, the compensation due the Manager will be reduced, and if necessary, the Manager will assume expenses of the Fund, to the extent required by the terms and conditions of such expense limitation.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>If the Manager serves for less than the whole of a month, the foregoing compensation will be prorated.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>4. ASSIGNMENT TERMINATES THIS CONTRACT; AMENDMENTS </FONT><FONT size=2 face=sans-serif>OF THIS CONTRACT.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>This Contract will automatically terminate, without the payment of any penalty, in the event of its assignment, provided that no delegation of responsibilities by the Manager pursuant to Section 1(f) will be deemed to constitute an assignment. No provision of this Contract may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against which enforcement of the change, waiver, discharge or termination is sought. No amendment of this Contract is effective until approved in a manner consistent with the 1940 Act, the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>5. EFFECTIVE PERIOD AND TERMINATION OF THIS CONTRACT.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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, 2014, 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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Either party hereto may at any time terminate this Contract as to a Fund by not less than 60 days&#8217; 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>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Termination of this Contract pursuant to this Section 5 will be without the payment of any penalty.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>6. CERTAIN DEFINITIONS.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>For the purposes of this Contract, the &#8220;affirmative vote of a majority of the outstanding shares&#8221; 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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>For the purposes of this Contract, the terms &#8220;affiliated person,&#8221; &#8220;control,&#8221; &#8220;interested person&#8221; and &#8220;assignment&#8221; have their respective meanings defined in the 1940 Act, subject, however, to the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff; the term &#8220;approve at least annually&#8221; will be construed in a manner consistent with the 1940 Act and the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff; and the term &#8220;brokerage and research services&#8221; has the meaning given in the Securities Exchange Act of 1934 and the rules and regulations under the Securities Exchange Act of 1934 and under any applicable guidance or interpretation of the Securities and Exchange Commission or its staff.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>7. NON-LIABILITY OF MANAGER.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>8. LIMITATION OF LIABILITY OF THE TRUSTEES, OFFICERS, AND SHAREHOLDERS.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>IN WITNESS WHEREOF, [NAME OF FUND] and PUTNAM INVESTMENT MANAGEMENT, LLC have each caused this instrument to be signed on its behalf by its President or a Vice President thereunto duly authorized, all as of the day and year first above written.</FONT></P>

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   <TD noWrap align=left><FONT size=2 face=sans-serif>[NAME OF FUND]</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left><FONT size=2 face=sans-serif>By:<FONT size=2 face=sans-serif>___________________________</FONT></FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left><FONT size=2 face=sans-serif>PUTNAM INVESTMENT MANAGEMENT, LLC</FONT>&nbsp;</TD></TR>

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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Schedule A</FONT></B><BR><FONT size=2 face=sans-serif>[LIST OF FUNDS]</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Schedule B</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>[FEE SCHEDULE: See </FONT><B><FONT size=2 face=sans-serif>Appendix D </FONT></B><FONT size=2 face=sans-serif>to this proxy statement for each fund&#8217;s detailed fee information. The management fee for each fund under the proposed new management contract is identical to that for each fund under the fund&#8217;s previous management contract.]</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Schedule C</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Commencing with the thirteenth whole calendar month of the Fund&#8217;s operations, the Fund&#8217;s Base Fee computed in accordance with </FONT><FONT size=2 face=sans-serif><U>Schedule B</U> </FONT><FONT size=2 face=sans-serif>will be adjusted, on a monthly basis, upward or downward, as the case may be, by an amount computed by applying the Performance Adjustment Rate to the Average Net Assets of the Fund for the Performance Period and dividing the result by twelve.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Performance Period. </FONT></B><FONT size=2 face=sans-serif>The Performance Period is equal to the shorter of (i) the period from the date the Fund commenced operations to the end of the month for which the fee adjustment is being computed or (ii) the thirty-six month period then ended.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Performance Adjustment Rate. </FONT></B><FONT size=2 face=sans-serif>The Performance Adjustment Rate is equal to the product of 0.04 multiplied by the difference, positive or negative, obtained by subtracting (i) the sum of the Investment Record of the Benchmark for the Performance Period plus the Hurdle from (ii) the Investment Performance of the Measuring Class for the Performance Period; provided that the Performance Adjustment Rate for the Fund may not exceed the Maximum Performance Adjustment Rate set forth on </FONT><FONT size=2 face=sans-serif><U>Schedule B</U> </FONT><FONT size=2 face=sans-serif>or be less than the Minimum Performance Adjustment Rate set forth on </FONT><U><FONT size=2 face=sans-serif>Schedule B</FONT></U><FONT size=2 face=sans-serif>.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Investment Performance and Investment Record. </FONT></B><FONT size=2 face=sans-serif>These terms are used as defined in Rule 205-1 under the Investment Advisers Act of 1940, as amended, and shall each be computed on an annualized basis for any Performance Period greater than one year.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Hurdle. </FONT></B><FONT size=2 face=sans-serif>The Fund&#8217;s Hurdle is set forth in </FONT><U><FONT size=2 face=sans-serif>Schedule B</FONT></U><FONT size=2 face=sans-serif>.</FONT></P>

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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Benchmark. </FONT></B><FONT size=2 face=sans-serif>The Fund&#8217;s initial Benchmark is set forth in </FONT><U><FONT size=2 face=sans-serif>Schedule B</FONT></U><FONT size=2 face=sans-serif>. If the Trustees determine that another appropriate index of securities prices should be substituted as the Benchmark, the Trustees may determine, with the consent of the Manager, to use such other appropriate index of securities prices for purposes of this </FONT><FONT size=2 face=sans-serif><U>Schedule C</U> </FONT><FONT size=2 face=sans-serif>(the &#8220;Replacement Benchmark&#8221;) without shareholder approval, unless shareholder approval of the change is otherwise required by applicable law. Any Replacement Benchmark will be applied prospectively to determine the amount of the Performance Adjustment. The Benchmark will continue to be used to determine the amount of the Performance Adjustment for that part of the Performance Period prior to the effective date of the Replacement Benchmark.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Measuring Class. </FONT></B><FONT size=2 face=sans-serif>The &#8220;Measuring Class&#8221; of shares of the Fund initially is Class A shares of the Fund. If the Trustees determine that a different class of shares of the Fund is the most appropriate for use in calculating the Performance Adjustment, the Trustees may change, with the consent of the Manager, the class of shares used as the Measuring Class without shareholder approval, unless shareholder approval of such change is otherwise required by applicable law. If a different class of shares (&#8220;Replacement Measuring Class&#8221;) is substituted in calculating the Performance Adjustment, the use of that Replacement Measuring Class of shares for purposes of calculating the Performance Adjustment may apply to the entire Performance Period so long as the Replacement Measuring Class was outstanding at the beginning of such period. If the Replacement Measuring Class of shares was not outstanding for all or a portion of the Performance Period, it may only be used in calculating that portion of the Performance Adjustment attributable to the period during which the Replacement Measuring Class was outstanding and any previous portion of the Performance Period will be calculated using the Measuring Class.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Notwithstanding any other provisions in this </FONT><U><FONT size=2 face=sans-serif>Schedule C</FONT></U><FONT size=2 face=sans-serif>, the computation of the Performance Adjustment Rate, the Investment Performance of the Measuring Class and the Investment Record of the Benchmark will be made in accordance with the Investment Advisers Act of 1940, as amended, and any applicable rules thereunder.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>For the following funds only:</FONT></B><BR><I><FONT size=2 face=sans-serif>Putnam Managed Municipal Income Trust</FONT></I><BR><I><FONT size=2 face=sans-serif>Putnam Municipal Opportunities Trust</FONT></I></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>FORM OF PROPOSED MANAGEMENT CONTRACT</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>This Management Contract is dated as of February 27, 2014 between [NAME OF FUND], a Massachusetts business trust (the &#8220;Fund&#8221;), and PUTNAM INVESTMENT MANAGEMENT, LLC, a Delaware limited liability company (the &#8220;Manager&#8221;).</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In consideration of the mutual covenants herein contained, it is agreed as follows:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>1. SERVICES TO BE RENDERED BY MANAGER TO FUND.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(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 &#8220;1940 Act&#8221;), each series of the Fund identified from time to time on </FONT><FONT size=2 face=sans-serif><U>Schedule A</U> </FONT><FONT size=2 face=sans-serif>to this Contract (each reference in this Contract to &#8220;a Fund&#8221; or to &#8220;the Fund&#8221; is also deemed to be a reference to any existing series of the Fund, as appropriate in the particular context), will determine what investments will be purchased, held, sold or exchanged by the Fund and what portion, if any, of the assets of the Fund will be held uninvested and will, on behalf of the Fund, make changes in such investments. Subject always to the control of the Trustees of the Fund and except for the functions carried out by the officers and personnel referred to in Section 1(d), the Manager will also manage, supervise and conduct the other affairs and business of the Fund and matters incidental thereto. In the performance of its duties, the Manager will comply with the provisions of the Agreement and Declaration of Trust and By-Laws of the Fund and the stated investment objectives, policies and restrictions of the Fund, will use its best efforts to safeguard and promote the welfare of the Fund and to comply with other policies which the Trustees may from time to time determine and will exercise the same care and diligence expected of the Trustees.</FONT></P>

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

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(c) The Manager, at its expense, will place all orders for the purchase and sale of portfolio investments for the Fund&#8217;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&#8217;s best interests at all times, will consider all factors it deems relevant, including by way of illustration, price, the size of the transaction, the nature of the market for the security, the amount of the commission, the timing of the transaction taking into account market prices and trends, the reputation, experience and financial stability of the broker or dealer involved and the quality of service rendered by the broker or dealer in other transactions. Subject to such policies as the Trustees of the Fund</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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&#8217;s overall responsibilities with respect to the Fund and to other clients of the Manager as to which the Manager exercises investment discretion. The Manager agrees that in connection with purchases or sales of portfolio investments for the Fund&#8217;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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(f) Subject to the prior approval of a majority of the Trustees, including a majority of the Trustees who are not &#8220;interested persons&#8221; and, to the extent required by the 1940 Act and the rules and regulations under the 1940 Act, subject to any applicable guidance or interpretation of the Securities and Exchange Commission or its staff, by the shareholders of the Fund, the Manager may, from time to time, delegate to a sub-adviser or sub-administrator any of the Manager&#8217;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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>2. OTHER AGREEMENTS, ETC.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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 </FONT><FONT size=2 face=sans-serif>may have an interest in the Fund. It is also understood that the Manager and any person controlled by or under common control with the Manager may have advisory, management, service or other contracts with other organizations and persons and may have other interests and business.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>3. COMPENSATION TO BE PAID BY THE FUND TO </FONT><FONT size=2 face=sans-serif>THE MANAGER.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Fund will pay to the Manager as compensation for the Manager&#8217;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&#8217;s Average Net Assets, computed and paid quarterly at the annual rates set forth on </FONT><FONT size=2 face=sans-serif><U>Schedule B</U> </FONT><FONT size=2 face=sans-serif>attached to this Contract, as from time to time amended.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#8220;Average Net Assets&#8221; means the average of all of the determinations of the Fund&#8217;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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In the event that the amount of dividends payable with respect to any outstanding shares of beneficial interest of the Fund with preference rights (&#8220;Preferred Shares&#8221;) during any period for which regular payments of dividends or other distributions on such Preferred Shares are payable (each, a &#8220;Dividend Period&#8221;) plus expenses attributable to such Preferred Shares for such Dividend Period exceeds the portion of the Fund&#8217;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 such 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&#8217;s net income and net short-term capital 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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In the event that expenses of the Fund for any fiscal year exceed the expense limitation on investment company expenses imposed by any statute or regulatory authority of any jurisdiction in which shares of the Fund are qualified for offer or sale, the compensation due the Manager for such fiscal year will be reduced by the amount of excess by a reduction or refund thereof. In the event that the expenses of the Fund exceed any expense limitation which the Manager may, by written notice to the Fund, voluntarily declare to be effective subject to such terms and conditions as the Manager may prescribe in such notice, the compensation due the Manager will be reduced, and if necessary, the Manager will assume expenses of the Fund, to the extent required by the terms and conditions of such expense limitation.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>If the Manager serves for less than the whole of a quarter, the foregoing compensation will be prorated.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>4. ASSIGNMENT TERMINATES THIS CONTRACT; AMENDMENTS </FONT><FONT size=2 face=sans-serif>OF THIS CONTRACT.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>This Contract will automatically terminate, without the payment of any penalty, in the event of its assignment, provided that no delegation of responsibilities by the Manager pursuant to Section 1(f) will be deemed to constitute an assignment. No provision of this Contract may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against which enforcement of the change, waiver, discharge or termination is sought. No amendment of this Contract is effective until approved in a manner consistent with the 1940 Act, the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>5. EFFECTIVE PERIOD AND TERMINATION OF THIS CONTRACT.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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, 2014, 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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Either party hereto may at any time terminate this Contract as to a Fund by not less than 60 days&#8217; 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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Termination of this Contract pursuant to this Section 5 will be without the payment of any penalty.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>6. CERTAIN DEFINITIONS.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>For the purposes of this Contract, the &#8220;affirmative vote of a majority of the outstanding shares&#8221; 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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>For the purposes of this Contract, the terms &#8220;affiliated person,&#8221; &#8220;control,&#8221; &#8220;interested person&#8221; and &#8220;assignment&#8221; have their respective meanings defined in the 1940 Act, subject, however, to the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff; the term &#8220;approve at least annually&#8221; will be construed in a manner consistent with the 1940 Act and the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff; and the term &#8220;brokerage and research services&#8221; has the meaning given in the Securities Exchange Act of 1934 and the rules and regulations under the Securities Exchange Act of 1934 and under any applicable guidance or interpretation of the Securities and Exchange Commission or its staff.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>7. NON-LIABILITY OF MANAGER.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>8. LIMITATION OF LIABILITY OF THE TRUSTEES, OFFICERS, AND SHAREHOLDERS.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>IN WITNESS WHEREOF, [NAME OF FUND] and PUTNAM INVESTMENT MANAGEMENT, LLC have each caused this instrument to be signed on its behalf by its President or a Vice President thereunto duly authorized, all as of the day and year first above written.</FONT></P>

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   <TD noWrap align=left><FONT size=2 face=sans-serif>[NAME OF FUND]</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left><FONT size=2 face=sans-serif>PUTNAM INVESTMENT MANAGEMENT, LLC</FONT>&nbsp;</TD></TR>

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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Schedule A</FONT></B><BR><FONT size=2 face=sans-serif>[LIST OF FUNDS]</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Schedule B</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>[FEE SCHEDULE: See </FONT><B><FONT size=2 face=sans-serif>Appendix D </FONT></B><FONT size=2 face=sans-serif>to this proxy statement for each fund&#8217;s detailed fee information. The management fee for each fund under the proposed new management contract is identical to that for each fund under the fund&#8217;s previous management contract.]</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>For the following funds only:</FONT></B><BR><I><FONT size=2 face=sans-serif>Putnam High Income Securities Fund</FONT></I><BR><I><FONT size=2 face=sans-serif>Putnam Master Intermediate Income Trust</FONT></I><BR><I><FONT size=2 face=sans-serif>Putnam Premier Income Trust</FONT></I></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>FORM OF PROPOSED MANAGEMENT CONTRACT</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>This Management Contract is dated as of February 27, 2014 between [NAME OF FUND], a Massachusetts business trust (the &#8220;Fund&#8221;), and PUTNAM INVESTMENT MANAGEMENT, LLC, a Delaware limited liability company (the &#8220;Manager&#8221;).</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In consideration of the mutual covenants herein contained, it is agreed as follows:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>1. SERVICES TO BE RENDERED BY MANAGER TO FUND.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(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 &#8220;1940 Act&#8221;), each series of the Fund identified from time to time on </FONT><FONT size=2 face=sans-serif><U>Schedule A</U> </FONT><FONT size=2 face=sans-serif>to this Contract (each reference in this Contract to &#8220;a Fund&#8221; or to &#8220;the Fund&#8221; 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 </FONT><FONT size=2 face=sans-serif>conduct the other affairs and business of the Fund and matters incidental thereto. In the performance of its duties, the Manager will comply with the provisions of the Agreement and Declaration of Trust and By-Laws of the Fund and the stated investment objectives, policies and restrictions of the Fund, will use its best efforts to safeguard and promote the welfare of the Fund and to comply with other policies which the Trustees may from time to time determine and will exercise the same care and diligence expected of the Trustees.</FONT></P>

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

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(c) The Manager, at its expense, will place all orders for the purchase and sale of portfolio investments for the Fund&#8217;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&#8217;s best interests at all times, will consider all factors it deems relevant, including by way of illustration, price, the size of the transaction, the nature of the market for the security, the amount of the commission, the timing of the transaction taking into account market prices and trends, the reputation, experience and financial stability of the broker or dealer involved and the quality of service rendered by the broker or dealer in other transactions. Subject to such policies as the Trustees of the Fund may determine, the Manager will not be deemed to have acted unlawfully or to have breached any duty created by this Contract or otherwise solely by reason of its having caused the Fund to pay a broker or dealer that provides brokerage and research services to the Manager an amount of commission for effecting a portfolio investment transaction in excess of the amount of commission another broker or dealer would have charged for effecting that transaction, if the Manager determines in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer, viewed in terms of either that particular transaction or the Manager&#8217;s overall responsibilities with respect to the Fund and to other clients of the Manager as to which the Manager exercises investment discretion. The Manager agrees that in connection</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>with purchases or sales of portfolio investments for the Fund&#8217;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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(f) Subject to the prior approval of a majority of the Trustees, including a majority of the Trustees who are not &#8220;interested persons&#8221; and, to the extent required by the 1940 Act and the rules and regulations under the 1940 Act, subject to any applicable guidance or interpretation of the Securities and Exchange Commission or its staff, by the shareholders of the Fund, the Manager may, from time to time, delegate to a sub-adviser or sub-administrator any of the Manager&#8217;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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>2. OTHER AGREEMENTS, ETC.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>It is understood that any of the shareholders, Trustees, officers and employees of the Fund may be a shareholder, director, officer or employee of, or be otherwise interested in, the Manager, and in any person controlled by or under common control with the Manager, and that the Manager and any person controlled by or under common control with the Manager may have an interest in the Fund. It is also understood that the Manager and any person controlled by or under common control with the Manager may have advisory, management, service or other contracts with other organizations and persons and may have other interests and business.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>3. COMPENSATION TO BE PAID BY THE FUND TO </FONT><FONT size=2 face=sans-serif>THE MANAGER.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Fund will pay to the Manager as compensation for the Manager&#8217;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&#8217;s Average Net Assets, computed and paid quarterly at the annual rates set forth on </FONT><FONT size=2 face=sans-serif><U>Schedule B</U> </FONT><FONT size=2 face=sans-serif>attached to this Contract, as from time to time amended.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#8220;Average Net Assets&#8221; 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, &#8220;leverage for investment purposes&#8221; means any incurrence of indebtedness the proceeds of which are to be invested in accordance with the Fund&#8217;s investment objective. For purposes of calculating Average Net Assets, liabilities associated with any instruments or transactions used to leverage the Fund&#8217;s portfolio for investment purposes (whether or not such instruments or transactions are &#8220;covered&#8221; 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 &#8220;Underlying Asset&#8221;) 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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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 (a &#8220;Measurement Period&#8221;), 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&#8217;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 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&#8217;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</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>during such Measurement Period shall be determined by the Trustees of the Fund.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In the event that expenses of the Fund for any fiscal year exceed the expense limitation on investment company expenses imposed by any statute or regulatory authority of any jurisdiction in which shares of the Fund are qualified for offer or sale, the compensation due the Manager for such fiscal year will be reduced by the amount of excess by a reduction or refund thereof. In the event that the expenses of the Fund exceed any expense limitation which the Manager may, by written notice to the Fund, voluntarily declare to be effective subject to such terms and conditions as the Manager may prescribe in such notice, the compensation due the Manager will be reduced, and if necessary, the Manager will assume expenses of the Fund, to the extent required by the terms and conditions of such expense limitation.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>If the Manager serves for less than the whole of a quarter, the foregoing compensation will be prorated.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>4. ASSIGNMENT TERMINATES THIS CONTRACT; AMENDMENTS </FONT><FONT size=2 face=sans-serif>OF THIS CONTRACT.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>This Contract will automatically terminate, without the payment of any penalty, in the event of its assignment, provided that no delegation of responsibilities by the Manager pursuant to Section 1(f) will be deemed to constitute an assignment. No provision of this Contract may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against which enforcement of the change, waiver, discharge or termination is sought. No amendment of this Contract is effective until approved in a manner consistent with the 1940 Act, the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>5. EFFECTIVE PERIOD AND TERMINATION OF THIS CONTRACT.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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, 2014, 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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Either party hereto may at any time terminate this Contract as to a Fund by not less than 60 days&#8217; 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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Termination of this Contract pursuant to this Section 5 will be without the payment of any penalty.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>6. CERTAIN DEFINITIONS.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>For the purposes of this Contract, the &#8220;affirmative vote of a majority of the outstanding shares&#8221; 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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>For the purposes of this Contract, the terms &#8220;affiliated person,&#8221; &#8220;control,&#8221; &#8220;interested person&#8221; and &#8220;assignment&#8221; have their respective meanings defined in the 1940 Act, subject, however, to the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff; the term &#8220;approve at least annually&#8221; will be construed in a manner consistent with the 1940 Act and the rules and regulations under the 1940 Act and any applicable guidance or interpretation of the Securities and Exchange Commission or its staff; and the term &#8220;brokerage and research services&#8221; has the meaning given in the Securities Exchange Act of 1934 and the rules and regulations under the Securities Exchange Act of 1934 and under any applicable guidance or interpretation of the Securities and Exchange Commission or its staff.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>7. NON-LIABILITY OF MANAGER.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>8. LIMITATION OF LIABILITY OF THE TRUSTEES, OFFICERS, AND SHAREHOLDERS.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>IN WITNESS WHEREOF, [NAME OF FUND] and PUTNAM INVESTMENT MANAGEMENT, LLC have each caused this instrument to be signed on its behalf by its President or a Vice President thereunto duly authorized, all as of the day and year first above written.</FONT></P>

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   <TD noWrap align=left><FONT size=2 face=sans-serif>[NAME OF FUND]</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left><FONT size=2 face=sans-serif>By:<FONT size=2 face=sans-serif>___________________________</FONT></FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left><FONT size=2 face=sans-serif>PUTNAM INVESTMENT MANAGEMENT, LLC</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left><FONT size=2 face=sans-serif>By:<FONT size=2 face=sans-serif>___________________________</FONT></FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Schedule A</FONT></B><BR><FONT size=2 face=sans-serif>[LIST OF FUNDS]</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Schedule B</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>[FEE SCHEDULE: See </FONT><B><FONT size=2 face=sans-serif>Appendix D </FONT></B><FONT size=2 face=sans-serif>to this proxy statement for each fund&#8217;s detailed fee information. The management fee for each fund under the proposed new management contract is identical to that for each fund under the fund&#8217;s previous management contract.]</FONT></P>

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<P style="TEXT-ALIGN: left"><B><FONT size=4 face=sans-serif>Appendix C &#8212; Management Contracts: Dates and Approvals</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Under the management contract between your fund and Putnam Management, subject to such policies as the Trustees may determine, Putnam Management, at its expense, furnishes continuously an investment program for the fund and makes investments decisions on behalf of the fund. Except for the funds included in the table below, the current management contract for your fund is dated January 1, 2010 and was last approved by shareholders on November 19, 2009. At that time, shareholders of the fund voted to approve the current management contract to include fund family breakpoints (under which the fund&#8217;s base management fee rate is determined on the basis of the aggregate net assets of all Putnam mutual funds, rather than </FONT><FONT size=2 face=sans-serif>the fund&#8217;s net assets). Shareholders of Putnam Europe Equity Fund, Putnam Global Equity Fund, Putnam Growth Opportunities Fund, Putnam International Capital Opportunities Fund, Putnam International Equity Fund and Putnam Voyager Fund, as well as certain funds listed below, also approved the institution of performance fees under the funds&#8217; respective management contracts. The management contract has not been submitted for approval by the shareholders of your fund since that date.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The following table contains information regarding the date of each remaining fund&#8217;s current management contract, the date on which it was last approved by shareholders and the purpose for that submission.</FONT></P>

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<TR>

   <TD width="27%"></TD>

   <TD width="16%"></TD>

   <TD width="17%"></TD>

   <TD width="39%"></TD></TR>

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   <TD width="27%" align=center><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="16%" align=center>&nbsp;</TD>

   <TD width="17%" align=left><B><FONT size=1 face=sans-serif>Date Current</FONT></B>&nbsp;</TD>

   <TD width="39%" align=center>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left><B><FONT size=1 face=sans-serif>Management Contract</FONT></B>&nbsp;</TD>

   <TD width="39%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left>&nbsp;</TD>

   <TD width="16%" noWrap align=left><B><FONT size=1 face=sans-serif>Date of Current</FONT></B>&nbsp;</TD>

   <TD width="17%" noWrap align=left><B><FONT size=1 face=sans-serif>Last Submitted to</FONT></B>&nbsp;</TD>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Purpose of Last Submission of Current Management Contract</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><B><FONT size=1 face=sans-serif>Fund</FONT></B>&nbsp;</TD>

   <TD width="16%" noWrap align=left><B><FONT size=1 face=sans-serif>Management Contract</FONT></B>&nbsp;</TD>

   <TD width="17%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Vote</FONT></B>&nbsp;</TD>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>to Shareholder Vote</FONT></B>&nbsp;</TD></TR>

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   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Absolute Return 100 Fund</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>July 1, 2013</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=1 face=sans-serif>December 18, 2009</FONT>&nbsp;</TD>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>Fee structure change</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

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</TD></TR>

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   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Absolute Return 300 Fund</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>July 1, 2013</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=1 face=sans-serif>December 18, 2009</FONT>&nbsp;</TD>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>Fee structure change</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

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</TD></TR>

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   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Absolute Return 500 Fund</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>July 1, 2013</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=1 face=sans-serif>December 18, 2009</FONT>&nbsp;</TD>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>Fee structure change</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

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   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Absolute Return 700 Fund</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>July 1, 2013</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=1 face=sans-serif>January 15, 2010</FONT>&nbsp;</TD>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>Fee structure change</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

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   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Asia Pacific Equity Fund</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>July 1, 2013</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=1 face=sans-serif>May 26, 2011</FONT>&nbsp;</TD>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>New performance index to calculate performance fees</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

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   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Capital Opportunities Fund</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>September 1, 2010</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=1 face=sans-serif>November 19, 2009</FONT>&nbsp;</TD>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>Fee structure change</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

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   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Capital Spectrum Fund</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>July 1, 2013</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=1 face=sans-serif>November 19, 2009</FONT>&nbsp;</TD>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>Fee structure change</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Dynamic Asset Allocation</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>July 1, 2013</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=1 face=sans-serif>November 19, 2009</FONT>&nbsp;</TD>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>Fee structure change</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>Equity Fund</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="39%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Dynamic Risk Allocation Fund</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>July 1, 2013</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=1 face=sans-serif>September 9, 2011</FONT>&nbsp;</TD>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>Organization of the fund</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Emerging Markets Equity Fund</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>July 1, 2013</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=1 face=sans-serif>November 19, 2009</FONT>&nbsp;</TD>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>Fee structure change and institution of performance fees</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Emerging Markets Income Fund</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>July 1, 2013</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=1 face=sans-serif>March 18, 2013</FONT>&nbsp;</TD>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>Organization of the fund</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Equity Spectrum Fund</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>July 1, 2013</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=1 face=sans-serif>November 19, 2009</FONT>&nbsp;</TD>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>Fee structure change</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Floating Rate Income Fund</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>July 1, 2013</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=1 face=sans-serif>November 19, 2009</FONT>&nbsp;</TD>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>Fee structure change</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Global Consumer Fund</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>July 1, 2013</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=1 face=sans-serif>November 19, 2009</FONT>&nbsp;</TD>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>Fee structure change</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Global Dividend Fund</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>July 1, 2013</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=1 face=sans-serif>March 18, 2013</FONT>&nbsp;</TD>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>Organization of the fund</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Global Energy Fund</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>July 1, 2013</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=1 face=sans-serif>November 19, 2009</FONT>&nbsp;</TD>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>Fee structure change</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Global Financials Fund</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>July 1, 2013</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=1 face=sans-serif>November 19, 2009</FONT>&nbsp;</TD>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>Fee structure change</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Global Industrials Fund</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>July 1, 2013</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=1 face=sans-serif>November 19, 2009</FONT>&nbsp;</TD>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>Fee structure change</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Global Sector Fund</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>July 1, 2013</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=1 face=sans-serif>December 14, 2009</FONT>&nbsp;</TD>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>Organization of the fund</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Global Technology Fund</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>July 1, 2013</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=1 face=sans-serif>November 19, 2009</FONT>&nbsp;</TD>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>Fee structure change</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Global Telecommunications Fund</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>July 1, 2013</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=1 face=sans-serif>November 19, 2009</FONT>&nbsp;</TD>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>Fee structure change</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>Putnam High Income Securities Fund</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>August 3, 2007</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=1 face=sans-serif>May 15, 2007</FONT>&nbsp;</TD>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>Approval of new management contract following change of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>control of Putnam Management</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Intermediate-Term Municipal</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>July 1, 2013</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=1 face=sans-serif>March 18, 2013</FONT>&nbsp;</TD>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>Organization of the fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>Income Fund</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="39%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>Putnam International Value Fund</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>July 1, 2013</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=1 face=sans-serif>May 26, 2011</FONT>&nbsp;</TD>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>New performance index to calculate performance fees</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Low Volatility Equity Fund</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>July 1, 2013</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=1 face=sans-serif>March 18, 2013</FONT>&nbsp;</TD>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>Organization of the fund</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Managed Municipal Income Trust</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>August 3, 2007</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=1 face=sans-serif>May 15, 2007</FONT>&nbsp;</TD>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>Approval of new management contract following change of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>control of Putnam Management</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Master Intermediate Income Trust</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>August 3, 2007</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=1 face=sans-serif>May 15, 2007</FONT>&nbsp;</TD>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>Approval of new management contract following change of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>control of Putnam Management</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Money Market Liquidity Fund</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>July 1, 2013</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=1 face=sans-serif>April 13, 2009</FONT>&nbsp;</TD>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>Organization of the fund</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Multi-Cap Core Fund</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>July 1, 2013</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=1 face=sans-serif>September 24, 2010</FONT>&nbsp;</TD>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>Organization of the fund</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Multi-Cap Growth Fund</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>February 1, 2010</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=1 face=sans-serif>January 15, 2010</FONT>&nbsp;</TD>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>Fee structure change and institution of performance fees</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Multi-Cap Value Fund</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>September 1, 2010</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=1 face=sans-serif>November 19, 2009</FONT>&nbsp;</TD>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>Fee structure change</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Municipal Opportunities Trust</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>August 3, 2007</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=1 face=sans-serif>May 15, 2007</FONT>&nbsp;</TD>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>Approval of new management contract following change of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>control of Putnam Management</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Premier Income Trust</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>August 3, 2007</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=1 face=sans-serif>May 15, 2007</FONT>&nbsp;</TD>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>Approval of new management contract following change of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>control of Putnam Management</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Research Fund</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>September 1, 2010</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=1 face=sans-serif>November 19, 2009</FONT>&nbsp;</TD>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>Fee structure change</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=1 face=sans-serif>C-1</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<A name="page_62"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="27%"></TD>

   <TD width="16%"></TD>

   <TD width="17%"></TD>

   <TD width="39%"></TD></TR>

<TR vAlign=bottom>

   <TD width="27%" align=center><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="16%" align=center>&nbsp;</TD>

   <TD width="17%" align=left><B><FONT size=1 face=sans-serif>Date Current</FONT></B>&nbsp;</TD>

   <TD width="39%" align=center>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left><B><FONT size=1 face=sans-serif>Management Contract</FONT></B>&nbsp;</TD>

   <TD width="39%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left>&nbsp;</TD>

   <TD width="16%" noWrap align=left><B><FONT size=1 face=sans-serif>Date of Current</FONT></B>&nbsp;</TD>

   <TD width="17%" noWrap align=left><B><FONT size=1 face=sans-serif>Last Submitted to</FONT></B>&nbsp;</TD>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>Purpose of Last Submission of Current Management Contract</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><B><FONT size=1 face=sans-serif>Fund</FONT></B>&nbsp;</TD>

   <TD width="16%" noWrap align=left><B><FONT size=1 face=sans-serif>Management Contract</FONT></B>&nbsp;</TD>

   <TD width="17%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Vote</FONT></B>&nbsp;</TD>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>to Shareholder Vote</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>Putnam RetirementReady 2055 Fund</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>November 30, 2010</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=1 face=sans-serif>November 30, 2010</FONT>&nbsp;</TD>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>Organization of fund</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>Putnam RetirementReady 2050 Fund</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>August 1, 2009</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=1 face=sans-serif>May 15, 2007</FONT>&nbsp;</TD>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>Approval of new management contract following change of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>control of Putnam Management</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>Putnam RetirementReady 2045 Fund</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>August 1, 2009</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=1 face=sans-serif>May 15, 2007</FONT>&nbsp;</TD>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>Approval of new management contract following change of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>control of Putnam Management</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>Putnam RetirementReady 2040 Fund</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>August 1, 2009</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=1 face=sans-serif>May 15, 2007</FONT>&nbsp;</TD>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>Approval of new management contract following change of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>control of Putnam Management</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>Putnam RetirementReady 2035 Fund</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>August 1, 2009</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=1 face=sans-serif>May 15, 2007</FONT>&nbsp;</TD>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>Approval of new management contract following change of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>control of Putnam Management</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>Putnam RetirementReady 2030 Fund</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>August 1, 2009</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=1 face=sans-serif>May 15, 2007</FONT>&nbsp;</TD>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>Approval of new management contract following change of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>control of Putnam Management</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>Putnam RetirementReady 2025 Fund</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>August 1, 2009</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=1 face=sans-serif>May 15, 2007</FONT>&nbsp;</TD>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>Approval of new management contract following change of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>control of Putnam Management</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>Putnam RetirementReady 2020 Fund</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>August 1, 2009</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=1 face=sans-serif>May 15, 2007</FONT>&nbsp;</TD>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>Approval of new management contract following change of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>control of Putnam Management</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>Putnam RetirementReady 2015 Fund</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>August 1, 2009</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=1 face=sans-serif>May 15, 2007</FONT>&nbsp;</TD>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>Approval of new management contract following change of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>control of Putnam Management</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Retirement Income Fund</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>August 1, 2009</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=1 face=sans-serif>May 15, 2007</FONT>&nbsp;</TD>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>Approval of new management contract following change of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>Lifestyle 1</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>control of Putnam Management</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Retirement Income Fund</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>July 1, 2013</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=1 face=sans-serif>June 6, 2011</FONT>&nbsp;</TD>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>Organization of the fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>Lifestyle 2</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="39%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Retirement Income Fund</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>July 1, 2013</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=1 face=sans-serif>November 19, 2009</FONT>&nbsp;</TD>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>Fee structure change</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>Lifestyle 3</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="39%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Short Duration Income Fund</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>July 1, 2013</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=1 face=sans-serif>June 17, 2011</FONT>&nbsp;</TD>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>Organization of the fund</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Short Term Investment Fund</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>July 1, 2013</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=1 face=sans-serif>November 9, 2012</FONT>&nbsp;</TD>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>Organization of the fund</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Short-Term Municipal Income</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>July 1, 2013</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=1 face=sans-serif>March 18, 2013</FONT>&nbsp;</TD>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>Organization of the fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>Fund</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left>&nbsp;</TD>

   <TD width="17%" noWrap align=left>&nbsp;</TD>

   <TD width="39%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Small Cap Growth Fund</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>July 1, 2013</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=1 face=sans-serif>November 19, 2009</FONT>&nbsp;</TD>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>Fee structure change and institution of performance fees</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Small Cap Value Fund</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>September 1, 2010</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=1 face=sans-serif>November 19, 2009</FONT>&nbsp;</TD>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>Fee structure change</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Strategic Volatility Equity Fund</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>July 1, 2013</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=1 face=sans-serif>March 18, 2013</FONT>&nbsp;</TD>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>Organization of the fund</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="27%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Absolute Return 500 Fund</FONT>&nbsp;</TD>

   <TD width="16%" noWrap align=left><FONT size=1 face=sans-serif>January 1, 2010</FONT>&nbsp;</TD>

   <TD width="17%" noWrap align=left><FONT size=1 face=sans-serif>February 4, 2011</FONT>&nbsp;</TD>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>Organization of the fund</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>C-2</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<A name="page_63"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><B><FONT size=4 face=sans-serif>Appendix D &#8212; Management Contract Fees and Information About Similar Funds Advised by Putnam Management</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The following table contains certain information regarding funds for which Putnam Management provides investment advisory services, including the Putnam funds and funds that are not in the Putnam family of mutual funds, and that may have similar investment objective and policies to your fund. Pursuant to the applicable management contract, most of the open-end Putnam funds pay a management fee to Putnam Management according to a rate that is based on the average of the aggregate net assets of all open-end funds sponsored by Putnam Management (excluding fund assets that are invested in other Putnam funds (&#8220;Total Open-End Mutual Fund Average Net Assets&#8221;), as set forth below. Putnam Global Sector Fund and the Putnam RetirementReady Funds (including Putnam Retirement Income Fund Lifestyle 1) pay no management fee to Putnam Management, but Putnam Management receives management fees from the underlying Putnam funds in which each such fund invests. Each of Putnam Absolute Return 100 Fund, Putnam Absolute Return 300 Fund, Putnam High Income Securities Fund, Putnam Managed Municipal Income Trust, Putnam Master Intermediate Income Trust, Putnam Money Market Liquidity Fund, Putnam Municipal Opportunities Trust, Putnam Premier Income Trust, and Putnam Short Term Investment Fund pay a management fee to Putnam Management according to a rate that is based on the average of the net assets of the fund. The management fee for certain of the Putnam funds is increased or decreased by a performance adjustment as set forth below.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="7%"></TD>

   <TD width="2%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="19%"></TD>

   <TD width="2%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Amount of Management</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Fee Paid in the Most</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Has compensation</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Recent Fiscal Year (after</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>been waived, reduced</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>applicable waivers, perfor-</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>or otherwise agreed to</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=right><B><FONT size=1 face=sans-serif>Net Assets as of</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>mance adjustments and</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>be reduced under any</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Current Investment</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Fund</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><B><FONT size=1 face=sans-serif>FYE </FONT></B><B><FONT size=1 face=sans-serif><SUP>1</SUP></FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="30%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Current Management Fee Schedule</FONT></B>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>reimbursements, if any)($)</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>applicable contract?</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Objective</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$276,839,232</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>of Average Net Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.40%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$493,980</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>To earn a positive</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>ABSOLUTE</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>total return that</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>RETURN 100 FUND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Benchmark:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>BofA Merrill Lynch U.S.</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.15% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>exceeds the rate of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="30%" colSpan=2 noWrap align=right><FONT size=1 face=sans-serif>Treasury Bill Index (G0BA)</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>inflation by 1% over</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>a reasonable period</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Hurdle:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1.00%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>of time, regardless of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>market conditions.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Maximum</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Performance</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Adjustment Rate:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.04%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Minimum Performance</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Adjustment Rate:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>-0.04%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$959,104,124</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>of Average Net Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.60%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$4,354,861</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>To earn a positive</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>ABSOLUTE</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>total return that</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>RETURN 300 FUND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Benchmark:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>BofA Merrill Lynch U.S.</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.37% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>exceeds the rate of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="30%" colSpan=2 noWrap align=right><FONT size=1 face=sans-serif>Treasury Bill Index (G0BA)</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>inflation by 3% over</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>a reasonable period</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Hurdle:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3.00%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>of time, regardless of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>market conditions.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Maximum</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Performance</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Adjustment Rate:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.12%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Minimum Performance</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Adjustment Rate:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>-0.12%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=1 face=sans-serif>D-1</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<A name="page_64"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="7%"></TD>

   <TD width="2%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="19%"></TD>

   <TD width="2%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Amount of Management</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Fee Paid in the Most</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Has compensation</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Recent Fiscal Year (after</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>been waived, reduced</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>applicable waivers, perfor-</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>or otherwise agreed to</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=right><B><FONT size=1 face=sans-serif>Net Assets as of</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>mance adjustments and</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>be reduced under any</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Current Investment</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Fund</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><B><FONT size=1 face=sans-serif>FYE<SUB> </SUB></FONT></B><B><FONT size=1 face=sans-serif><SUP>1</SUP></FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><SUB><FONT size=1 face=sans-serif></FONT></SUB></B></TD>

   <TD width="30%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Current Management Fee Schedule</FONT></B>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>reimbursements, if any)($)</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>applicable contract?</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Objective</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$828,585,249</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.880%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$5,233,405</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>To earn a positive</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>ABSOLUTE</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>total return that</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>RETURN 500 FUND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.64% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>exceeds the rate of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>inflation by 5% over</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.830%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>a reasonable period</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.780%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>of time, regardless of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.730%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>market conditions.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.680%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.660%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.650%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.645%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Benchmark:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>BofA Merrill Lynch U.S.</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="30%" colSpan=2 noWrap align=right><FONT size=1 face=sans-serif>Treasury Bill Index (G0BA)</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Hurdle:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5.00%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Maximum</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Performance</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Adjustment Rate:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.20%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Minimum Performance</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Adjustment Rate:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>-0.20%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$784,720,210</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1.030%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$5,796,253</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>To earn a positive</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>ABSOLUTE</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>total return that</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>RETURN 700 FUND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.81% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>exceeds the rate of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>inflation by 7% over</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.980%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>a reasonable period</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.930%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>of time, regardless of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.880%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>market conditions.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.830%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.810%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.800%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.795%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Benchmark:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>BofA Merrill Lynch U.S.</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="30%" colSpan=2 noWrap align=right><FONT size=1 face=sans-serif>Treasury Bill Index (G0BA)</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Hurdle:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>7.00%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Maximum</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Performance</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Adjustment Rate:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.28%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Minimum Performance</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Adjustment Rate:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>-0.28%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$577,015,363</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.550%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$2,665,472</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>High current income</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>AMERICAN</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>with preservation of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>GOVERNMENT</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.40% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>capital as its secondary</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>INCOME FUND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>objective.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.500%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.450%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.400%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.350%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.330%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.320%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.315%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>D-2</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<A name="page_65"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="7%"></TD>

   <TD width="2%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="19%"></TD>

   <TD width="2%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Amount of Management</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Fee Paid in the Most</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Has compensation</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Recent Fiscal Year (after</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>been waived, reduced</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>applicable waivers, perfor-</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>or otherwise agreed to</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=right><B><FONT size=1 face=sans-serif>Net Assets as of</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>mance adjustments and</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>be reduced under any</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Current Investment</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Fund</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><B><FONT size=1 face=sans-serif>FYE<SUB> </SUB></FONT></B><B><FONT size=1 face=sans-serif><SUP>1</SUP></FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="30%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Current Management Fee Schedule</FONT></B>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>reimbursements, if any)($)</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>applicable contract?</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Objective</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$429,096,255</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.590%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$2,217,779</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>High current income</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>AMT-FREE</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>exempt from federal</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>MUNICIPAL FUND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.44% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>income tax.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.540%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.490%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.440%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.390%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.370%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.360%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.355%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM ARIZONA</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$63,765,877</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.590%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$283,378</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>As high a level of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>TAX EXEMPT</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>current income exempt</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>INCOME FUND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.44% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>from federal income</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>tax and Arizona person</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.540%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>income tax as Putnam</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.490%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Management believes</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.440%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>is consistent with</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.390%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>preservation of capital.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.370%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.360%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.355%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM ASIA</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$9,047,678</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1.080%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Long-term capital</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>PACIFIC EQUITY</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>appreciation.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>FUND</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.00% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1.030%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.980%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.930%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.880%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.860%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.850%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.845%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Benchmark:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>MSCI All Country</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="30%" colSpan=2 noWrap align=right><FONT size=1 face=sans-serif>ex-Japan Index and MSCI All</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="30%" colSpan=2 noWrap align=right><FONT size=1 face=sans-serif>Country Asia Pacific Index</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>(Net Dividends)*&#8224;</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Hurdle:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Maximum</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Performance</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Adjustment Rate:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.21%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Minimum Performance</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Adjustment Rate:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>-0.21%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$1,450,023,315</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.590%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$7,293,763</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>As high a level of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>CALIFORNIA TAX</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>current income exempt</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>EXEMPT INCOME</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.44% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>from federal income tax</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>FUND</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>and California person</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.540%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>income tax as Putnam</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.490%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Management believes</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.440%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>is consistent with</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.390%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>preservation of capital.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.370%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.360%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.355%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

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   <TD noWrap align=right><FONT size=1 face=sans-serif>D-3</FONT>&nbsp;</TD></TR></TABLE></DIV>

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   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="19%"></TD>

   <TD width="2%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Amount of Management</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Fee Paid in the Most</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Has compensation</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Recent Fiscal Year (after</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>been waived, reduced</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>applicable waivers, perfor-</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>or otherwise agreed to</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=right><B><FONT size=1 face=sans-serif>Net Assets as of</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>mance adjustments and</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>be reduced under any</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Current Investment</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Fund</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><B><FONT size=1 face=sans-serif>FYE </FONT></B><B><FONT size=1 face=sans-serif><SUP>1</SUP></FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="30%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Current Management Fee Schedule</FONT></B>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>reimbursements, if any)($)</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>applicable contract?</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Objective</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM CAPITAL</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$384,612,337</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.780%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$2,219,656</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Long-term growth of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>OPPORTUNITIES</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>capital.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>FUND</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.63% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.730%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.680%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.630%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.580%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.560%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.550%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.545%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM CAPITAL</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$2,632,636,619</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.880%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$13,364,984</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Total return.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>SPECTRUM FUND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.81% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.830%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.780%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.730%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.680%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.660%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.650%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.645%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Benchmark:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>50/50 blend (balanced</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="30%" colSpan=2 noWrap align=right><FONT size=1 face=sans-serif>daily) of S&amp;P 500 Index</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="30%" colSpan=2 noWrap align=right><FONT size=1 face=sans-serif>and JP Morgan Developed</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="30%" colSpan=2 noWrap align=right><FONT size=1 face=sans-serif>High Yield Index</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Hurdle:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Maximum</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Performance</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Adjustment Rate:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.32%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Minimum Performance</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Adjustment Rate:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>-0.32%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$630,148,238</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.780%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$4,049,683</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>With equal emphasis,</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>CONVERTIBLE</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>current income and</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>SECURITIES FUND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.64% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>capital appreciation. Its</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>secondary objective is</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.730%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>conservation of capital.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.680%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.630%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.580%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.560%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.550%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.545%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$4,595,919,051</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.700%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$20,008,464</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>As high a level of current</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>DIVERSIFIED</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>income as Putnam</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>INCOME TRUST</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.55% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Management believes</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>is consistent with</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.650%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>preservation of capital.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.600%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.550%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.500%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.480%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.470%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.465%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>D-4</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<A name="page_67"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="7%"></TD>

   <TD width="2%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="19%"></TD>

   <TD width="2%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Amount of Management</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Fee Paid in the Most</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Has compensation</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Recent Fiscal Year (after</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>been waived, reduced</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>applicable waivers, perfor-</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>or otherwise agreed to</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=right><B><FONT size=1 face=sans-serif>Net Assets as of</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>mance adjustments and</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>be reduced under any</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Current Investment</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Fund</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><B><FONT size=1 face=sans-serif>FYE<SUB> </SUB></FONT></B><B><FONT size=1 face=sans-serif><SUP>1</SUP></FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="30%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Current Management Fee Schedule</FONT></B>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>reimbursements, if any)($)</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>applicable contract?</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Objective</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$1,331,128,130</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.680%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$7,021,376</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Total return.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>DYNAMIC ASSET</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>ALLOCATION</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.53% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>BALANCED FUND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.630%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.580%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.530%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.480%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.460%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.450%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.445%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$544,825,669</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.680%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$3,001,267</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Total return consistent</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>DYNAMIC ASSET</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>with preservation of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>ALLOCATION</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.53% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>capital.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>CONSERVATIVE</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>FUND</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.630%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.580%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.530%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.480%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.460%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.450%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.445%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$25,026,151</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.750%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Long-term growth.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>DYNAMIC ASSET</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>ALLOCATION</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.00% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>EQUITY FUND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.700%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.650%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.600%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.550%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.530%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.520%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.515%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$1,671,640,573</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.750%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$9,791,000</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Capital appreciation.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>DYNAMIC ASSET</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>ALLOCATION</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.60% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>GROWTH FUND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.700%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.650%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.600%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.550%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.530%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.520%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.515%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM DYNAMIC</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$248,897,395</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1.050%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$1,418,724</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Total return.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>RISK ALLOCATION</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>FUND</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.74% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1.000%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.950%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.900%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.850%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.830%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.820%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.815%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=1 face=sans-serif>D-5</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<A name="page_68"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="7%"></TD>

   <TD width="2%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="19%"></TD>

   <TD width="2%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Amount of Management</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Fee Paid in the Most</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Has compensation</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Recent Fiscal Year (after</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>been waived, reduced</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>applicable waivers, perfor-</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>or otherwise agreed to</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=right><B><FONT size=1 face=sans-serif>Net Assets as of</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>mance adjustments and</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>be reduced under any</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Current Investment</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Fund</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><B><FONT size=1 face=sans-serif>FYE<SUB> </SUB></FONT></B><B><FONT size=1 face=sans-serif><SUP>1</SUP></FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><SUB><FONT size=1 face=sans-serif></FONT></SUB></B></TD>

   <TD width="30%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Current Management Fee Schedule</FONT></B>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>reimbursements, if any)($)</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>applicable contract?</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Objective</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$34,205,915</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1.080%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$187,478</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Long-term capital</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>EMERGING</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>appreciation.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>MARKETS EQUITY</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.54% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>FUND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1.030%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.980%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.930%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.880%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.860%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.850%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.845%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Benchmark:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>MSCI Emerging Markets</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="30%" colSpan=2 noWrap align=right><FONT size=1 face=sans-serif>Index (Net Dividends)*</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Hurdle:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Maximum</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Performance</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Adjustment Rate:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.21%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Minimum Performance</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Adjustment Rate:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>-0.21%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$10,302,550</FONT><SUP><FONT size=1 face=sans-serif>(3)</FONT></SUP>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.880%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$ </FONT><FONT size=1 face=sans-serif>&#8212;</FONT><SUP><FONT size=1 face=sans-serif>(2)</FONT></SUP>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>High current income.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>EMERGING</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Capital growth is</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>MARKETS INCOME</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>a secondary goal</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>FUND</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>when consistent with</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.830%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>achieving high current</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.780%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>income.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.730%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.680%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.660%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.650%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.645%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM EQUITY</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$3,784,636,714</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.630%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$17,452,067</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Capital growth and</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>INCOME FUND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>current income.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.49% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.580%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.530%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.480%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.430%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.410%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.400%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.395%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM EQUITY</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$1,104,110,144</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.880%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$5,907,335</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Total Return.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>SPECTRUM FUND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.85% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.830%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.780%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.730%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.680%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.660%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.650%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.645%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Benchmark:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>S&amp;P 500 Index</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Hurdle:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Maximum</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Performance</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Adjustment Rate:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.40%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Minimum Performance</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Adjustment Rate:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>-0.40%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>D-6</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<A name="page_69"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="7%"></TD>

   <TD width="2%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="19%"></TD>

   <TD width="2%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Amount of Management</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Fee Paid in the Most</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Has compensation</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Recent Fiscal Year (after</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>been waived, reduced</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>applicable waivers, perfor-</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>or otherwise agreed to</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=right><B><FONT size=1 face=sans-serif>Net Assets as of</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>mance adjustments and</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>be reduced under any</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Current Investment</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Fund</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><B><FONT size=1 face=sans-serif>FYE<SUB> </SUB></FONT></B><B><FONT size=1 face=sans-serif><SUP>1</SUP></FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="30%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Current Management Fee Schedule</FONT></B>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>reimbursements, if any)($)</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>applicable contract?</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Objective</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM EUROPE</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$161,424,766</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.850%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$1,225,861</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Capital appreciation.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>EQUITY FUND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.78% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.800%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.750%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.700%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.650%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.630%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.620%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.615%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Benchmark:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>MSCI Europe Index</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>(Net Dividends)*</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Hurdle:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Maximum</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Performance</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Adjustment Rate:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.15%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Minimum Performance</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Adjustment Rate:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>-0.15%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$670,174,155</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.720%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$2,977,382</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>High current income.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>FLOATING RATE</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Preservation of capital is</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>INCOME FUND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.58% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>a secondary goal.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.670%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.620%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.570%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.520%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.500%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.490%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.485%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>THE PUTNAM</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$4,442,530,367</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.630%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$21,457,542</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Capital growth and</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>FUND FOR</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>current income.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>GROWTH AND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.49% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>INCOME</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.580%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.530%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.480%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.430%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.410%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.400%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.395%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>THE GEORGE</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$1,263,010,053</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.680%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$6,488,744</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Capital growth and</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM FUND OF</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>current income.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>BOSTON (d/b/a</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.53% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>GEORGE PUTNAM</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>BALANCED FUND)</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.630%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.580%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.530%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.480%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.460%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.450%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.445%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM GLOBAL</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$18,922,710</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.780%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$42,723</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Capital appreciation.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>CONSUMER FUND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.29% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.730%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.680%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.630%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.580%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.560%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.550%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.545%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=1 face=sans-serif>D-7</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<A name="page_70"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="7%"></TD>

   <TD width="2%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="19%"></TD>

   <TD width="2%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Amount of Management</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Fee Paid in the Most</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Has compensation</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Recent Fiscal Year (after</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>been waived, reduced</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>applicable waivers, perfor-</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>or otherwise agreed to</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=right><B><FONT size=1 face=sans-serif>Net Assets as of</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>mance adjustments and</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>be reduced under any</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Current Investment</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Fund</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><B><FONT size=1 face=sans-serif>FYE<SUB> </SUB></FONT></B><B><FONT size=1 face=sans-serif><SUP>1</SUP></FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="30%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Current Management Fee Schedule</FONT></B>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>reimbursements, if any)($)</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>applicable contract?</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Objective</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM GLOBAL</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$6,139,934</FONT><FONT size=1 face=sans-serif><SUP>(3)</SUP></FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.850%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$ </FONT><FONT size=1 face=sans-serif>&#8212;</FONT><SUP><FONT size=1 face=sans-serif>(2)</FONT></SUP>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Capital growth and</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>DIVIDEND FUND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>current income.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.800%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.750%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.700%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.650%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.630%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.620%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.615%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Benchmark:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>MSCI World Index</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>(Net Dividends)*</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Hurdle:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Maximum</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Performance</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Adjustment Rate:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.15%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Minimum Performance</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Adjustment Rate:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>-0.15%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM GLOBAL</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$21,342,356</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.780%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$76,398</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Capital appreciation.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>ENERGY FUND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.40% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.730%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.680%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.630%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.580%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.560%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.550%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.545%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM GLOBAL</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$761,325,421</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.850%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$5,496,467</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Capital Appreciation.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>EQUITY FUND</FONT></B></TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.71% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.800%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.750%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.700%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.650%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.630%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.620%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.615%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Benchmark:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>MSCI World Index</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>(Net Dividends)*</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Hurdle:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Maximum</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Performance</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Adjustment Rate:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.15%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Minimum Performance</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Adjustment Rate:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>-0.15%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM GLOBAL</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$17,800,608</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.780%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$38,961</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Capital appreciation.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>FINANCIALS FUND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.26% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.730%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.680%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.630%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.580%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.560%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.550%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.545%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>D-8</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<A name="page_71"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="7%"></TD>

   <TD width="2%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="19%"></TD>

   <TD width="2%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Amount of Management</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Fee Paid in the Most</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Has compensation</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Recent Fiscal Year (after</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>been waived, reduced</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>applicable waivers, perfor-</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>or otherwise agreed to</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=right><B><FONT size=1 face=sans-serif>Net Assets as of</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>mance adjustments and</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>be reduced under any</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Current Investment</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Fund</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><B><FONT size=1 face=sans-serif>FYE </FONT></B><B><FONT size=1 face=sans-serif><SUP>1</SUP></FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="30%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Current Management Fee Schedule</FONT></B>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>reimbursements, if any)($)</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>applicable contract?</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Objective</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM GLOBAL</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$1,197,089,834</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.780%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$6,970,314</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Capital Appreciation.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>HEALTH CARE</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>FUND</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.63% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.730%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.680%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.630%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.580%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.560%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.550%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.545%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM GLOBAL</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$363,153,058</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.700%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$1,999,189</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>High current income.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>INCOME TRUST</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Preservation of capital</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.56% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>and long-term total</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>return are secondary</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.650%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>objectives, but only to</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.600%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>the extent consistent</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.550%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>with the objective of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.500%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>seeking high current</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.480%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>income.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.470%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.465%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM GLOBAL</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$18,151,538</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.780%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$16,277</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Capital appreciation.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>INDUSTRIALS</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>FUND</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.13% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.730%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.680%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.630%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.580%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.560%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.550%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.545%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM GLOBAL</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$313,033,087</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.780%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$1,959,049</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Capital Appreciation.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>NATURAL</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>RESOURCES FUND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.63% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.730%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.680%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.630%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.580%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.560%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.550%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.545%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM GLOBAL</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$2,682,759</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Capital appreciation.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>SECTOR FUND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM GLOBAL</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$12,569,313</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.780%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$17,533</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Capital appreciation.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>TECHNOLOGY</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>FUND</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.15% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.730%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.680%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.630%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.580%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.560%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.550%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.545%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM GLOBAL</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$19,913,012</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.780%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$51,643</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Capital appreciation.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>TELECOMMUNI-</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>CATIONS FUND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.32% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.730%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.680%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.630%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.580%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.560%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.550%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.545%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=1 face=sans-serif>D-9</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<A name="page_72"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="7%"></TD>

   <TD width="2%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="19%"></TD>

   <TD width="2%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Amount of Management</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Fee Paid in the Most</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Has compensation</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Recent Fiscal Year (after</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>been waived, reduced</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>applicable waivers, perfor-</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>or otherwise agreed to</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=right><B><FONT size=1 face=sans-serif>Net Assets as of</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>mance adjustments and</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>be reduced under any</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Current Investment</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Fund</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><B><FONT size=1 face=sans-serif>FYE </FONT></B><B><FONT size=1 face=sans-serif><SUP>1</SUP></FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><SUB><FONT size=1 face=sans-serif></FONT></SUB></B></TD>

   <TD width="30%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Current Management Fee Schedule</FONT></B>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>reimbursements, if any)($)</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>applicable contract?</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Objective</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM GLOBAL</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$203,809,852</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.780%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$1,327,033</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Capital growth and</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>UTILITIES FUND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>current income.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.63% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.730%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.680%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.630%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.580%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.560%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.550%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.545%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM GROWTH</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$393,031,498</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.710%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$1,825,919</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Capital appreciation.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>OPPORTUNITIES</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>FUND</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.51% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.660%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.610%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.560%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.510%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.490%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.480%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.475%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Benchmark:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>Russell 1000</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>Growth Index</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Hurdle:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Maximum</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Performance</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Adjustment Rate:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.12%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Minimum Performance</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Adjustment Rate:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>-0.12%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$145,549,092</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $500 million</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.700%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$1,039,414</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>No</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>High current income.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>HIGH INCOME</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $500 million</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.600%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Secondary objective is</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>SECURITIES FUND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $500 million</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.550%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.70% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>capital appreciation.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.500%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.475%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.455%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.440%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.430%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.420%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.410%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.400%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.390%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $8.5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.380%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.370%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$966,211,080</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.720%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$5,206,491</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>High current income.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>HIGH YIELD</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Capital growth is</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>ADVANTAGE</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.58% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>a secondary goal</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>FUND</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>when consistent with</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.670%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>achieving high current</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.620%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>income.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.570%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.520%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.500%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.490%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.485%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>D-10</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<A name="page_73"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="7%"></TD>

   <TD width="2%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="19%"></TD>

   <TD width="2%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Amount of Management</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Fee Paid in the Most</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Has compensation</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Recent Fiscal Year (after</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>been waived, reduced</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>applicable waivers, perfor-</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>or otherwise agreed to</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=right><B><FONT size=1 face=sans-serif>Net Assets as of</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>mance adjustments and</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>be reduced under any</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Current Investment</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Fund</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><B><FONT size=1 face=sans-serif>FYE </FONT></B><B><FONT size=1 face=sans-serif><SUP>1</SUP></FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><SUB><FONT size=1 face=sans-serif></FONT></SUB></B></TD>

   <TD width="30%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Current Management Fee Schedule</FONT></B>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>reimbursements, if any)($)</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>applicable contract?</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Objective</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM HIGH</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$1,345,593,597</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.720%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$8,476,385</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>High current income.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>YIELD TRUST</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Capital growth is</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.57% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>a secondary goal</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>when consistent with</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.670%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>achieving high current</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.620%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>income.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.570%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.520%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.500%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.490%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.485%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM INCOME</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$1,436,436,630</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.550%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$5,608,363</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>High current income</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>FUND</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>consistent with what</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.41% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Investment</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Management, LLC</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.500%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>believes to be prudent</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.450%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>risk.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.400%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.350%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.330%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.320%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.315%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$10,364,955</FONT><SUP><FONT size=1 face=sans-serif>(3)</FONT></SUP>&nbsp;</TD>

   <TD width="2%" noWrap align=right><SUB><FONT size=1 face=sans-serif></FONT></SUB></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.590%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$ </FONT><FONT size=1 face=sans-serif>&#8212;</FONT><SUP><FONT size=1 face=sans-serif>(2)</FONT></SUP>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>As high a level of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>INTERMEDIATE-</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>current income exempt</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>TERM MUNICIPAL</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>from federal income tax</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>INCOME FUND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>as Putnam Management</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.540%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>believes is consistent</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.490%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>with preservation</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.440%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>of capital.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.390%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.370%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.360%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.355%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$803,002,155</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1.080%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$7,166,274</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Long-term capital</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>INTERNATIONAL</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>appreciation.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>CAPITAL</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.84% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>OPPORTUNITIES</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>FUND</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1.030%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.980%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.930%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.880%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.860%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.850%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.845%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Benchmark:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>S&amp;P Developed Ex-U.S.</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="30%" colSpan=2 noWrap align=right><FONT size=1 face=sans-serif>SmallCap Index</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Hurdle:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Maximum</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Performance</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Adjustment Rate:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.21%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Minimum Performance</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Adjustment Rate:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>-0.21%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=1 face=sans-serif>D-11</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<A name="page_74"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="7%"></TD>

   <TD width="2%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="19%"></TD>

   <TD width="2%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Amount of Management</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Fee Paid in the Most</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Has compensation</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Recent Fiscal Year (after</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>been waived, reduced</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>applicable waivers, perfor-</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>or otherwise agreed to</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=right><B><FONT size=1 face=sans-serif>Net Assets as of</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>mance adjustments and</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>be reduced under any</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Current Investment</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Fund</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><B><FONT size=1 face=sans-serif>FYE </FONT></B><B><FONT size=1 face=sans-serif><SUP>1</SUP></FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="30%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Current Management Fee Schedule</FONT></B>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>reimbursements, if any)($)</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>applicable contract?</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Objective</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$962,771,808</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.850%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$7,100,664</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Capital appreciation.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>INTERNATIONAL</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>EQUITY FUND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.72% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.800%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.750%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.700%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.650%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.630%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.620%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.615%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Benchmark:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>MSCI EAFE Index</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>(Net Dividends)*</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Hurdle:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Maximum</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Performance</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Adjustment Rate:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.15%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Minimum Performance</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Adjustment Rate:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>-0.15%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$351,591,716</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1.080%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$3,022,995</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Long-term capital</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>INTERNATIONAL</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>appreciation.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>GROWTH FUND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.89% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1.030%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.980%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.930%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.880%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.860%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.850%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.845%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Benchmark:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>MSCI EAFE Growth Index</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>(Net Dividends)*</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Hurdle:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Maximum</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Performance</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Adjustment Rate:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.21%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Minimum Performance</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Adjustment Rate:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>-0.21%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>D-12</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<A name="page_75"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="7%"></TD>

   <TD width="2%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="19%"></TD>

   <TD width="2%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Amount of Management</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Fee Paid in the Most</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Has compensation</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Recent Fiscal Year (after</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>been waived, reduced</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>applicable waivers, perfor-</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>or otherwise agreed to</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=right><B><FONT size=1 face=sans-serif>Net Assets as of</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>mance adjustments and</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>be reduced under any</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Current Investment</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Fund</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><B><FONT size=1 face=sans-serif>FYE<SUB> </SUB></FONT></B><B><FONT size=1 face=sans-serif><SUP>1</SUP></FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><SUB><FONT size=1 face=sans-serif></FONT></SUB></B></TD>

   <TD width="30%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Current Management Fee Schedule</FONT></B>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>reimbursements, if any)($)</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>applicable contract?</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Objective</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$200,940,112</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.850%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$1,437,355</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Capital growth. Current</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>INTERNATIONAL</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>income is a secondary</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>VALUE FUND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.71% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>objective.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.800%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.750%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.700%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.650%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.630%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.620%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.615%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Benchmark:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>MSCI EAFE Value Index</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="30%" colSpan=2 noWrap align=right><FONT size=1 face=sans-serif>and S&amp;P Developed Ex-U.S.</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="30%" colSpan=2 noWrap align=right><FONT size=1 face=sans-serif>LargeMidCap Value Index</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="30%" colSpan=2 noWrap align=right><FONT size=1 face=sans-serif>(Net Dividends)* &#8224;&#8224;</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Hurdle:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Maximum</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Performance</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Adjustment Rate:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.15%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Minimum Performance</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Adjustment Rate:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>-0.15%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$1,537,732,567</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.710%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$7,966,034</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Long-term growth</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>INVESTORS FUND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>of capital and any</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.56% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>increased income that</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>results from this growth.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.660%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.610%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.560%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.510%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.490%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.480%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.475%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM LOW</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$29,929,699</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.780%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Total return comparable</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>VOLATILITY</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>to that of the U.S equity</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>EQUITY FUND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.00% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>markets, but with lower</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>volatility, over a market</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.730%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>cycle.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.680%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.630%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.580%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.560%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.550%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.545%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$466,728,330</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>The lesser of</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$3,149,331</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>No</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>High current income</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>MANAGED</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>(i)&nbsp;0.55%,&nbsp;or</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>free from federal</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>MUNICIPAL</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>(ii) the following rates:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.70% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>income tax.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>INCOME TRUST</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $500 million</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.650%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average </FONT><FONT size=1 face=sans-serif>net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $500 million</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.550%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)<FONT size=1 face=sans-serif><SUP></SUP></FONT><FONT size=1 face=sans-serif>#</FONT></FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $500 million</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.500%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.450%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.425%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.405%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.390%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.380%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=1 face=sans-serif>D-13</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<A name="page_76"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="7%"></TD>

   <TD width="2%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="19%"></TD>

   <TD width="2%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Amount of Management</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Fee Paid in the Most</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Has compensation</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Recent Fiscal Year (after</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>been waived, reduced</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>applicable waivers, perfor-</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>or otherwise agreed to</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=right><B><FONT size=1 face=sans-serif>Net Assets as of</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>mance adjustments and</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>be reduced under any</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Current Investment</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Fund</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><B><FONT size=1 face=sans-serif>FYE </FONT></B><B><FONT size=1 face=sans-serif><SUP>1</SUP></FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><SUB><FONT size=1 face=sans-serif></FONT></SUB></B></TD>

   <TD width="30%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Current Management Fee Schedule</FONT></B>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>reimbursements, if any)($)</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>applicable contract?</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Objective</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$426,490,557</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.590%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$1,868,568</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>High level of current</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>MASSACHUSETTS</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>income exempt from</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>TAX EXEMPT</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.44% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>federal income tax and</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>INCOME FUND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Massachusetts personal</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.540%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>income tax as Putnam</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.490%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Management believes</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.440%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>is consistent with</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.390%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>preservation of capital.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.370%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.360%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.355%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM MASTER</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$345,143,575</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $500 million</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.750%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$2,723,636</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>No</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>High current income</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>INTERMEDIATE</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $500 million</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.650%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>and relative stability of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>INCOME TRUST</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $500 million</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.600%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.75% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>net asset value.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.550%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.525%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.505%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.490%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.480%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.470%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.460%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.450%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.440%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $8.5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.430%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.420%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$82,347,558</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.590%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$362,014</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>As high a level of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>MICHIGAN TAX</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>current income exempt</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>EXEMPT INCOME</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.44% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>from federal income tax</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>FUND</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>and Michigan personal</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.540%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>income tax as Putnam</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.490%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Management believes</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.440%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>is consistent with</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.390%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>preservation of capital.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.370%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.360%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.355%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$125,148,611</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.590%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$532,651</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>As high a level of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>MINNESOTA TAX</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>current income exempt</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>EXEMPT INCOME</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.44% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>from federal income tax</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>FUND</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>and Minnesota personal</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.540%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>income tax as Putnam</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.490%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Management believes</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.440%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>is consistent with</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.390%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>preservation of capital.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.370%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.360%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.355%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM MONEY</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$1,431,994,373</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.440%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>As high a rate of current</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>MARKET FUND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>income as Putnam</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.00% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Management believes</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>is consistent with</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.390%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>preservation of capital</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.340%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>and maintenance of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.290%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>liquidity.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.240%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.220%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.210%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.205%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$2,215,725,345</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>of Average net assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.25%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>As high a rate of current</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>MONEY MARKET</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>income as Putnam</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>LIQUIDITY FUND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.00% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Management believes</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>is consistent with</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>preservation of capital</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>and maintenance of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>liquidity.</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>D-14</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<A name="page_77"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="7%"></TD>

   <TD width="2%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="19%"></TD>

   <TD width="2%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Amount of Management</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Fee Paid in the Most</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Has compensation</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Recent Fiscal Year (after</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>been waived, reduced</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>applicable waivers, perfor-</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>or otherwise agreed to</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=right><B><FONT size=1 face=sans-serif>Net Assets as of</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>mance adjustments and</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>be reduced under any</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Current Investment</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Fund</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><B><FONT size=1 face=sans-serif>FYE </FONT></B><B><FONT size=1 face=sans-serif><SUP>1</SUP></FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="30%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Current Management Fee Schedule</FONT></B>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>reimbursements, if any)($)</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>applicable contract?</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Objective</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$14,261,026</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.710%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$8,719</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Capital appreciation.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>MULTI-CAP CORE</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>FUND</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.08% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.660%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.610%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.560%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.510%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.490%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.480%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.475%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$3,338,588,682</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.710%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$16,342,403</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Long-term capital</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>MULTI-CAP</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>appreciation.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>GROWTH FUND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.50% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.660%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.610%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.560%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.510%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.490%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.480%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.475%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Benchmark:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>Russell 3000</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>Growth Index</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Hurdle:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Maximum</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Performance</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Adjustment Rate:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.12%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Minimum Performance</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Adjustment Rate:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>-0.12%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$312,805,407</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.710%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$2,138,018</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Capital appreciation</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>MULTI-CAP VALUE</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>and, as a secondary</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>FUND</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.56% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>objective, current</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>income.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.660%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.610%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.560%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.510%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.490%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.480%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.475%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$580,642,631</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>The lesser of</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$4,118,860</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>No</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>As high a level of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>MUNICIPAL</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>(i)&nbsp;0.55%,&nbsp;or</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>current income free</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>OPPORTUNITIES</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>(ii) the following rates:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.72% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>from federal income tax</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>TRUST</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $500 million</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.650%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average </FONT><FONT size=1 face=sans-serif>net<SUP> </SUP></FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>as Putnam Management</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $500 million</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.550%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)<FONT size=1 face=sans-serif>#</FONT></FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>believes is consistent</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $500 million</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.500%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>with the preservation of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.450%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>capital.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.425%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.410%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.390%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.380%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM NEW</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$291,506,902</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.590%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$1,277,096</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>As high a level of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>JERSEY TAX</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>current income exempt</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>EXEMPT INCOME</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.44% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>from federal income</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>FUND</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>tax and New Jersey</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.540%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>personal income tax as</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.490%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Management</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.440%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>believes is consistent</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.390%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>with preservation of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.370%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>capital.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.360%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.355%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=1 face=sans-serif>D-15</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<A name="page_78"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="7%"></TD>

   <TD width="2%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="19%"></TD>

   <TD width="2%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Amount of Management</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Fee Paid in the Most</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Has compensation</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Recent Fiscal Year (after</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>been waived, reduced</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>applicable waivers, perfor-</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>or otherwise agreed to</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Net Assets as of</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>mance adjustments and</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>be reduced under any</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Current Investment</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Fund</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><B><FONT size=1 face=sans-serif>FYE<SUB> </SUB></FONT></B><B><FONT size=1 face=sans-serif><SUP>1</SUP></FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="30%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Current Management Fee Schedule</FONT></B>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>reimbursements, if any)($)</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>applicable contract?</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Objective</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM NEW</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$1,313,387,219</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.590%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$5,479,662</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>As high a level of current</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>YORK TAX</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>income exempt from</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>EXEMPT INCOME</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.45% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>federal income tax and</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>FUND</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>New York State and City</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.540%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>personal income taxes</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.490%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>as Putnam Management</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.440%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>believes is consistent</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.390%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>with preservation of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.370%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>capital.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.360%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.355%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM OHIO</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$162,973,095</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.590%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$720,433</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>As high a level of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>TAX EXEMPT</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>current income exempt</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>INCOME FUND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.44% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>from federal income</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>tax and Ohio personal</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.540%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>income tax as Putnam</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.490%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Management believes</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.440%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>is consistent with</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.390%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>preservation of capital.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.370%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.360%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.355%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$245,528,782</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.590%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$1,105,281</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>As high a level of current</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>PENNSYLVANIA</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>income exempt from</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>TAX EXEMPT</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.44% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>federal income tax and</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>INCOME FUND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Pennsylvania personal</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.540%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>income tax as Putnam</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.490%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Management believes</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.440%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>is consistent with</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.390%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>preservation of capital.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.370%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.360%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.355%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM PREMIER</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$825,433,303</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $500 million</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.750%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$5,947,565</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>No</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>High current income.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>INCOME TRUST</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $500 million</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.650%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $500 million</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.600%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.71% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.550%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.525%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.505%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.490%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.480%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.470%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.460%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.450%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.440%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $8.5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.430%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.420%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$239,585,789</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.710%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$1,251,275</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Capital appreciation.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>RESEARCH FUND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.56% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.660%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.610%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.560%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.510%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.490%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.480%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.475%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$1,273,134</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Capital appreciation</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>RETIREMENT-</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>and current income</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>READY 2055 FUND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>consistent with a</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>decreasing emphasis on</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>capital appreciation and</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>an increasing emphasis</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>on current income as it</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>approaches its target</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>date.</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>D-16</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<A name="page_79"></A><BR>

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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="7%"></TD>

   <TD width="2%"></TD>

   <TD width="15%"></TD>

   <TD width="15%" align=right></TD>

   <TD width="19%"></TD>

   <TD width="2%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Amount of Management</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Fee Paid in the Most</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Has compensation</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Recent Fiscal Year (after</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>been waived, reduced</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>applicable waivers, perfor-</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>or otherwise agreed to</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=right><B><FONT size=1 face=sans-serif>Net Assets as of</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>mance adjustments and</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>be reduced under any</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Current Investment</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Fund</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><B><FONT size=1 face=sans-serif>FYE </FONT></B><B><FONT size=1 face=sans-serif><SUP>1</SUP></FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><SUB><FONT size=1 face=sans-serif></FONT></SUB></B></TD>

   <TD width="30%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Current Management Fee Schedule</FONT></B>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>reimbursements, if any)($)</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>applicable contract?</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Objective</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$10,658,409</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Capital appreciation</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>RETIREMENT-</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>and current income</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>READY 2050 FUND</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>consistent with a</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>decreasing emphasis on</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>capital appreciation and</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>an increasing emphasis</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>on current income as it</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>approaches its target</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>date.</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$14,805,075</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Capital appreciation</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>RETIREMENT-</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>and current income</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>READY 2045 FUND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>consistent with a</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>decreasing emphasis on</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>capital appreciation and</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>an increasing emphasis</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>on current income as it</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>approaches its target</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>date.</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$20,912,345</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Capital appreciation</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>RETIREMENT-</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>and current income</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>READY 2040 FUND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>consistent with a</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>decreasing emphasis on</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>capital appreciation and</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>an increasing emphasis</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>on current income as it</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>approaches its target</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>date.</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$30,110,450</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Capital appreciation</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>RETIREMENT-</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>and current income</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>READY 2035 FUND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>consistent with a</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>decreasing emphasis on</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>capital appreciation and</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>an increasing emphasis</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>on current income as it</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>approaches its target</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>date.</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$39,575,932</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Capital appreciation</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>RETIREMENT-</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>and current income</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>READY 2030 FUND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>consistent with a</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>decreasing emphasis on</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>capital appreciation and</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>an increasing emphasis</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>on current income as it</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>approaches its target</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>date.</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$42,575,319</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Capital appreciation</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>RETIREMENT-</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>and current income</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>READY 2025 FUND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>consistent with a</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>decreasing emphasis on</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>capital appreciation and</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>an increasing emphasis</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>on current income as it</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>approaches its target</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>date.</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$36,670,899</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Capital appreciation</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>RETIREMENT-</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>and current income</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>READY 2020 FUND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>consistent with a</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>decreasing emphasis on</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>capital appreciation and</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>an increasing emphasis</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>on current income as it</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>approaches its target</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>date.</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=1 face=sans-serif>D-17</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<A name="page_80"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="7%"></TD>

   <TD width="2%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="19%"></TD>

   <TD width="2%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Amount of Management</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Fee Paid in the Most</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Has compensation</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Recent Fiscal Year (after</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>been waived, reduced</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>applicable waivers, perfor-</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>or otherwise agreed to</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=right><B><FONT size=1 face=sans-serif>Net Assets as of</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>mance adjustments and</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>be reduced under any</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Current Investment</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Fund</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><B><FONT size=1 face=sans-serif>FYE </FONT></B><B><FONT size=1 face=sans-serif><SUP>1</SUP></FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><SUB><FONT size=1 face=sans-serif></FONT></SUB></B></TD>

   <TD width="30%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Current Management Fee Schedule</FONT></B>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>reimbursements, if any)($)</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>applicable contract?</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Objective</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$25,087,950</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Capital appreciation</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>RETIREMENT-</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>and current income</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>READY 2015 FUND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>consistent with a</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>decreasing emphasis on</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>capital appreciation and</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>an increasing emphasis</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>on current income as it</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>approaches its target</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>date.</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$24,075,849</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>As high a rate of current</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>RETIREMENT</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>income as Putnam</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>INCOME FUND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Management believes</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>LIFESTYLE 1</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>is consistent with</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>preservation of capital.</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$12,495,315</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.680%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Current Income</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>RETIREMENT</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>consistent with what</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>INCOME FUND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.00% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Management</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>LIFESTYLE 2</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>believes to be prudent</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.630%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>risk.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.580%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.530%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.480%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.460%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.450%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.445%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$16,414,733</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.680%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Current Income</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>RETIREMENT</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>consistent with what</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>INCOME FUND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.00% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Management</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>LIFESTYLE 3</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>believes to be prudent</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.630%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>risk. Its secondary</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.580%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>objective is capital</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.530%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>appreciation.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.480%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.460%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.450%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.445%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM SHORT</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$1,151,155,979</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.500%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$1,293,633</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>As high a rate of current</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>DURATION</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>income as Putnam</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>INCOME FUND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.21% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Management believes</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>is consistent with</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.450%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>preservation of capital</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.400%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>and maintenance of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.350%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>liquidity.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.300%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.280%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.270%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.265%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$2,682,410,580</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>of Average net assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.25%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>As high a rate of current</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>SHORT TERM</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>income as Putnam</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>INVESTMENT</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.00% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Management believes</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>FUND</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>is consistent with</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>preservation of capital</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>and maintenance of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>liquidity.</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM SHORT-</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$11,121,856</FONT><SUP><FONT size=1 face=sans-serif>(3)</FONT></SUP>&nbsp;</TD>

   <TD width="2%" noWrap align=right><SUB><FONT size=1 face=sans-serif></FONT></SUB></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.500%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$ </FONT><FONT size=1 face=sans-serif>&#8212;</FONT><SUP><FONT size=1 face=sans-serif>(2)</FONT></SUP>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>As high a level of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>TERM MUNICIPAL</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>current income exempt</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>INCOME FUND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>from federal income tax</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>as Putnam Management</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.450%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>believes is consistent</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.400%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>with preservation</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.350%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>of capital.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.300%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.280%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.270%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.265%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>D-18</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<A name="page_81"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="7%"></TD>

   <TD width="2%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="19%"></TD>

   <TD width="2%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Amount of Management</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Fee Paid in the Most</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Has compensation</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Recent Fiscal Year (after</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>been waived, reduced</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>applicable waivers, perfor-</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>or otherwise agreed to</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=right><B><FONT size=1 face=sans-serif>Net Assets as of</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>mance adjustments and</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>be reduced under any</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Current Investment</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Fund</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><B><FONT size=1 face=sans-serif>FYE </FONT></B><B><FONT size=1 face=sans-serif><SUP>1</SUP></FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="30%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Current Management Fee Schedule</FONT></B>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>reimbursements, if any)($)</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>applicable contract?</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Objective</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM SMALL</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$127,856,487</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.780%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$710,052</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Capital appreciation.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>CAP GROWTH</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>FUND</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.60% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.730%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.680%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.630%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.580%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.560%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.550%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.545%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Benchmark:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>Russell 2000</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>Growth Index</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Hurdle:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Maximum</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Performance</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Adjustment Rate:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.18%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Minimum Performance</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Adjustment Rate:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>-0.18%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM SMALL</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$168,319,734</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.780%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$1,004,942</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Capital appreciation.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>CAP VALUE FUND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.64% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.730%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.680%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.630%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.580%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.560%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.550%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.545%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$4,015,264</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.880%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Total return in excess of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>STRATEGIC</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>that of the U.S. equity</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>VOLATILITY</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.00% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>markets, but with</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>EQUITY FUND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>comparable volatility.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.830%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.780%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.730%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.680%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.660%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.650%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.645%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Benchmark:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>S&amp;P 500 Index</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Hurdle:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Maximum</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Performance</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Adjustment Rate:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.15%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Minimum Performance</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Adjustment Rate:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>-0.15%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM TAX</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$1,043,075,360</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.590%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$5,249,245</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>As high a level of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>EXEMPT INCOME</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>current income exempt</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>FUND</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.44% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>from federal income tax</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>as Putnam Management</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.540%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>believes is consistent</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.490%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>with preservation of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.440%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>capital.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.390%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.370%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.360%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.355%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

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   <TD noWrap align=right><FONT size=1 face=sans-serif>D-19</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<A name="page_82"></A><BR>

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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="7%"></TD>

   <TD width="2%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD>

   <TD width="19%"></TD>

   <TD width="2%"></TD>

   <TD width="15%"></TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Amount of Management</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Fee Paid in the Most</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Has compensation</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Recent Fiscal Year (after</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>been waived, reduced</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>applicable waivers, perfor-</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>or otherwise agreed to</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=right><B><FONT size=1 face=sans-serif>Net Assets as of</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>mance adjustments and</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>be reduced under any</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Current Investment</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Fund</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><B><FONT size=1 face=sans-serif>FYE<SUB> </SUB></FONT></B><B><FONT size=1 face=sans-serif><SUP>1</SUP></FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="30%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Current Management Fee Schedule</FONT></B>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>reimbursements, if any)($)</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>applicable contract?</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Objective</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM TAX</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$42,599,913</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.440%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>As high a rate of current</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>EXEMPT MONEY</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>income exempt from</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>MARKET FUND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.00% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>federal income tax as</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Management</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.390%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>believes is consistent</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.340%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>with preservation of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.290%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>capital and maintenance</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.240%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>of liquidity.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.220%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.210%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.205%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$986,169,531</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.630%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$5,642,898</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>High current income</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>TAX-FREE HIGH</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>exempt from federal</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>YIELD FUND</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.48% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>income tax.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.580%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.530%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.480%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.430%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.410%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.400%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.395%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM U.S.</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$1,216,869,750</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.550%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$5,771,426</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>As high a level of current</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>GOVERNMENT</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>income as Putnam</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>INCOME TRUST</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.40% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Management believes</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>is consistent with</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.500%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>preservation of capital.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.450%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.400%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.350%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.330%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.320%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.315%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$3,758,223,225</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.710%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$15,286,375</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Capital appreciation.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>VOYAGER FUND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.43% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.660%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.610%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.560%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.510%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.490%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.480%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.475%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Benchmark:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>Russell 1000</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>Growth Index</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Hurdle:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Maximum</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Performance</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Adjustment Rate:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.12%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Minimum Performance</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Adjustment Rate:</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>-0.12%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM VT</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$17,856,955</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.880%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>To earn a positive return</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>ABSOLUTE</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>that exceeds the rate</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>RETURN 500 FUND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.00% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>of inflation by 5% over</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>a reasonable period</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.830%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>of time, regardless of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.780%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>market conditions.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.730%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.680%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.660%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.650%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.645%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>D-20</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<A name="page_83"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="7%"></TD>

   <TD width="2%"></TD>

   <TD width="15%"></TD>

   <TD width="15%" align=right></TD>

   <TD width="19%"></TD>

   <TD width="2%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Amount of Management</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Fee Paid in the Most</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Has compensation</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Recent Fiscal Year (after</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>been waived, reduced</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>applicable waivers, perfor-</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>or otherwise agreed to</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=right><B><FONT size=1 face=sans-serif>Net Assets as of</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>mance adjustments and</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>be reduced under any</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Current Investment</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Fund</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><B><FONT size=1 face=sans-serif>FYE<SUB> </SUB></FONT></B><B><FONT size=1 face=sans-serif><SUP>1</SUP></FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="30%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Current Management Fee Schedule</FONT></B>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>reimbursements, if any)($)</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>applicable contract?</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Objective</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM VT</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$115,123,322</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.550%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$505,029</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>High current income</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>AMERICAN</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>with preservation of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>GOVERNMENT</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.41% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>capital as its secondary</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>INCOME FUND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>objective.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.500%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.450%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.400%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.350%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.330%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.320%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.315%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$30,538,729</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.780%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$207,222</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Long-term growth of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>VT CAPITAL</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>capital.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>OPPORTUNITIES</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.64% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>FUND</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.730%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.680%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.630%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.580%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.560%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.550%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.545%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM VT</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$447,542,301</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.700%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$2,532,568</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>As high a level of current</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>DIVERSIFIED</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>income as Putnam</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>INCOME FUND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.56% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Management believes</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>is consistent with</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.650%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>preservation of capital.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.600%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.550%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.500%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.480%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.470%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.465%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM VT</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$387,269,715</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.630%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$1,806,301</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Capital growth and</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>EQUITY INCOME</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>current income.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>FUND</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.49% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.580%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.530%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.480%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.430%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.410%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.400%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.395%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM VT</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$173,285,587</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.680%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$956,470</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Both capital growth and</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>GEORGE PUTNAM</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>current income.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>BALANCED FUND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.54% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.630%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.580%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.530%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.480%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.460%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.450%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.445%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM VT</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$207,408,095</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.750%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$1,280,104</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Long-term return</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>GLOBAL ASSET</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>consistent with</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>ALLOCATION</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.61% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>preservation of capital.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>FUND</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.700%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.650%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.600%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.550%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.530%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.520%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.515%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=1 face=sans-serif>D-21</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<A name="page_84"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="7%"></TD>

   <TD width="2%"></TD>

   <TD width="15%"></TD>

   <TD width="15%" align=right></TD>

   <TD width="19%"></TD>

   <TD width="2%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Amount of Management</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Fee Paid in the Most</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Has compensation</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Recent Fiscal Year (after</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>been waived, reduced</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>applicable waivers, perfor-</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>or otherwise agreed to</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=right><B><FONT size=1 face=sans-serif>Net Assets as of</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>mance adjustments and</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>be reduced under any</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Current Investment</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Fund</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><B><FONT size=1 face=sans-serif>FYE </FONT></B><B><FONT size=1 face=sans-serif>1</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><SUB><FONT size=1 face=sans-serif></FONT></SUB></B></TD>

   <TD width="30%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Current Management Fee Schedule</FONT></B>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>reimbursements, if any)($)</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>applicable contract?</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Objective</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM VT</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$198,411,625</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.850%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$1,394,894</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Capital appreciation.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>GLOBAL EQUITY</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>FUND</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.71% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.800%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.750%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.700%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.650%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.630%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.620%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.615%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM VT</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$108,742,159</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.780%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$663,474</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Capital appreciation.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>GLOBAL HEALTH</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>CARE FUND</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.64% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.730%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.680%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.630%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.580%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.560%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.550%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.545%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM VT</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$106,250,504</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.780%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$724,377</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Capital growth and</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>GLOBAL UTILITIES</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>current income.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>FUND</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.64% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.730%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.680%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.630%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.580%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.560%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.550%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.545%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM VT</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$1,160,083,119</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.630%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$5,691,727</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Capital growth and</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>GROWTH AND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>current income.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>INCOME FUND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.49% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.580%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.530%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.480%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.430%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.410%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.400%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.395%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM VT</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$25,163,523</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.710%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$120,564</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Capital appreciation.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>GROWTH</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>OPPORTUNITIES</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.47% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>FUND</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.660%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.610%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.560%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.510%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.490%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.480%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.475%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM VT HIGH</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$397,577,870</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.720%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$2,293,594</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>High current income.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>YIELD FUND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Capital growth is</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.58% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>a secondary goal</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>when consistent with</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.670%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>achieving high current</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.620%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>income.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.570%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.520%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.500%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.490%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.485%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>D-22</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<A name="page_85"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%" align=center></TD>

   <TD width="7%" align=center></TD>

   <TD width="2%" align=center></TD>

   <TD width="15%" align=center></TD>

   <TD width="15%" align=right></TD>

   <TD width="19%" align=center></TD>

   <TD width="2%" align=center></TD>

   <TD width="15%" align=center></TD>

   <TD width="15%" align=center></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Amount of Management</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Fee Paid in the Most</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Has compensation</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Recent Fiscal Year (after</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>been waived, reduced</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>applicable waivers, perfor-</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>or otherwise agreed to</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=right><B><FONT size=1 face=sans-serif>Net Assets as of</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>mance adjustments and</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>be reduced under any</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Current Investment</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Fund</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><B><FONT size=1 face=sans-serif>FYE<SUB> </SUB></FONT></B><B><FONT size=1 face=sans-serif><SUP>1</SUP></FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="30%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Current Management Fee Schedule</FONT></B>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>reimbursements, if any)($)</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>applicable contract?</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Objective</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM VT</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$379,960,720</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.550%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$1,576,095</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>High current income</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>INCOME FUND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>consistent with what</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.41% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Management</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>believes to be prudent</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.500%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>risk.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.450%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.400%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.350%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.330%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.320%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.315%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM VT</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$415,527,777</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.850%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$2,946,769</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Capital appreciation.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>INTERNATIONAL</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>EQUITY FUND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.71% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.800%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.750%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.700%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.650%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.630%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.620%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.615%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM VT</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$56,149,361</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1.080%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$497,013</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Long-term capital</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>INTERNATIONAL</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>appreciation.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>GROWTH FUND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.89% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1.030%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.980%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.930%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.880%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.860%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.850%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.845%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM VT</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$110,343,401</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.850%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$774,643</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Capital growth. Current</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>INTERNATIONAL</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>income is a secondary</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>VALUE FUND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.71% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>objective.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.800%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.750%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.700%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.650%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.630%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.620%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.615%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM VT</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$219,457,136</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.710%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$1,305,080</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Long-term growth</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>INVESTORS FUND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>of capital and any</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.57% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>increased income that</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>results from this growth.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.660%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.610%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.560%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.510%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.490%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.480%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.475%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM VT</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$214,045,425</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.440%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$164,496</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>As high a rate of current</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>MONEY MARKET</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>income as Putnam</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>FUND</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.07% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Management believes</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>is consistent with</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.390%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>preservation of capital</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.340%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>and maintenance of</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.290%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>liquidity.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.240%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.220%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.210%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.205%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=1 face=sans-serif>D-23</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<A name="page_86"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="7%"></TD>

   <TD width="2%"></TD>

   <TD width="15%"></TD>

   <TD width="15%" align=right></TD>

   <TD width="19%"></TD>

   <TD width="2%"></TD>

   <TD width="15%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Amount of Management</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Fee Paid in the Most</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Has compensation</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Recent Fiscal Year (after</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>been waived, reduced</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>applicable waivers, perfor-</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>or otherwise agreed to</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=right><B><FONT size=1 face=sans-serif>Net Assets as of</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>mance adjustments and</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>be reduced under any</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Current Investment</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Fund</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><B><FONT size=1 face=sans-serif>FYE </FONT></B><B><FONT size=1 face=sans-serif><SUP>1</SUP></FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="30%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Current Management Fee Schedule</FONT></B>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>reimbursements, if any)($)</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>applicable contract?</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Objective</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM VT</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$647,648,573</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.710%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$3,787,974</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Long-term capital</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>MULTI-CAP</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>appreciation.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>GROWTH FUND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.57% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.660%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.610%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.560%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.510%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.490%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.480%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.475%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM VT</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$34,275,564</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.710%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$195,889</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Capital appreciation</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>MULTI-CAP VALUE</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>and, as a secondary</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>FUND</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.57% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>objective, current</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>income.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.660%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.610%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.560%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.510%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.490%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.480%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.475%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM VT</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$53,107,377</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.710%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$312,623</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Capital appreciation.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>RESEARCH FUND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.57% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.660%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.610%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.560%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.510%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.490%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.480%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.475%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM VT</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$223,220,362</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.780%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$1,423,370</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Capital appreciation.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>SMALL CAP VALUE</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>FUND</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.64% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.730%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.680%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.630%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.580%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.560%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.550%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.545%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PUTNAM VT</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$762,329,456</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $5 billion of Total</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.710%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$4,579,947</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Capital appreciation.</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>VOYAGER FUND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Open-End Mutual</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>(Represents</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Fund Average Net</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>0.57% of</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>average net</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $5 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.660%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>assets)</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.610%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $10 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.560%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.510%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $50 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.490%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $100 billion</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.480%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.475%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=9>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>D-24</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<A name="page_87"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The following table contains certain information regarding funds for which Putnam Management provides investment advisory services as a sub-adviser.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="7%"></TD>

   <TD width="2%"></TD>

   <TD width="15%"></TD>

   <TD width="15%" align=right></TD>

   <TD width="19%"></TD>

   <TD width="2%"></TD>

   <TD width="15%"></TD>

   <TD width="10%"></TD>

   <TD width="5%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Amount of</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Has compensation</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Sub-Advisory</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>been waived, reduced</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Fee Paid in the</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>or otherwise agreed to</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=right><B><FONT size=1 face=sans-serif>Net Assets as</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Most Recent</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>be reduced under any</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Fund</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><B><FONT size=1 face=sans-serif>of </FONT></B><B><FONT size=1 face=sans-serif>FYE<SUP> </SUP></FONT></B><B><FONT size=1 face=sans-serif><SUP>1</SUP></FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="30%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Sub-Advisory Fee Rate</FONT></B>&nbsp;</TD>

   <TD width="19%" noWrap align=right><B><FONT size=1 face=sans-serif>Fiscal Year ($)</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>applicable contract?</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Current Investment Objective</FONT></B>&nbsp;</TD>

   <TD width="5%" noWrap align=left><B><FONT size=1 face=sans-serif>Fiscal Year</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=10>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>GREAT-WEST PUTNAM</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$368,406,499</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $250 million</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.40%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$1,315,029</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>No</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Capital growth and current</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=left><FONT size=1 face=sans-serif>12/31/12</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>EQUITY INCOME FUND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $250 million</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.35%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>income</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.30%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=10>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>GREAT-WEST PUTNAM</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$206,648,536</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>of all assets</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.35%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$516,373</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>No</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>High current income with capital</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=left><FONT size=1 face=sans-serif>12/31/12</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>HIGH YIELD BOND</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>appreciation as a secondary</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>FUND</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>objective when consistent with</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>the primary objective</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=10>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>NVIT MULTI-MANAGER</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$460,752,586</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $200 million</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.45%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$2,185,040</FONT><SUP><FONT size=1 face=sans-serif>(4)</FONT></SUP>&nbsp;</TD>

   <TD width="2%" noWrap align=right><SUB><FONT size=1 face=sans-serif></FONT></SUB></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>No</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Long-term growth of capital</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=left><FONT size=1 face=sans-serif>12/31/12</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>SMALL COMPANY</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.40%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>FUND</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=10>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>SEASONS SERIES</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$167,488,423</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $150 million</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.55%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$762,394</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Capital appreciation</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=left><FONT size=1 face=sans-serif>3/31/13</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>TRUST: ASSET</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $150 million</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.50%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>ALLOCATION:</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.40%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>DIVERSIFIED GROWTH</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PORTFOLIO</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=10>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>SUNAMERICA</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=right><FONT size=1 face=sans-serif>$338,815,905</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>First $150 million</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.65%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=right><FONT size=1 face=sans-serif>$1,713,122</FONT>&nbsp;</TD>

   <TD width="2%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Yes</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Growth of capital and,</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=left><FONT size=1 face=sans-serif>1/31/13</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>SERIES TRUST:</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Next $150 million</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.55%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>secondarily, current income</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>INTERNATIONAL</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Any excess thereafter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>0.45%</FONT>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="17%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>GROWTH AND INCOME</FONT></B>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>PORTFOLIO</FONT></B>&nbsp;</TD>

   <TD width="7%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;</TD>

   <TD width="19%" noWrap align=left>&nbsp;</TD>

   <TD width="2%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=10>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif>* MSCI publishes two versions of this index reflecting the reinvestment of dividends using two different methodologies: gross dividends and net dividends. While both versions reflect reinvested dividends, they differ with respect to the manner in which taxes associated with dividend payments are treated. In calculating the net dividends version, MSCI incorporates reinvested dividends applying the withholding tax rate applicable to foreign non-resident institutional investors that do not benefit from double taxation treaties. Putnam Management believes that the net dividends version better reflects the returns U.S. investors might expect were they to invest directly in the component securities of the index.</FONT></P>

<P style="TEXT-ALIGN: left"><SUP><FONT size=1 face=sans-serif>(1) </FONT></SUP><FONT size=1 face=sans-serif>Information provided as of most recently completed fiscal year prior to October 1, 2013.</FONT></P>

<P style="TEXT-ALIGN: left"><SUP><FONT size=1 face=sans-serif>(2) </FONT></SUP><FONT size=1 face=sans-serif>The fund has not experienced a fiscal year-end as of September 30, 2013.</FONT></P>

<P style="TEXT-ALIGN: left"><SUP><FONT size=1 face=sans-serif>(3) </FONT></SUP><FONT size=1 face=sans-serif>The net assets figure is based on assets as of the semi-annual period ended May 31, 2013 since this fund has not experienced a fiscal year-end since its inception.</FONT></P>

<P style="TEXT-ALIGN: left"><SUP><FONT size=1 face=sans-serif>(4) </FONT></SUP><FONT size=1 face=sans-serif>Putnam Management is one of four sub-advisers for this fund. The net assets and sub-advisory fees shown in this table reflect totals for all sub-advisers.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>&#8224; Effective July 1, 2011, the fund&#8217;s benchmark index is the MSCI All Country Asia ex Japan Index (ND). Before July 1, 2011, the fund&#8217;s benchmark index was the MSCI All Country Asia Pacific Index (ND). Because the performance adjustment is based on a rolling thirty-six month performance period (or, if shorter, the period from January 1, 2010 to the end of the month for which the fee adjustment is being computed), there is a transition period during which the fund&#8217;s performance is compared to a composite index that reflects the performance of the previous index (MSCI All Country Asia Pacific Index (ND)) for the portion of the performance period before July 1, 2011, and the performance of the new index (MSCI All Country Asia ex-Japan Index (ND)) for the remainder of the period.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>&#8224;<FONT size=1 face=sans-serif>&#8224; </FONT></FONT><FONT size=1 face=sans-serif>Effective July 1, 2011, the fund&#8217;s benchmark index is the MSCI EAFE Value Index (ND). Before July 1, 2011, the fund&#8217;s benchmark index was the S&amp;P Developed/Ex-U.S. LargeMidCap Value Index. Because the performance adjustment is based on a rolling thirty-six month performance period (or, if shorter, the period from January 1, 2010 to the end of the month for which the fee adjustment is being computed), there is a transition period during which the fund&#8217;s performance is compared to a composite index that reflects the performance of the previous index (S&amp;P Developed/Ex-U.S. LargeMidCap Value Index) for the portion of the performance period before July 1, 2011, and the performance of the new index (MSCI EAFE Value Index (ND)) for the remainder of the period.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif># The management fee rate is expressed as a percentage of average net assets attributable to common shares of the fund.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=1 face=sans-serif>D-25</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT size=4 face=sans-serif>Appendix E &#8212; Sub-Management and Sub-Advisory Contract</FONT></B></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD align=center><B><FONT size=2 face=sans-serif>PUTNAM FUNDS</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=center><B><FONT size=2 face=sans-serif>SUB-MANAGEMENT CONTRACT</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif>This Sub-Management Contract is dated as of July 1, 2013 between PUTNAM INVESTMENT MANAGEMENT, LLC, a Delaware limited liability company (the &#8220;Manager&#8221;) and PUTNAM INVESTMENTS LIMITED, a company organized under the laws of England and Wales (the &#8220;Sub-Manager&#8221;).</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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 </FONT><FONT size=2 face=sans-serif><U>Schedule A</U> </FONT><FONT size=2 face=sans-serif>hereto, as it may from time to time be amended by the Manager (the &#8220;Funds&#8221;), and a registered investment adviser under the United States Investment Advisers Act of 1940, as amended;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>WHEREAS, the Sub-Manager is licensed as an investment manager by the Financial Conduct Authority of the United Kingdom (the &#8220;FCA&#8221;); and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>WHEREAS, the Manager desires to engage the Sub-Manager from time to time to manage a portion of certain of the Funds:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>NOW THEREFORE, in consideration of the mutual covenants herein contained, it is agreed as follows:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>1. SERVICES TO BE RENDERED BY SUB-MANAGER.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(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 &#8220;Allocated Sleeve&#8221;). The Manager shall, in its sole discretion, determine which Funds will have an Allocated Sleeve and the amount of assets allocated from time to time to each such Allocated Sleeve; provided that, with respect to any Fund, the Trustees of such Fund must have approved the use of the Sub-Manager prior to the creation of an Allocated Sleeve for such Fund. The Sub-Manager will determine what investments shall be purchased, held, sold or exchanged by any Allocated Sleeve and what portion, if any, of the assets of the Allocated Sleeve shall be held uninvested and shall, on behalf of the Fund, make changes in the Fund&#8217;s investments held in such Allocated Sleeve.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(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 </FONT><FONT size=2 face=sans-serif>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&#8217;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 financial stability of the broker or dealer involved and the quality of service rendered by the broker or dealer in other transactions. Subject to such policies as the Trustees of the 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 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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(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&#8217;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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>2. OTHER AGREEMENTS, ETC.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>It is understood that any of the shareholders, Trustees, officers and employees of a Fund may be a shareholder, director, officer</FONT></P>

<DIV align=left>

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<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>E-1</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>3. COMPENSATION.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Except as provided below, the Manager will pay to the Sub-Manager as compensation for the Sub-Manager&#8217;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 and asset allocation Allocated Sleeves and 0.40% per annum of average aggregate net asset value of the assets in fixed income Allocated Sleeves, except for fixed income Allocated Sleeves in certain fixed income Funds enumerated as follows (with the per annum fee provided in parentheses): Putnam Money Market Liquidity Fund (0.20%), Putnam Short Term Investment Fund (0.20%), Putnam Money Market Fund (0.25%), Putnam Tax Exempt Money Market Fund (0.25%), Putnam VT Money Market Fund (0.25%), Putnam Short Duration Income Fund (0.25%), Putnam Short-Term Municipal Income Fund (0.25%), Putnam American Government Income Fund (0.25%), Putnam Income Fund (0.25%), Putnam U.S. Government Income Trust (0.25%), Putnam VT American Government Income Fund (0.25%), and Putnam VT Income Fund (0.25%).</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Such average net asset value shall be determined by taking an average of all of the determinations of such net asset value during a quarter at the close of business on each business day during such quarter while this Contract is in effect. Such fee shall be payable for each quarter within 30 days after the close of such quarter. The Sub-Manager shall look only to the Manager for payment of its fees. No Fund shall have any responsibility for paying any fees due the Sub-Manager.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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&#8217;s services rendered, a fee, computed and paid quarterly at the annual rate of 0.40% of Average Weekly Assets in Allocated Sleeves. &#8220;Average Weekly Assets&#8221; 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 </FONT><FONT size=2 face=sans-serif>be payable for each quarter within 30 days after the close of such quarter. As used in this Section 3, &#8220;leverage for investment purposes&#8221; means any incurrence of indebtedness the proceeds of which are to be invested in accordance with the Fund&#8217;s investment objective. For purposes of calculating Average Weekly Assets, liabilities associated with any instruments or transactions used to leverage the Fund&#8217;s portfolio for investment purposes (whether or not such instruments or transactions are &#8220;covered&#8221; 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 &#8220;Underlying Asset&#8221;) 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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In the event that the Manager&#8217;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 investment 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 additional expenses attributable to any such leverage for investment purposes, exceeds the portion of the Fund&#8217;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. &#8220;Measurement Period&#8221; 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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>If the Sub-Manager shall serve for less than the whole of a quarter, the foregoing compensation shall be prorated.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>4. ASSIGNMENT TERMINATES THIS CONTRACT; AMENDMENTS OF THIS CONTRACT.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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.</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>5. EFFECTIVE PERIOD AND TERMINATION OF </FONT><FONT size=2 face=sans-serif>THIS CONTRACT.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(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&#8217; nor less than thirty days&#8217; written notice delivered or mailed by registered mail, postage prepaid, to the other party, or</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(c) With respect to any Allocated Sleeve, automatically upon termination of the Manager&#8217;s investment management contract with the related Fund.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Termination of this Contract pursuant to this Section 5 will be without the payment of any penalty.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>6. CERTAIN DEFINITIONS.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>For the purposes of this Contract, the &#8220;affirmative vote of a majority of the outstanding shares of a Fund&#8221; 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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>For the purposes of this Contract, the terms &#8220;affiliated person,&#8221; &#8220;control,&#8221; &#8220;interested person&#8221; and &#8220;assignment&#8221; shall have their respective meanings defined in the United States Investment Company Act of 1940 and the Rules and Regulations there-under (the &#8220;1940 Act&#8221;), subject, however, to such exemptions as may be granted by the Securities and Exchange Commission under said Act; the term &#8220;specifically approve at least annually&#8221; shall be construed in a manner consistent with the 1940 Act, and </FONT><FONT size=2 face=sans-serif>the Rules and Regulations thereunder; and the term &#8220;brokerage and research services&#8221; shall have the meaning given in the United States Securities Exchange Act of 1934 and the Rules and Regulations thereunder.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>7. NON-LIABILITY OF SUB-MANAGER.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>8. ADDITIONAL PROVISIONS.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(a) The Sub-Manager represents that it is regulated by the FCA in the conduct of its investment business. The Sub-Manager has in operation a written procedure in accordance with FCA 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 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 FCA. The Manager and any Fund may also request a statement describing its rights to compensation in the event of the Sub-Manager&#8217;s inability to meet its liabilities.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(b) The Manager represents that it and each Fund are &#8220;Professional Customers&#8221; in the meaning of the FCA&#8217;s rules.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(c) Although each Fund is not a party hereto and shall have no responsibility for the Manager&#8217;s or the Sub-Manager&#8217;s obligations hereunder, each Fund is named as explicit third party beneficiary of the parties&#8217; agreements hereunder.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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>

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   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>/s/ Joseph T. Phoenix</FONT>&nbsp;</TD></TR>

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   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>Joseph T. Phoenix</FONT>&nbsp;</TD></TR>

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   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>Director</FONT>&nbsp;</TD></TR>

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   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>/s/ James P. Pappas</FONT>&nbsp;</TD></TR>

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   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>James P. Pappas</FONT>&nbsp;</TD></TR>

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   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>Director of Trustee Relations and Authorized Person</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Schedule A</FONT></B><BR><BR><I><FONT size=2 face=sans-serif>(List of Putnam Funds updated through July 1, 2013)</FONT></I><BR><BR><FONT size=2 face=sans-serif>Putnam Absolute Return 100 Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Absolute Return 300 Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Absolute Return 500 Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Absolute Return 700 Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam American Government Income Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam AMT-Free Municipal Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Arizona Tax Exempt Income Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Asia Pacific Equity Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam California Tax Exempt Income Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Capital Spectrum Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Capital Opportunities Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Convertible Securities Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Diversified Income Trust</FONT><BR><FONT size=2 face=sans-serif>Putnam Dynamic Asset Allocation Balanced Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Dynamic Asset Allocation Conservative Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Dynamic Asset Allocation Equity Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Dynamic Asset Allocation Growth Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Dynamic Risk Allocation Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Equity Income Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Emerging Markets Equity Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Emerging Markets Income Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Europe Equity Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Equity Spectrum Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Floating Rate Income Fund</FONT><BR><FONT size=2 face=sans-serif>The Putnam Fund for Growth and Income</FONT><BR><FONT size=2 face=sans-serif>The George Putnam Fund of Boston (d/b/a George Putnam</FONT><BR><FONT size=2 face=sans-serif>Balanced Fund)</FONT><BR><FONT size=2 face=sans-serif>Putnam Global Consumer Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Global Dividend Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Global Energy Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Global Equity Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Global Financials Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Global Health Care Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Global Income Trust</FONT><BR><FONT size=2 face=sans-serif>Putnam Global Industrials Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Global Natural Resources Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Global Sector Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Global Technology Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Global Telecommunications Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Global Utilities Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Growth Opportunities Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam High Income Securities Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam High Yield Advantage Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam High Yield Trust</FONT><BR><FONT size=2 face=sans-serif>Putnam Income Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Intermediate-Term Municipal Income Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam International Capital Opportunities Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam International Equity Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam International Growth Fund<BR></FONT><FONT size=2 face=sans-serif>Putnam International Value Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Investors Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Low Volatility Equity Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Managed Municipal Income Trust</FONT><BR><FONT size=2 face=sans-serif>Putnam Massachusetts Tax Exempt Income Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Master Intermediate Income Trust</FONT><BR><FONT size=2 face=sans-serif>Putnam Michigan Tax Exempt Income Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Minnesota Tax Exempt Income Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Money Market Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Money Market Liquidity Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Mortgage Recovery Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Multi-Cap Core Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Multi-Cap Growth Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Multi-Cap Value Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Municipal Opportunities Trust</FONT><BR><FONT size=2 face=sans-serif>Putnam New Jersey Tax Exempt Income Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam New York Tax Exempt Income Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Ohio Tax Exempt Income Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Pennsylvania Tax Exempt Income Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Premier Income Trust</FONT><BR><FONT size=2 face=sans-serif>Putnam Research Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam RetirementReady 2055 Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam RetirementReady 2050 Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam RetirementReady 2045 Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam RetirementReady 2040 Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam RetirementReady 2035 Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam RetirementReady 2030 Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam RetirementReady 2025 Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam RetirementReady 2020 Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam RetirementReady 2015 Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Retirement Income Fund Lifestyle 1</FONT><BR><FONT size=2 face=sans-serif>Putnam Retirement Income Fund Lifestyle 2</FONT><BR><FONT size=2 face=sans-serif>Putnam Retirement Income Fund Lifestyle 3</FONT><BR><FONT size=2 face=sans-serif>Putnam Short Duration Income Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Short Term Investment Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Short-Term Municipal Income Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Small Cap Growth Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Small Cap Value Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Strategic Volatility Equity Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Tax Exempt Income Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Tax Exempt Money Market Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Tax-Free High Yield Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam U.S. Government Income Trust</FONT><BR><FONT size=2 face=sans-serif>Putnam Voyager Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam VT Absolute Return 500 Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam VT American Government Income Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam VT Capital Opportunities Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam VT Diversified Income Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam VT Equity Income Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam VT George Putnam Balanced Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam VT Global Asset Allocation Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam VT Global Equity Fund</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Putnam VT Global Health Care Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam VT Global Utilities Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam VT Growth and Income Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam VT Growth Opportunities Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam VT High Yield Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam VT Income Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam VT International Equity Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam VT International Value Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam VT International Growth Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam VT Investors Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam VT Money Market Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam VT Multi-Cap Growth Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam VT Multi-Cap Value Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam VT Research Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam VT Small Cap Value Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam VT Voyager Fund</FONT></P>

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   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>/s/ Joseph T. Phoenix</FONT>&nbsp;</TD></TR>

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   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>___________________________</FONT>&nbsp;</TD></TR>

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   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>Joseph T. Phoenix</FONT>&nbsp;</TD></TR>

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   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>Director</FONT>&nbsp;</TD></TR>

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   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif>By:</FONT>&nbsp;</TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>/s/ James P. Pappas</FONT>&nbsp;</TD></TR>

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   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>James P. Pappas</FONT>&nbsp;</TD></TR>

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<P style="MARGIN: 0px"><FONT size=2 face=sans-serif>This Sub-Advisory Contract is dated as of July 1, 2013 between and among PUTNAM INVESTMENT MANAGEMENT, LLC, a Delaware limited liability company (the &#8220;Manager&#8221;), PUTNAM INVESTMENTS LIMITED, a company organized under the laws of England and Wales (&#8220;PIL&#8221;), and THE PUTNAM ADVISORY COMPANY, LLC, a Delaware limited liability company (the &#8220;Sub-Advisor&#8221;).</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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 </FONT><FONT size=2 face=sans-serif><U>Schedule A</U> </FONT><FONT size=2 face=sans-serif>hereto, as they may from time to time be amended by the Manager (the &#8220;Funds&#8221;), and a registered investment adviser under the United States Investment Advisers Act of 1940, as amended;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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 Conduct Authority of the United Kingdom (the &#8220;FCA&#8221;) and is a sub-manager of each of the Funds pursuant to that certain Sub-Management Contract dated as of July 1, 2013 (the &#8220;PIL Sub-Management Contract&#8221;), between the Manager and PIL whereby the Manager has contracted with PIL for the management of certain portions of each of the Funds (each, a &#8220;PIL-Advised Sleeve&#8221;);</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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 authorized to provide discretionary investment advice and management in Singapore;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>WHEREAS, the Manager and PIL currently engage the Sub-Advisor from time to time to provide discretionary investment management services from the Sub-Advisor&#8217;s office in Singapore with respect to a portion of certain of the Funds:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>NOW THEREFORE, in consideration of the mutual covenants herein contained, it is agreed as follows:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>1. SERVICES TO BE RENDERED BY SUB-ADVISOR.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(a) The Sub-Advisor, at its expense, will furnish continuously an investment program for that portion of any Fund identified on </FONT><FONT size=2 face=sans-serif><U>Schedule A</U> </FONT><FONT size=2 face=sans-serif>the management of which is allocated from time to time by the Manager or PIL to the Sub-Advisor (an &#8220;Allocated Sleeve&#8221;). The Manager or PIL, as the case may be, shall, in its sole discretion, determine which Funds will have an Allocated Sleeve and the amount of assets allocated from time to time to each such Allocated Sleeve; provided that, with respect to any Fund, the Trustees of such Fund must have approved the use of the Sub-Advisor prior to the creation of an Allocated Sleeve for such Fund. The Sub-Advisor 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&#8217;s investments held in such Allocated Sleeve.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(b) The Manager may, and in the case of a PIL-Advised Sleeve, PIL may, each at its discretion, also request the Sub-Advisor 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(c), even if the Manager or PIL, as the case may be, has not established an Allocated Sleeve for such Fund.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(c) The Sub-Advisor shall place all orders for the purchase and sale of portfolio investments for any Allocated Sleeve with brokers or dealers selected by the Sub-Advisor. In the selection of such brokers or dealers and the placing of such</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>orders, the Sub-Advisor 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-Advisor, bearing in mind the Fund&#8217;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 financial stability of the broker or dealer involved and the quality of service rendered by the broker or dealer in other transactions. Subject to such policies as the Trustees of the Funds may determine, the Sub-Advisor 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, in the case of a PIL-Advised Sleeve, PIL, or the Sub-Advisor 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 Sub-Advisor 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 PIL, as the case may be, or the Sub-Advisor as to which the Manager or PIL, as the case may be, or the Sub-Advisor exercises investment discretion. The Sub-Advisor agrees that in connection with purchases or sales of portfolio investments for any Fund, neither the Sub-Advisor nor any officer, director, employee or agent of the Sub-Advisor shall act as a principal or receive any commission other than as provided in Section 3.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(d) 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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(e) 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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(f) 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&#8217;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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>2. OTHER AGREEMENTS, ETC.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>3. COMPENSATION.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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&#8217;s services rendered a fee, computed and paid quarterly at the annual rate of 0.35% per annum of average net asset value of the assets in each Allocated Sleeve of Funds identified on </FONT><U><FONT size=2 face=sans-serif>Schedule A</FONT></U><FONT size=2 face=sans-serif>.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>If the Sub-Advisor shall serve for less than the whole of a quarter, the foregoing compensation shall be prorated.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>4. ASSIGNMENT TERMINATES THIS CONTRACT; AMENDMENTS OF THIS CONTRACT.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>5. EFFECTIVE PERIOD AND TERMINATION OF </FONT><FONT size=2 face=sans-serif>THIS CONTRACT.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(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&#8217; nor less than thirty days&#8217; written notice</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>delivered or mailed by registered mail, postage prepaid, to the other parties, or</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(c) With respect to any Allocated Sleeve, automatically upon termination of the Manager&#8217;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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Termination of this Contract pursuant to this Section 5 will be without the payment of any penalty.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>6. CERTAIN DEFINITIONS.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>For the purposes of this Contract, the &#8220;affirmative vote of a majority of the outstanding shares of a Fund&#8221; 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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>For the purposes of this Contract, the terms &#8220;affiliated person,&#8221; &#8220;control,&#8221; &#8220;interested person&#8221; and &#8220;assignment&#8221; shall have their respective meanings defined in the United States Investment Company Act of 1940 and the Rules and Regulations there-under (the &#8220;1940 Act&#8221;), subject, however, to such exemptions as may be granted by the Securities and Exchange Commission under said Act; and the term &#8220;specifically approve at least annually&#8221; shall be construed in a manner consistent with the 1940 Act, and the Rules and Regulations thereunder.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>7. NON-LIABILITY OF SUB-ADVISOR.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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 </FONT><FONT size=2 face=sans-serif>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 style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>8. ADDITIONAL PROVISIONS.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(a) PIL represents that it is regulated by the FCA in the conduct of its investment business. PIL has in operation a written procedure in accordance with FCA 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 FCA. The Manager and any Fund may also request a statement describing its rights to compensation in the event of PIL&#8217;s inability to meet its liabilities.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(b) The Manager represents that it and each Fund are &#8220;Professional Customers&#8221; in the meaning of the FCA&#8217;s rules.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(c) Although each Fund is not a party hereto and shall have no responsibility for the Manager&#8217;s, PIL&#8217;s or the Sub-Advisor&#8217;s obligations hereunder, each Fund is named as explicit third party beneficiary of the parties&#8217; agreements hereunder.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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>

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   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>/s/ Joseph T. Phoenix</FONT>&nbsp;</TD></TR>

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   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>___________________________</FONT>&nbsp;</TD></TR>

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   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>Joseph T. Phoenix</FONT>&nbsp;</TD></TR>

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   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>Director</FONT>&nbsp;</TD></TR>

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   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>/s/ James P. Pappas</FONT>&nbsp;</TD></TR>

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   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>James P. Pappas</FONT>&nbsp;</TD></TR>

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   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>Director of Trustee Relations and Authorized Person</FONT>&nbsp;</TD></TR>

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   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>/s/ James F. Clark</FONT>&nbsp;</TD></TR>

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   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>James F. Clark</FONT>&nbsp;</TD></TR>

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   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>Associate General Counsel</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Schedule A</FONT></B><BR><BR><I><FONT size=2 face=sans-serif>(List of Putnam Funds updated through July 1, 2013)</FONT></I><BR><BR><FONT size=2 face=sans-serif>Putnam Absolute Return 100 Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Absolute Return 300 Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Absolute Return 500 Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Absolute Return 700 Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Asia Pacific Equity Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Capital Spectrum Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Dynamic Asset Allocation Balanced Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Dynamic Asset Allocation Conservative Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Dynamic Asset Allocation Equity Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Dynamic Asset Allocation Growth Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Emerging Markets Equity Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Equity Spectrum Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Europe Equity Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Global Consumer Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Global Dividend Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Global Energy Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Global Equity Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Global Financials Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Global Health Care Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Global Industrials Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Global Natural Resources Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Global Sector Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Global Technology Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Global Telecommunications Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Global Utilities Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam International Equity Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam International Growth Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam International Value Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Research Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam Retirement Income Fund Lifestyle 2</FONT><BR><FONT size=2 face=sans-serif>Putnam Retirement Income Fund Lifestyle 3</FONT><BR><FONT size=2 face=sans-serif>Putnam VT Absolute Return 500 Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam VT Global Asset Allocation Fund<BR></FONT><FONT size=2 face=sans-serif>Putnam VT Global Equity Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam VT Global Health Care Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam VT Global Utilities Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam VT International Equity Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam VT International Growth Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam VT International Value Fund</FONT><BR><FONT size=2 face=sans-serif>Putnam VT Research Fund</FONT></P>

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   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>/s/ Joseph T. Phoenix</FONT>&nbsp;</TD></TR>

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   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>___________________________</FONT>&nbsp;</TD></TR>

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   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>Joseph T. Phoenix</FONT>&nbsp;</TD></TR>

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   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>Director</FONT>&nbsp;</TD></TR>

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   <TD width="5%" noWrap align=left><FONT size=2 face=sans-serif>By:</FONT>&nbsp;</TD>

   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>/s/ James P. Pappas</FONT>&nbsp;</TD></TR>

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   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>___________________________</FONT>&nbsp;</TD></TR>

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   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>James P. Pappas</FONT>&nbsp;</TD></TR>

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   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>Director of Trustee Relations and Authorized Person</FONT>&nbsp;</TD></TR>

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   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>/s/ James F. Clark</FONT>&nbsp;</TD></TR>

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   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>___________________________</FONT>&nbsp;</TD></TR>

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   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>James F. Clark</FONT>&nbsp;</TD></TR>

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   <TD width="95%" noWrap align=left><FONT size=2 face=sans-serif>Associate General Counsel</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT size=4 face=sans-serif>Appendix F &#8212; Description of Contract Approval Process</FONT></B></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Previous approval of management contracts</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The approval by the Trustees in November 2013 of the proposed management contracts for your funds was preceded by their approval of interim management contracts in October 2013 and by their approval in June 2013 of the continuance of the current management contracts. The discussion below summarizes the principal factors considered by the Trustees in approving the continuance of the current management contracts in June 2013.</FONT></P>

<P style="TEXT-ALIGN: left"><I><FONT size=2 face=sans-serif>General conclusions</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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 your fund&#8217;s management contract with Putnam Investment Management (&#8220;Putnam Management&#8221;), the sub-management contract with respect to your fund between Putnam Management and its affiliate, Putnam Investments Limited (&#8220;PIL&#8221;), and (for applicable funds) the sub-advisory contract among Putnam Management, PIL, and another affiliate, The Putnam Advisory Company (&#8220;PAC&#8221;). The Board of Trustees, with the assistance of its Contract Committee, requests and evaluates all information it deems reasonably necessary under the circumstances in connection with its annual contract review. The Contract Committee consists solely of Trustees who are not &#8220;interested persons&#8221; (as this term is defined in the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;)) of the Putnam funds (&#8220;Independent Trustees&#8221;).</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>At the outset of the review process, members of the Board&#8217;s independent staff and independent legal counsel met with representatives of Putnam Management to review the annual contract review materials furnished to the Contract Committee during the course of the previous year&#8217;s review and to discuss possible changes in these materials that might be necessary or desirable for the coming year. Following these discussions and in consultation with the Contract Committee, the Independent Trustees&#8217; independent legal counsel requested that Putnam Management furnish specified information, together with any additional information that Putnam Management considered relevant, to the Contract Committee. Over the course of several months ending in June 2013, the Contract Committee met on a number of occasions with representatives of Putnam Management, and separately in executive session, to consider the information that Putnam Management provided. Throughout this process, the Contract Committee was assisted by the members of the Board&#8217;s independent staff and by independent legal counsel for the Putnam funds and the Independent Trustees.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In May 2013, the Contract Committee met in executive session to discuss and consider its preliminary recommendations with </FONT><FONT size=2 face=sans-serif>respect to the continuance of the contracts. At the Trustees&#8217; June 20, 2013 meeting, the Contract Committee met in executive session with the other Independent Trustees to review a summary of the key financial data that the Contract Committee considered in the course of its review. The Contract Committee then presented its written report, which summarized the key factors that the Committee had considered and set forth its final recommendations. The Contract Committee then recommended, and the Independent Trustees approved, the continuance of your fund&#8217;s management, sub-management and (for applicable funds) sub-advisory contracts, effective July 1, 2013, subject to certain changes in the sub-management and sub-advisory contracts noted below. (Because PIL and PAC are affiliates of Putnam Management and Putnam Management remains fully responsible for all services provided by PIL and PAC, the Trustees have not evaluated PIL or PAC as separate entities, and all subsequent references to Putnam Management below should be deemed to include reference to PIL and PAC as necessary or appropriate in the context.)</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Independent Trustees&#8217; approval was based on the following conclusions:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#8226; That the fee schedule in effect for your fund represented reasonable compensation in light of the nature and quality of the services being provided to the fund, the fees paid by competitive funds, and the costs incurred by Putnam Management in providing services to the fund, and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>&#8226; That the fee schedule represented an appropriate sharing between fund shareholders and Putnam Management of such economies of scale as may exist in the management of the fund at current asset levels.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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&#8217; 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 management arrangements for your fund and the other Putnam funds are the result of many years of review and discussion between the Independent Trustees and Putnam Management, that some aspects of the arrangements may receive greater scrutiny in some years than others, and that the Trustees&#8217; conclusions may be based, in part, on their consideration of fee arrangements in previous years. For example, with some minor exceptions, the current fee arrangements in the management contracts for the Putnam funds were implemented at the beginning of 2010 following extensive review and discussion by the Trustees, as well as approval by shareholders.</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>As noted above, the Trustees considered certain administrative revisions to your fund&#8217;s sub-management and sub-advisory contracts. Putnam Management recommended that the sub-management contract be revised to reduce the sub-management fee that Putnam Management pays to PIL with respect to the portion of the portfolios of certain funds that may be allocated to PIL from time to time. Putnam Management also recommended that the sub-advisory contract be revised to reflect the closure of PAC&#8217;s Tokyo office and the termination of PAC&#8217;s non-discretionary investment adviser&#8217;s license with respect to that office. The Independent Trustees&#8217; approval of these recommendations was based on their conclusion that these changes would have no practical effect on Putnam Management&#8217;s continued responsibility for the management of these funds or the costs borne by fund shareholders and would not result in any reduction in the nature and quality of services provided to the funds.</FONT></P>

<P style="TEXT-ALIGN: left"><I><FONT size=2 face=sans-serif>Management fee schedules and total expenses</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Trustees reviewed the management fee schedules in effect for all Putnam funds, including fee levels and breakpoints. The Trustees also reviewed the total expenses of each Putnam fund, recognizing that in most cases management fees represented the major, but not the sole, determinant of total costs to shareholders.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In reviewing fees and expenses, the Trustees generally focus their attention on material changes in circumstances &#8212; for example, changes in assets under management, changes in a fund&#8217;s investment style, changes in Putnam Management&#8217;s operating costs or profitability, or changes in competitive practices in the mutual fund industry &#8212; that suggest that consideration of fee changes might be warranted. The Trustees concluded that the circumstances did not warrant changes to the management fee structure of any fund.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Under its management contract, the open-end funds have the benefit of breakpoints in their management fee schedules that provide shareholders with economies of scale in the form of reduced fee levels as assets under management in the Putnam family of funds increase, and each closed-end funds have the benefit of breakpoints in their management fee schedules that provide shareholders with economies of scale in the form of reduced fee levels as the fund&#8217;s assets increase. The Trustees concluded that the fee schedule in effect for your fund represented an appropriate sharing of economies of scale between fund shareholders and Putnam Management.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In addition, certain fund&#8217;s management contracts provides that the fund&#8217;s management fees will be adjusted up or down depending upon whether the fund&#8217;s performance is better or worse than the performance of an appropriate index of securities prices specified in the management contract. In the course of reviewing investment performance, the Trustees examined </FONT><FONT size=2 face=sans-serif>the operation of those fund&#8217;s performance fees and concluded that the fees were operating effectively to align further Putnam Management&#8217;s economic interests with those of the fund&#8217;s shareholders.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>As in the past, the Trustees also focused on the competitiveness of each fund&#8217;s total expense ratio. In order to ensure that expenses of the Putnam funds continue to meet competitive standards, the Trustees and Putnam Management have implemented certain expense limitations. These expense limitations were: (i) a contractual expense limitation applicable to all retail open-end funds of 32 basis points on investor servicing fees and expenses and (ii) a contractual expense limitation applicable to all open-end funds of 20 basis points on so-called &#8220;other expenses&#8221; (i.e., all expenses exclusive of management fees, investor servicing fees, distribution fees, investment-related expenses, interest, taxes, brokerage commissions, extraordinary expenses and acquired fund fees and expenses). These expense limitations serve in particular to maintain competitive expense levels for funds with large numbers of small shareholder accounts and funds with relatively small net assets. Most funds had sufficiently low expenses that these expense limitations did not apply. Putnam Management&#8217;s support for these expense limitations, including its agreement to reduce the expense limitation applicable to the open-end funds&#8217; investor servicing fees and expenses as noted above, was an important factor in the Trustees&#8217; decision to approve the continuance of your fund&#8217;s management, sub-management and sub-advisory contracts.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>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. (determined for each Putnam fund and the other funds in the custom peer group based on fund asset size and the applicable contractual management fee schedule), each Putnam fund ranked in particular percentiles in management fees and total expenses (excluding 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, 2012 (the first quintile representing the least expensive funds and the fifth quintile the most expensive funds). (The comparative fee and expense information for Putnam Global Sector Fund, Putnam Retirement Income Fund Lifestyle 1, Putnam Retirement Income Fund Lifestyle 2, Putnam Retirement Income Fund Lifestyle 3 and each Putnam RetirementReady Fund included the fees and expenses of the underlying Putnam funds in which these funds invested, as well as the fees and expenses of the underlying funds in which each fund in these funds&#8217; Lipper peer group invested.) The fee and expense data reported by Lipper as of December 31, 2012 reflected the most recent fiscal year-end data available in Lipper&#8217;s database at that time.</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>In connection with their review of the management fees and total expenses of the Putnam funds, the Trustees also reviewed the costs of the services provided and the profits realized by Putnam Management and its affiliates from their contractual relationships with the funds. This information included trends in revenues, expenses and profitability of Putnam Management and its affiliates relating to the investment management, investor servicing and distribution services provided to the funds. In this regard, the Trustees also reviewed an analysis of Putnam Management&#8217;s revenues, expenses and profitability, allocated on a fund-by-fund basis, with respect to the funds&#8217; management, distribution, and investor servicing contracts. For each fund, the analysis presented information about revenues, expenses and profitability for each of the agreements separately and for the agreements taken together on a combined basis. The Trustees concluded that, at current asset levels, the fee schedules in place represented reasonable compensation for the services being provided and represented an appropriate sharing of such economies of scale as may exist in the management of the Putnam funds at that time.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The information examined by the Trustees as part of their annual contract review for the Putnam funds 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, and the like. This information included comparisons of those fees with fees charged to the funds, as well as an assessment of the differences in the services provided to these different types of clients. The Trustees observed that the differences in fee rates between institutional clients and mutual funds are by no means uniform when examined by individual asset sectors, suggesting that differences in the pricing of investment management services to these types of clients may reflect historical competitive forces operating in separate markets. The Trustees considered the fact that in many cases fee rates across different asset classes are higher on average for mutual funds than for institutional clients, as well as the differences between the services that Putnam Management provides to the Putnam funds and those that it provides to its institutional clients. The Trustees did not rely on these comparisons to any significant extent in concluding that the management fees paid by your fund are reasonable.</FONT></P>

<P style="TEXT-ALIGN: left"><I><FONT size=2 face=sans-serif>Investment performance</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The quality of the investment process provided by Putnam Management represented a major factor in the Trustees&#8217; evaluation of the quality of services provided by Putnam Management under your fund&#8217;s management contract. The Trustees were assisted in their review of the Putnam funds&#8217; investment process and performance by the work of the investment oversight committees of the Trustees, which meet on a regular basis with the funds&#8217; portfolio teams and with the Chief Investment Officer </FONT><FONT size=2 face=sans-serif>and other senior members of Putnam Management&#8217;s Investment Division throughout the year. The Trustees concluded that Putnam Management generally provides a high-quality investment process &#8212; based on the experience and skills of the individuals assigned to the management of fund portfolios, the resources made available to them, and in general Putnam Management&#8217;s ability to attract and retain high-quality personnel &#8212; but also recognized that this does not guarantee favorable investment results for every fund in every time period.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Trustees considered that 2012 was a year of strong competitive performance for many of the Putnam funds, with only a relatively small number of exceptions. They noted that this strong performance was exemplified by the fact that the Putnam funds were recognized by Barron&#8217;s as the best performing mutual fund complex for 2012 &#8212; the second time in four years that Putnam Management has achieved this distinction for the Putnam funds. They also noted, however, the disappointing investment performance of some funds for periods ended December 31, 2012 and considered information provided by Putnam Management regarding the factors contributing to the underperformance and actions being taken to improve the performance of these particular funds. The Trustees indicated their intention to continue to monitor performance trends to assess the effectiveness of these efforts and to evaluate whether additional actions to address areas of underperformance are warranted.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>For purposes of evaluating investment performance, the Trustees generally focus on competitive industry rankings for the one-year, three-year, and five-year periods. For a number of Putnam funds with relatively unique investment mandates, the Trustees evaluated performance based on comparisons of their absolute gross returns with the returns of selected investment benchmarks or targeted annualized returns.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Trustees also considered a number of other changes that Putnam Management had made in recent years in efforts to support and improve fund performance generally. These changes included Putnam Management&#8217;s efforts to increase accountability and to reduce complexity in the portfolio management process for the Putnam equity funds by moving generally from a portfolio management team structure to a decision-making process that vests full authority and responsibility with individual portfolio managers and by affirming its commitment to a fundamental-driven approach to investing. The Trustees noted that Putnam Management had also worked to strengthen its fundamental research capabilities by adding new investment personnel to the large-cap equities research team and by bringing U.S. and international research under common leadership. In addition, the Trustees recognized that Putnam Management has adjusted the compensation structure for portfolio managers and research analysts so that only those</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>who achieve top-quartile returns over a rolling three-year basis are eligible for full bonuses.</FONT></P>

<P style="TEXT-ALIGN: left"><I><FONT size=2 face=sans-serif>Brokerage and soft-dollar allocations; investor servicing</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Trustees considered various potential benefits that Putnam Management may receive in connection with the services it provides under the management contract with your fund. These include benefits related to brokerage allocation and the use of soft dollars, whereby a portion of the commissions paid by a fund for brokerage may be used to acquire research services that are expected to be useful to Putnam Management in managing the assets of the fund and of other clients. Subject to policies established by the Trustees, soft dollars generated by these means are used primarily to acquire brokerage and research services that enhance Putnam Management&#8217;s investment capabilities and supplement Putnam Management&#8217;s internal research efforts. However, the Trustees noted that a portion of available brokerage commissions continues to be used to pay fund expenses. The Trustees indicated their continued intent to monitor regulatory and industry developments in this area with the assistance of their </FONT><FONT size=2 face=sans-serif>Brokerage Committee and also indicated their continued intent to monitor the allocation of the Putnam funds&#8217; brokerage in order to ensure that the principle of seeking best price and execution remains paramount in the portfolio trading process.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Putnam Management may also receive benefits from payments that the funds make to Putnam Management&#8217;s affiliates for investor or distribution services. In conjunction with the annual review of the funds&#8217; management, sub-management and sub-advisory contracts, the Trustees reviewed the funds&#8217; investor servicing agreement with Putnam Investor Services, Inc. (&#8220;PSERV&#8221;) and the open-end funds&#8217; distributor&#8217;s contracts and distribution plans with Putnam Retail Management Limited Partnership (&#8220;PRM&#8221;), both of which are affiliates of Putnam Management. The Trustees concluded that the fees payable by the funds to PSERV and PRM, as applicable, for such services are reasonable in relation to the nature and quality of such services, the fees paid by competitive funds, and the costs incurred by PSERV and PRM, as applicable, in providing such services.</FONT></P>

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<P style="TEXT-ALIGN: left"><B><FONT size=4 face=sans-serif>Appendix G &#8212; Auditors</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>As listed below, the Trustees have selected PricewaterhouseCoopers LLP, 125 High Street, Boston, Massachusetts 02110, or KPMG, 99 High Street, Boston, Massachusetts 02110, as the auditors for each fund&#8217;s current fiscal year. These firms are among the country&#8217;s preeminent auditors. Each firm was selected primarily on the basis of its expertise as auditors of investment companies, the quality of its audit services and the competitiveness of its fees. Representatives of each of PricewaterhouseCoopers LLP and KPMG LLP are expected to be present at the special meeting and to have the opportunity to make a statement and respond to appropriate questions.</FONT></P>

<P style="TEXT-ALIGN: left"><I><FONT size=2 face=sans-serif>A note for funds audited by PricewaterhouseCoopers LLP</FONT></I></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>A non-U.S. member firm in PricewaterhouseCoopers LLP&#8217;s global network of firms has an investment in certain non-U.S. funds now affiliated with Putnam Investments as a result of the July 2013 acquisition of the funds&#8217; advisor by Putnam&#8217;s parent company, Great-West Lifeco Inc. The investment consists of pension plan assets for the benefit of the member firm&#8217;s personnel. The investment is inconsistent with the requirements of the Securities </FONT><FONT size=2 face=sans-serif>and Exchange Commission&#8217;s auditor independence rules. Your fund has been informed by PricewaterhouseCoopers LLP that to address this issue, the member firm is in the process of selecting different advisors not affiliated with Putnam to manage the relevant pension plans and transferring the plans&#8217; assets to such advisors. None of the member firm&#8217;s personnel is on the PricewaterhouseCoopers LLP audit team for your fund, and none of the members of the audit team participates in the member firm&#8217;s pension plans. Based on its knowledge of the facts and its experience with PricewaterhouseCoopers LLP, the Audit and Compliance Committee of your fund&#8217;s Board of Trustees concluded that the investment by the PricewaterhouseCoopers LLP member firm would not affect PricewaterhouseCoopers LLP&#8217;s ability to render an objective audit opinion to your fund. Based on this conclusion and consideration of the potential risks that the disruption of a change of auditors could present, the Audit and Compliance Committee determined that PricewaterhouseCoopers LLP should continue to act as auditors for your fund.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The following table presents fees billed to each indicated fund in each of its last two fiscal years ended prior to October 1, 2013 by PricewaterhouseCoopers LLP:</FONT></P>

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   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Fiscal Year Ended</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>Audit Fees</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Audit-Related Fees</FONT></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right><B><FONT size=1 face=sans-serif>Tax Fees</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>All Other Fees</FONT></B>&nbsp;</TD></TR>

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   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Absolute Return 500 Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>October 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$154,468</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$14,706</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1,679</FONT>&nbsp;</TD></TR>

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   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>October 31, 2011</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$149,752</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$10,157</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

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   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Absolute Return 700 Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>October 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$148,606</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$14,700</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1,417</FONT>&nbsp;</TD></TR>

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   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>October 31, 2011</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$159,580</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$9,925</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

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   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam American Government Income Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>September 30, 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$119,789</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$8,976</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>September 30, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$118,259</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$9,036</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1,571</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam AMT-Free Municipal Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$65,477</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$11,267</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$60,516</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$11,298</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$799</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Capital Opportunities Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>April 30, 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$62,119</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$5,474</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>April 30, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$61,723</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$5,416</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$656</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Capital Spectrum Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>April 30, 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$95,656</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$9,549</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>April 30, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$66,762</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$9,417</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1,399</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Dynamic Asset Allocation Balanced Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>September 30, 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$154,835</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$31,190</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>September 30, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$220,012</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$31,591</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$2,522</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Dynamic Asset Allocation Conservative Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>September 30, 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$128,446</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$29,790</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>September 30, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$181,777</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$29,883</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1,071</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Dynamic Asset Allocation Equity Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>May 31, 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$73,558</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$11,870</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>May 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$75,260</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$14,922</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$39</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Dynamic Asset Allocation Growth Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>September 30, 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$161,823</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$34,890</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>September 30, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$229,014</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$33,559</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$3,084</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Europe Equity Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>June 30, 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$62,142</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$8,593</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>June 30, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$60,553</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$8,397</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$302</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>The Putnam Fund for Growth and Income</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>October 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$234,489</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$8,407</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$8,735</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>October 31, 2011</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$272,321</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$12,363</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>The George Putnam Fund of Boston (d/b/a</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$117,377</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$15,659</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>George Putnam Balanced Fund)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="13%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$136,346</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$15,750</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$2,356</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Global Health Care Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>August 31, 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$96,943</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$10,066</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>August 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$76,430</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$10,142</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1,902</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Global Income Trust</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>October 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$174,155</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$17,851</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$734</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>October 31, 2011</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$149,859</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$10,944</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>G-1</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_101"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="32%"></TD>

   <TD width="15%"></TD>

   <TD width="10%"></TD>

   <TD width="15%"></TD>

   <TD width="13%"></TD>

   <TD width="14%"></TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Fiscal Year Ended</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>Audit Fees</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Audit-Related Fees</FONT></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right><B><FONT size=1 face=sans-serif>Tax Fees</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>All Other Fees</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Global Sector Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>October 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$12,251</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$5,538</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>October 31, 2011</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$16,573</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$3,137</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Global Utilities Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>August 31, 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$56,726</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$13,449</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>August 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$52,359</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$13,014</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$459</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam High Income Securities Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>August 31, 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$72,576</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$16,169</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>August 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$105,084</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$16,179</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$273</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam International Capital Opportunities Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>August 31, 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$91,226</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$21,985</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>August 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$74,070</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$15,630</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1,807</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam International Equity Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>June 30, 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$109,525</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$15,476</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>June 30, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$89,613</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$15,497</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$2,059</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam International Growth Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>September 30, 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$75,191</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$17,835</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>September 30, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$75,298</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$16,822</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$669</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam International Value Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>June 30, 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$65,642</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$11,466</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>June 30, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$56,665</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$11,298</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$420</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Massachusetts Tax Exempt Income Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>May 31, 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$56,188</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$11,521</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>May 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$52,439</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$11,211</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$647</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Michigan Tax Exempt Income Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>May 31, 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$45,321</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$11,521</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>May 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$41,736</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$11,192</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$154</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Minnesota Tax Exempt Income Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>May 31, 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$46,563</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$11,521</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>May 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$44,128</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$11,194</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$204</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Money Market Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>September 30, 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$91,529</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$4,010</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>September 30, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$107,675</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$4,165</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$3,655</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Multi-Cap Growth Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>June 30, 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$211,800</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$5,474</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>June 30, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$137,804</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$5,550</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$6,304</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Municipal Opportunities Trust</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>April 30, 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$74,048</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$32,284</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$11,395</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>April 30, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$71,280</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$31,344</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$12,604</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1,083</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam New Jersey Tax Exempt Income Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>May 31, 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$52,845</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$11,521</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>May 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$48,126</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$11,205</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$500</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Ohio Tax Exempt Income Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>May 31, 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$48,608</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$11,521</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>May 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$47,678</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$11,198</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$299</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Pennsylvania Tax Exempt Income Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>May 31, 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$51,805</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$11,521</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>May 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$47,454</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$11,204</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$459</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam RetirementReady 2055 Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$562</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$223</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$214</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$105</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam RetirementReady 2050 Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$5,521</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$2,189</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$3,598</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$1,760</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam RetirementReady 2045 Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$7,762</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$3,077</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$5,786</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$2,830</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam RetirementReady 2040 Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$11,198</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$4,439</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$8,386</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$4,101</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam RetirementReady 2035 Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$16,482</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$6,533</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$12,874</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$6,296</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam RetirementReady 2030 Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$21,611</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$8,567</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$17,287</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$8,455</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam RetirementReady 2025 Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$25,172</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$9,978</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$20,211</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$9,885</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam RetirementReady 2020 Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$22,129</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$8,772</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$18,931</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$9,259</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam RetirementReady 2015 Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$16,124</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$6,391</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$15,025</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$7,348</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Retirement Income Fund Lifestyle 1</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$14,270</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$5,657</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$11,830</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$5,786</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Retirement Income Fund Lifestyle 2</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>August 31, 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$47,809</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$7,416</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>August 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$52,490</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$7,416</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$11</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=1 face=sans-serif>G-2</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_102"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="32%"></TD>

   <TD width="15%"></TD>

   <TD width="10%"></TD>

   <TD width="15%"></TD>

   <TD width="13%"></TD>

   <TD width="14%"></TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Fiscal Year Ended</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>Audit Fees</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Audit-Related Fees</FONT></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right><B><FONT size=1 face=sans-serif>Tax Fees</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>All Other Fees</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Retirement Income Fund Lifestyle 3</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>February 28, 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$82,890</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$7,575</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>February 29, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$88,434</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$4,290</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$31</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Short Term Investment Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>July 31, </FONT><FONT size=1 face=sans-serif>2013<SUB> </SUB></FONT><FONT size=1 face=sans-serif><SUP>(1)</SUP></FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$63,545</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$3,600</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Small Cap Growth Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>June 30, 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$52,294</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$7,066</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>June 30, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$52,075</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$6,899</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$238</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Tax Exempt Money Market Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>September 30, 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$46,945</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$4,392</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>September 30, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$44,394</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$4,396</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$110</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Tax-Free High Yield Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$96,150</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$12,859</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$83,316</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$12,939</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$2,049</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Voyager Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$220,449</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$9,756</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$187,242</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$10,826</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$7,414</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam VT Absolute Return 500 Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$91,404</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$6,592</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$25</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2011</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$75,795</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$5,601</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam VT American Government Income Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$60,234</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$3,140</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$281</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2011</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$51,923</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$2,678</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam VT Capital Opportunities Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$28,450</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$2,122</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$64</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2011</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$31,600</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$1,813</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam VT Diversified Income Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$174,153</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$8,445</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$890</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2011</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$153,148</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$9,360</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam VT Equity Income Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$44,867</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$2,122</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$731</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2011</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$49,013</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$1,828</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam VT George Putnam Balanced Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$91,318</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$5,856</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$365</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2011</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$94,486</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$4,994</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam VT Global Asset Allocation Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$137,663</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$11,506</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$426</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2011</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$128,870</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$9,031</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam VT Global Equity Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$64,252</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$7,214</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$392</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2011</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$67,301</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$9,196</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam VT Global Health Care Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$33,940</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$3,961</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$201</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2011</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$37,320</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$3,598</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam VT Global Utilities Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$33,011</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$4,852</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$246</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2011</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$36,806</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$4,358</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam VT Growth and Income Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$95,108</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$3,480</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$2,337</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2011</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$107,799</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$3,042</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam VT Growth Opportunities Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$35,470</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$2,461</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$48</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2011</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$37,541</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$2,092</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam VT High Yield Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$92,091</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$5,135</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$775</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2011</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$95,878</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$4,391</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam VT Income Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$146,842</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$3,904</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$797</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2011</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$124,754</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$3,349</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam VT International Equity Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$63,920</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$5,659</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$839</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2011</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$71,173</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$3,564</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam VT International Growth Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$42,998</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$8,856</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$115</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2011</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$46,085</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$10,758</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam VT International Value Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$43,359</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$4,937</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$225</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2011</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$47,613</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$5,963</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam VT Investors Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$42,050</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$3,961</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$476</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2011</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$46,458</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$6,608</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam VT Money Market Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$52,382</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$1,994</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$517</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2011</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$56,515</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$1,717</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam VT Multi-Cap Growth Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$52,852</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$2,461</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1,311</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2011</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$60,230</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$2,139</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam VT Multi-Cap Value Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$28,553</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$2,122</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$69</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2011</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$31,721</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$1,814</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam VT Research Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$35,616</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$2,716</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$112</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2011</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$38,000</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$2,310</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>G-3</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_103"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="32%"></TD>

   <TD width="15%"></TD>

   <TD width="10%"></TD>

   <TD width="15%"></TD>

   <TD width="13%"></TD>

   <TD width="14%"></TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Fiscal Year Ended</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>Audit Fees</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Audit-Related Fees</FONT></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right><B><FONT size=1 face=sans-serif>Tax Fees</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>All Other Fees</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam VT Small Cap Value Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$36,454</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$2,631</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$459</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2011</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$41,588</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$2,250</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam VT Voyager Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$87,826</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$4,961</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1,588</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2011</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$98,551</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$5,756</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif>(1) The amounts for Putnam Short Term Investment Fund represent fees for the period February 19, 2013 (commencement of operations) to the fiscal period ended July 31, 2013.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The following table presents fees billed to each indicated fund in each of its last two fiscal years ended prior to October 1, 2013 by KPMG LLP:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="32%"></TD>

   <TD width="15%"></TD>

   <TD width="10%"></TD>

   <TD width="15%"></TD>

   <TD width="13%"></TD>

   <TD width="14%"></TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Fiscal Year Ended</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>Audit Fees</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Audit-Related Fees</FONT></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right><B><FONT size=1 face=sans-serif>Tax Fees</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>All Other Fees</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Absolute Return 100 Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>October 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$87,871</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$5,150</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>October 31, 2011</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$86,191</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$5,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Absolute Return 300 Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>October 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$88,458</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$5,150</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>October 31, 2011</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$86,680</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$5,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Arizona Tax Exempt Income Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>May 31, 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$51,929</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$6,300</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>May 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$44,743</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$6,100</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Asia Pacific Equity Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>April 30, 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$37,955</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$3,450</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>April 30, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$41,355</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$3,350</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam California Tax Exempt Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>September 30, 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$58,141</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$6,458</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>September 30, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$56,702</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$6,300</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Convertible Securities Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>October 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$36,744</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$4,100</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>October 31, 2011</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$45,079</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$4,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Diversified Income Trust</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>September 30, 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$148,356</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$6,458</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>September 30, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$153,715</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$6,300</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Dynamic Risk Allocation Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>May 31, 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$65,488</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$4,650</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>May 31, </FONT><FONT size=1 face=sans-serif>2012<SUB> </SUB></FONT><FONT size=1 face=sans-serif><SUP>(1)</SUP></FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$70,513</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$4,500</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Emerging Markets Equity Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>August 31, 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$45,734</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$4,963</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>August 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$44,622</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$4,850</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Equity Income Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>November 30, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$43,672</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$4,100</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>November 30, 2011</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$52,940</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$4,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Equity Spectrum Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>April 30, 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$36,893</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$3,450</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>April 30, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$41,599</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$3,350</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Floating Rate Income Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>February 28, 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$83,263</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$6,900</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>February 29, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$80,841</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$6,700</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Global Consumer Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>August 31, 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$39,684</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$4,300</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>August 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$38,708</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$4,200</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Global Energy Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>August 31, 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$39,686</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$4,300</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>August 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$38,711</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$4,200</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Global Equity Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>October 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$41,872</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$4,650</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>October 31, 2011</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$58,738</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$4,550</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Global Financials Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>August 31, 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$39,684</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$4,300</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>August 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$42,705</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$4,200</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Global Industrials Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>August 31, 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$39,682</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$4,300</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>August 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$38,706</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$4,200</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Global Natural Resources Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>August 31, 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$39,763</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$4,200</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>August 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$42,810</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$4,100</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Global Technology Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>August 31, 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$39,682</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$4,300</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>August 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$38,707</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$4,200</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Global Telecommunications Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>August 31, 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$39,684</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$4,300</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>August 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$38,706</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$4,200</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Growth Opportunities Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$42,920</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$4,200</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$45,752</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$4,100</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam High Yield Advantage Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>November 30, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$80,880</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$4,450</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>November 30, 2011</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$82,325</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$4,350</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=1 face=sans-serif>G-4</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_104"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="32%"></TD>

   <TD width="15%"></TD>

   <TD width="10%"></TD>

   <TD width="15%"></TD>

   <TD width="13%"></TD>

   <TD width="14%"></TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Fiscal Year Ended</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>Audit Fees</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Audit-Related Fees</FONT></B>&nbsp;</TD>

   <TD width="13%" noWrap align=right><B><FONT size=1 face=sans-serif>Tax Fees</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>All Other Fees</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam High Yield Trust</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>August 31, 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$77,467</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$6,457</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>August 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$81,549</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$6,300</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Income Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>October 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$109,651</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$6,300</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>October 31, 2011</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$101,397</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$6,100</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Investors Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$39,093</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$4,200</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$41,716</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$4,100</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Low Volatility Equity Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>July 31, </FONT><FONT size=1 face=sans-serif>2013<SUB> </SUB></FONT><FONT size=1 face=sans-serif><SUP>(2)</SUP></FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$33,504</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$3,500</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Managed Municipal Income Trust</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>October 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$68,324</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$26,550</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$6,300</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>October 31, 2011</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$66,220</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$25,300</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$6,100</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Master Intermediate Income Trust</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>September 30, 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$129,389</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$6,458</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>September 30, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$136,019</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$6,300</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Money Market Liquidity Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>September 30, 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$38,091</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$3,425</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>September 30, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$37,953</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$3,350</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Multi-Cap Core Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>April 30, 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$28,456</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$2,950</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>April 30, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$32,405</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$2,900</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Multi-Cap Value Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>April 30, 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$34,331</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$4,100</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>April 30, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$45,045</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$4,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam New York Tax Exempt Income Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>November 30, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$56,439</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$6,300</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>November 30, 2011</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$56,941</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$6,100</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Premier Income Trust</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$153,053</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$6,458</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$158,194</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$6,300</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Research Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$36,668</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$4,200</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$39,696</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$4,100</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Short Duration Income Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$64,867</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$4,100</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>July 31, </FONT><FONT size=1 face=sans-serif>2012<SUB> </SUB></FONT><FONT size=1 face=sans-serif><SUP>(3)</SUP></FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$62,909</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$7,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Small Cap Value Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>February 28, 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$36,471</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$4,100</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>February 29, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$48,651</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$4,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Strategic Volatility Equity Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>July 31, </FONT><FONT size=1 face=sans-serif>2013<SUB> </SUB></FONT><FONT size=1 face=sans-serif><SUP>(2)</SUP></FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$33,501</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$3,500</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Tax Exempt Income Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>September 30, 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$57,855</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$6,458</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>September 30, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$56,432</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$6,300</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left><B><FONT size=1 face=sans-serif>Putnam U.S. Government Income Trust</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>September 30, 2013</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$116,925</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$4,763</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="32%" noWrap align=left>&nbsp;</TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>September 30, 2012</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>$122,150</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD>

   <TD width="13%" noWrap align=right><FONT size=1 face=sans-serif>$4,650</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$&#8212;</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=6>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif>(1) The amounts for Putnam Dynamic Risk Allocation Fund represent fees for the period September 19, 2011 (commencement of operations) to the fiscal period ended May 31, 2012.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>(2) The amounts for Putnam Low Volatility Equity Fund and Putnam Strategic Volatility Equity Fund represent fees for the period March 18, 2013 (commencement of operations) to the fiscal period ended July 31, 2013.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>(3) The amounts for Putnam Short Duration Income Fund represent fees for the period October 17, 2011 (commencement of operations) to the fiscal period ended July 31, 2012.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>G-5</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_105"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>As of the date of this proxy statement, the following funds had not yet completed a full fiscal year of operations: Putnam Emerging Markets Income Fund; Putnam Global Dividend Fund; Putnam Intermediate-Term Municipal Income Fund; and Putnam Short-Term Municipal Income Fund (each audited by KPMG LLP).</FONT></P>

<P style="TEXT-ALIGN: left"><B><I><FONT size=2 face=sans-serif>Audit Fees </FONT></I></B><FONT size=2 face=sans-serif>represent fees billed for a fund&#8217;s last two fiscal years relating to the audit and review of the financial statements included in annual reports and registration statements, and other services that are normally provided in connection with statutory and regulatory filings or engagements. Audit-Related Fees represent fees billed in a fund&#8217;s last two fiscal years for services traditionally performed by the fund&#8217;s auditor, including accounting consultation for proposed transactions or concerning financial accounting and reporting standards and other audit or attest services not required by statute or regulation.</FONT></P>

<P style="TEXT-ALIGN: left"><B><I><FONT size=2 face=sans-serif>Tax Fees </FONT></I></B><FONT size=2 face=sans-serif>represent fees billed in a fund&#8217;s last two fiscal years for tax compliance, tax planning and tax advice services. Tax planning and tax advice services include assistance with tax audits, employee benefit plans and requests for rulings or technical advice from taxing authorities.</FONT></P>

<P style="TEXT-ALIGN: left"><B><I><FONT size=2 face=sans-serif>All Other Fees </FONT></I></B><FONT size=2 face=sans-serif>represent fees billed for services relating to analysis of fund profitability.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The following tables present the amounts PricewaterhouseCoopers LLP billed for aggregate non-audit fees to each fund, Putnam Management and any entity controlling, controlled by or under common control with Putnam Management that provides ongoing services to the fund in each of the fund&#8217;s last two fiscal years ended prior to October 1, 2013:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="49%"></TD>

   <TD width="25%"></TD>

   <TD width="25%"></TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Absolute Return 500 Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Oct. 31, 2012: $255,895</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Oct. 31, 2011: $187,539</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Absolute Return 700 Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Oct. 31, 2012: $255,626</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Oct. 31, 2011: $187,307</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam American Government Income Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Sept. 30, 2013: $158,976</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Sept. 30, 2012: $172,616</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam AMT-Free Municipal Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013: $158,767</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2012: $174,106</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Capital Opportunities Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>April 30, 2013: $152,974</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>April 30, 2012: $123,453</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Capital Spectrum Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>April 30, 2013: $157,049</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>April 30, 2012: $128,199</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Dynamic Asset Allocation Balanced Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Sept. 30, 2013: $181,190</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Sept. 30, 2012: $196,121</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Dynamic Asset Allocation Conservative Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Sept. 30, 2013: $179,790</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Sept. 30, 2012: $192,963</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Dynamic Asset Allocation Equity Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>May 31, 2013: $159,370</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>May 31, 2012: $107,713</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Dynamic Asset Allocation Growth Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Sept. 30, 2013: $184,890</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Sept. 30, 2012: $198,652</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Europe Equity Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>June 30, 2013: $156,093</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>June 30, 2012: $201,713</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>The Putnam Fund for Growth and Income</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Oct. 31, 2012: $256,651</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Oct. 31, 2011: $189,745</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>The George Putnam Fund of Boston (d/b/a</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013: $163,159</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2012: $180,115</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam Balanced Fund)</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left>&nbsp;</TD>

   <TD width="25%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Global Health Care Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Aug. 31, 2013: $157,566</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Aug. 31, 2012: $174,052</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Global Income Trust</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Oct. 31, 2012: $258,095</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Oct. 31, 2011: $188,326</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Global Sector Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Oct. 31, 2012: $245,047</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Oct. 31, 2011: $180,519</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Global Utilities Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Aug. 31, 2013: $160,949</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Aug. 31, 2012: $175,482</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam High Income Securities Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Aug. 31, 2013: $163,669</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Aug. 31, 2012: $178,460</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam International Capital Opportunities Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Aug. 31, 2013: $169,485</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Aug. 31, 2012: $179,446</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam International Equity Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>June 30, 2013: $162,976</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>June 30, 2012: $210,569</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam International Growth Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Sept. 30, 2013: $167,835</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Sept. 30, 2012: $179,500</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam International Value Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>June 30, 2013: $158,966</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>June 30, 2012: $ 204,732</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Massachusetts Tax Exempt Income Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>May 31, 2013: $159,021</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>May 31, 2012: $104,610</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Michigan Tax Exempt Income Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>May 31, 2013: $159,021</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>May 31, 2012: $104,098</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Minnesota Tax Exempt Income Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>May 31, 2013: $159,021</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>May 31, 2012: $104,150</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Money Market Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Sept. 30, 2013: $154,010</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Sept. 30, 2012: $169,828</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Multi-Cap Growth Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>June 30, 2013: $152,974</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>June 30, 2012: $204,867</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Municipal Opportunities Trust</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>April 30, 2013: $191,179</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>April 30, 2012: $162,414</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam New Jersey Tax Exempt Income Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>May 31, 2013: $159,021</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>May 31, 2012: $104,150</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Ohio Tax Exempt Income Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>May 31, 2013: $159,021</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>May 31, 2012: $104,248</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Pennsylvania Tax Exempt Income Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>May 31, 2013: $159,021</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>May 31, 2012: $104,415</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam RetirementReady 2055 Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013: $147,723</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2012: $162,114</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam RetirementReady 2050 Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013: $149,689</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2012: $163,769</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam RetirementReady 2045 Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013: $150,577</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2012: $164,839</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam RetirementReady 2040 Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013: $151,939</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2012: $166,110</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam RetirementReady 2035 Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013: $154,033</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2012: $168,305</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam RetirementReady 2030 Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013: $156,067</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2012: $170,464</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam RetirementReady 2025 Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013: $157,478</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2012: $171,894</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=1 face=sans-serif>G-6</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_106"></A><BR>

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<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="49%"></TD>

   <TD width="25%"></TD>

   <TD width="25%"></TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam RetirementReady 2020 Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013: $156,272</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2012: $171,268</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam RetirementReady 2015 Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013: $153,891</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2012: $169,357</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Retirement Income Fund Lifestyle 1</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013: $153,157</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2012: $167,795</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Retirement Income Fund Lifestyle 2</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Aug. 31, 2013: $154,916</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Aug. 31, 2012: $169,437</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Retirement Income Fund Lifestyle 3</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Feb. 28, 2013: $259,687</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Feb. 29, 2012: $121,703</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Short Term Investment </FONT><FONT size=1 face=sans-serif>Fund<SUB> </SUB></FONT><FONT size=1 face=sans-serif><SUP>(1)</SUP></FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013: $151,100</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Small Cap Growth Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>June 30, 2013: $154,566</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>June 30, 2012: $200,151</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Tax Exempt Money Market Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Sept. 30, 2013: $154,392</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Sept. 30, 2012: $166,515</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Tax-Free High Yield Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013: $157,256</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2012: $160,359</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Voyager Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013: $157,256</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2012: $180,249</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Absolute Return 500 Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2012: $258,729</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2011: $132,983</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT American Government Income Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2012: $255,533</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2011: $130,060</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Capital Opportunities Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2012: $254,298</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2011: $129,195</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Diversified Income Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2012: $261,447</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2011: $136,742</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Equity Income Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2012: $254,965</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2011: $129,210</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT George Putnam Balanced Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2012: $258,333</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2011: $132,376</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Global Asset Allocation Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2012: $264,044</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2011: $136,413</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Global Equity Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2012: $259,718</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2011: $136,578</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Global Health Care Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2012: $256,274</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2011: $130,980</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Global Utilities Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2012: $257,210</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2011: $131,740</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Growth and Income Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2012: $257,929</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2011: $130,424</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Growth Opportunities Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2012: $254,621</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2011: $129,474</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT High Yield Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2012: $258,022</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2011: $131,773</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Income Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2012: $256,813</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2011: $130,731</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT International Equity Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2012: $258,610</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2011: $130,946</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT International Growth Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2012: $261,083</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2011: $138,140</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT International Value Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2012: $257,214</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2011: $133,345</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Investors Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2012: $256,549</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2011: $133,990</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Money Market Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2012: $254,626</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2011: $129,099</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Multi-Cap Growth Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2012: $255,884</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2011: $129,521</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Multi-Cap Value Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2012: $254,303</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2011: $129,196</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Research Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2012: $254,940</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2011: $129,692</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Small Cap Value Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2012: $255,202</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2011: $129,632</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Voyager Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2012: $258,661</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2011: $133,138</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif>(1) The amounts for Putnam Short Term Investment Fund represent fees for the period February 19, 2013 (commencement of operations) to the fiscal period ended July 31, 2013.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The following tables present the amounts KPMG LLP billed for aggregate non-audit fees to each fund, Putnam Management and any entity controlling, controlled by or under common control with Putnam Management that provides ongoing services to the fund in each of the fund&#8217;s last two fiscal years ended prior to October 1, 2013:</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="49%"></TD>

   <TD width="25%"></TD>

   <TD width="25%"></TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Absolute Return 100 Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Oct. 31, 2012: $5,150</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Oct. 31, 2011: $5,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Absolute Return 300 Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Oct. 31, 2012: $5,150</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Oct. 31, 2011: $5,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Arizona Tax Exempt Income Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>May 31, 2013: $6,300</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>May 31, 2012: $6,100</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Asia Pacific Equity Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>April 30, 2013: $3,450</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>April 30, 2012: $3,350</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam California Tax Exempt Income Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Sept. 30, 2013: $6,458</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Sept. 30, 2012: $6,300</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Convertible Securities Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Oct. 31, 2012: $4,100</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Oct. 31, 2011: $4,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Diversified Income Trust</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Sept. 30, 2013: $6,458</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Sept. 30, 2012: $6,300</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Dynamic Risk Allocation </FONT><FONT size=1 face=sans-serif>Fund<SUB> </SUB></FONT><FONT size=1 face=sans-serif><SUP>(1)</SUP></FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>May 31, 2013: $4,650</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>May 31, 2012: $4,500</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Emerging Markets Equity Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Aug. 31, 2013: $4,963</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Aug. 31, 2012: $4,850</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Equity Income Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Nov. 30, 2012: $4,100</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Nov. 30, 2011: $4,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Equity Spectrum Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>April 30, 2013: $3,450</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>April 30, 2012: $3,350</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Floating Rate Income Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Feb. 28, 2013: $6,900</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Feb. 29, 2012: $6,700</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Global Consumer Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Aug. 31, 2013: $4,300</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Aug. 31, 2012: $4,200</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Global Energy Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Aug. 31, 2013: $4,300</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Aug. 31, 2012: $4,200</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>G-7</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="49%"></TD>

   <TD width="25%"></TD>

   <TD width="25%"></TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Global Equity Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Oct. 31, 2012: $4,650</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Oct. 31, 2011: $4,550</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Global Financials Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Aug. 31, 2013: $4,300</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Aug. 31, 2012: $4,200</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Global Industrials Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Aug. 31, 2013: $4,300</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Aug. 31, 2012: $4,200</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Global Natural Resources Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Aug. 31, 2013: $4,200</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Aug. 31, 2012: $4,100</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Global Technology Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Aug. 31, 2013: $4,300</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Aug. 31, 2012: $4,200</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Global Telecommunications Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Aug. 31, 2013: $4,300</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Aug. 31, 2012: $4,200</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Growth Opportunities Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013: $4,200</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2012: $4,100</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam High Yield Advantage Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Nov. 30, 2012: $4,450</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Nov. 30, 2011: $4,350</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam High Yield Trust</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Aug. 31, 2013: $6,457</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Aug. 31, 2012: $6,300</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Income Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Oct. 31, 2012: $6,300</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Oct. 31, 2011: $6,100</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Investors Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013: $4,200</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2012: $4,100</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Low Volatility Equity </FONT><FONT size=1 face=sans-serif>Fund<SUB> </SUB></FONT><FONT size=1 face=sans-serif><SUP>(2)</SUP></FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013: $3,500</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Managed Municipal Income Trust</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Oct 31, 2012: $32,850</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Oct 31, 2011: $31,400</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Master Intermediate Income Trust</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Sept 30, 2013: $6,458</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Sept 30, 2012: $6,300</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Money Market Liquidity Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Sept. 30, 2013: $3,425</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Sept. 30, 2012: $3,350</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Multi-Cap Core Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>April 30, 2013: $2,950</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>April 30, 2012: $2,900</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Multi-Cap Value Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>April 30, 2013: $4,100</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>April 30, 2012: $4,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam New York Tax Exempt Income Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Nov. 30, 2012: $6,300</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Nov. 30, 2011: $6,100</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Premier Income Trust</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013: $6,458</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2012: $6,300</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Research Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013: $4,200</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2012: $4,100</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Short Duration Income </FONT><FONT size=1 face=sans-serif>Fund<SUB> </SUB></FONT><FONT size=1 face=sans-serif><SUP>(3)</SUP></FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013: $4,100</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2012 : $7,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Small Cap Value Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Feb 28, 2013: $4,100</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Feb. 28, 2012: $4,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Strategic Volatility Equity </FONT><FONT size=1 face=sans-serif>Fund<SUB> </SUB></FONT><FONT size=1 face=sans-serif><SUP>(2)</SUP></FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013: $3,500</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Tax Exempt Income Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Sept. 30, 2013: $6,458</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Sept. 30, 2012: $6,300</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam U.S. Government Income Trust</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Sept. 30, 2013: $4,763</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Sept. 30, 2012: $4,650</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif>(1) The amounts for the fund represent fees for the period September 19, 2011 (commencement of operations) to the fiscal period ended May 31, 2012.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>(2) The amounts for the fund represent fees for the period March 18, 2013 (commencement of operations) to the fiscal period ended July 31, 2013.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>(3) The amounts for the fund represent fees for the period October 17, 2011 (commencement of operations) to the fiscal period ended July 31, 2012.</FONT></P>

<P style="TEXT-ALIGN: left"><B><I><FONT size=2 face=sans-serif>Pre-Approval Policies of the Audit and Compliance Committee.</FONT></I></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Audit and Compliance Committee of the Putnam funds has determined that, as a matter of policy, all work performed for the funds by the funds&#8217; auditors will be preapproved by the Committee itself and thus will generally not be subject to pre-approval procedures.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Audit and Compliance Committee also has adopted a policy to pre-approve the engagement by Putnam Management and certain of its affiliates of the funds&#8217; auditors, even in circumstances where pre-approval is not required by applicable law. Any such requests by Putnam Management or certain of its affiliates are typically submitted in writing to the Committee and explain, among other things, the nature of the proposed engagement, the estimated fees, and why this work should be performed by that particular audit firm as opposed to another one. In reviewing such requests, the Committee considers, among other things, </FONT><FONT size=2 face=sans-serif>whether the provision of such services by the audit firm are compatible with the independence of the audit&nbsp;firm.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Since the beginning of the two most recently completed fiscal years of each fund ended prior to October 1, 2013, all work performed by the auditors for the funds, Putnam Management and any entity controlling, controlled by or under common control with Putnam Management that provides ongoing services to the funds was pre-approved by the Committee or a member of the Committee pursuant to the pre-approval policies discussed above.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The following table presents fees billed to each indicated fund in each of its last two fiscal years ended prior to October 1, 2013 by PricewaterhouseCoopers LLP for services required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X (funds not listed below were not billed for such services during their last two fiscal years):</FONT></P>

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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=1 face=sans-serif>G-8</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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<TR>

   <TD width="49%"></TD>

   <TD width="25%"></TD>

   <TD width="25%"></TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Absolute Return 500 Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Oct. 31, 2012: $122,500</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Oct. 31, 2012: $157,505</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Absolute Return 700 Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Oct. 31, 2012: $122,500</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Oct. 31, 2012: $157,505</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam American Government Income Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Sept. 30, 2013: $150,000</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Sept. 30, 2012: $45,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam AMT-Free Municipal Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013: $147,500</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2012: $45,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Capital Opportunities Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>April 30, 2013: $147,500</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>April 30, 2012: $97,505</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Capital Spectrum Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>April 30, 2013: $147,500</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>April 30, 2012: $97,505</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Dynamic Asset Allocation Balanced Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Sept. 30, 2013: $150,000</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Sept. 30, 2012: $45,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Dynamic Asset Allocation Conservative Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Sept. 30, 2013: $150,000</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Sept. 30, 2012: $45,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Dynamic Asset Allocation Equity Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>May 31, 2013: $147,500</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>May 31, 2012: $76,005</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Dynamic Asset Allocation Growth Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Sept. 30, 2013: $150,000</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Sept. 30, 2012: $45,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Europe Equity Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>June 30, 2013: $147,500</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>June 30, 2012: $76,005</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>The Putnam Fund for Growth and Income</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Oct. 31, 2012: $122,500</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Oct. 31, 2011: $157,505</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>The George Putnam Fund of Boston (d/b/a</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013: $147,500</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2012: $45,000</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam Balanced Fund)</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left>&nbsp;</TD>

   <TD width="25%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

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   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Global Health Care Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Aug. 31, 2013: $147,500</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Aug. 31, 2012: $45,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Global Income Trust</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Oct. 31, 2012: $122,500</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Oct. 31, 2011: $157,505</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Global Sector Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Oct. 31, 2012: $122,500</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Oct. 31, 2011: $157,505</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Global Utilities Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Aug. 31, 2013: $147,500</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Aug. 31, 2012: $45,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam High Income Securities Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Aug. 31, 2013: $147,500</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Aug. 31, 2013: $45,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam International Capital Opportunities Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Aug. 31, 2013: $147,500</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Aug. 31, 2012: $45,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam International Equity Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>June 30, 2013: $147,500</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>June 30, 2012: $76,005</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam International Growth Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Sept. 30, 2013: $150,000</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Sept. 30, 2012: $45,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam International Value Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>June 30, 2013: $147,500</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>June 30, 2012: $76,005</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Massachusetts Tax Exempt Income Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>May 31, 2013: $147,500</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>May 31, 2012: $76,005</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Michigan Tax Exempt Income Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>May 31, 2013: $147,500</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>May 31, 2012: $76,005</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Minnesota Tax Exempt Income Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>May 31, 2013: $147,500</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>May 31, 2012: $76,005</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Money Market Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Sept. 30, 2013: $150,000</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Sept. 30, 2012: $45,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Multi-Cap Growth Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>June 30, 2013: $147,500</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>June 30, 2012: $76,005</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Municipal Opportunities Trust</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>April 30, 2013: $147,500</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>April 30, 2012: $97,505</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam New Jersey Tax Exempt Income Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>May 31, 2013: $147,500</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>May 31, 2012: $76,005</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Ohio Tax Exempt Income Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>May 31, 2013: $147,500</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>May 31, 2012: $76,005</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Pennsylvania Tax Exempt Income Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>May 31, 2013: $147,500</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>May 31, 2012: $76,005</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam RetirementReady 2055 Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013: $147,500</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2012: $45,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam RetirementReady 2050 Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013: $147,500</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2012: $45,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam RetirementReady 2045 Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013: $147,500</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2012: $45,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam RetirementReady 2040 Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013: $147,500</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2012: $45,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam RetirementReady 2035 Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013: $147,500</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2012: $45,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam RetirementReady 2030 Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013: $147,500</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2012: $45,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam RetirementReady 2025 Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013: $147,500</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2012: $45,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam RetirementReady 2020 Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013: $147,500</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2012: $45,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam RetirementReady 2015 Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013: $147,500</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2012: $45,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Retirement Income Fund Lifestyle 1</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013: $147,500</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2012: $45,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Retirement Income Fund Lifestyle 2</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Aug. 31, 2013: $147,500</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Aug. 31, 2012: $45,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Retirement Income Fund Lifestyle 3</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Feb. 28, 2013: $147,500</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Feb. 29, 2012: $97,505</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Short Term Investment </FONT><FONT size=1 face=sans-serif>Fund<SUB> </SUB></FONT><FONT size=1 face=sans-serif><SUP>(1)</SUP></FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013: $147,500</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Small Cap Growth Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>June 30, 2013: $147,500</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>June 30, 2012: $76,005</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Tax Exempt Money Market Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Sept. 30, 2013: $150,000</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Sept. 30, 2012: $45,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Tax-Free High Yield Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013: $147,500</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2012: $45,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Voyager Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013: $147,500</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2012: $45,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>G-9</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="49%"></TD>

   <TD width="25%"></TD>

   <TD width="25%"></TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Absolute Return 500 Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2012: $147,500</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2011: $107,505</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT American Government Income Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2012: $147,500</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2011: $107,505</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Capital Opportunities Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2012: $147,500</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2011: $107,505</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Diversified Income Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2012: $147,500</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2011: $107,505</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Equity Income Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2012: $147,500</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2011: $107,505</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT George Putnam Balanced Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2012: $147,500</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2011: $107,505</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Global Asset Allocation Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2012: $147,500</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2011: $107,505</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Global Equity Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2012: $147,500</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2011: $107,505</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Global Health Care Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2012: $147,500</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2011: $107,505</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Global Utilities Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2012: $147,500</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2011: $107,505</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Growth and Income Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2012: $147,500</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2011: $107,505</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Growth Opportunities Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2012: $147,500</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2011: $107,505</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT High Yield Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2012: $147,500</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2011: $107,505</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Income Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2012: $147,500</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2011: $107,505</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT International Equity Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2012: $147,500</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2011: $107,505</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT International Growth Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2012: $147,500</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2011: $107,505</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT International Value Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2012: $147,500</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2011: $107,505</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Investors Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2012: $147,500</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2011: $107,505</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Money Market Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2012: $147,500</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2011: $107,505</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Multi-Cap Growth Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2012: $147,500</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2011: $107,505</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Multi-Cap Value Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2012: $147,500</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2011: $107,505</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Research Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2012: $147,500</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2011: $107,505</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Small Cap Value Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2012: $147,500</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2011: $107,505</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="49%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Voyager Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2012: $147,500</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Dec. 31, 2011: $107,505</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=3>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif>(1) The amounts for Putnam Short Term Investment Fund represent fees for the period February 19, 2013 (commencement of operations) to the fiscal period ended July 31, 2013.</FONT></P>

<P style="MARGIN: 0px"><FONT size=1 face=Arial></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=1 face=sans-serif>G-10</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><B><FONT size=4 face=sans-serif>Appendix H &#8212; Dollar Range and Number of Shares Beneficially Owned</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The following tables show the number of shares beneficially owned by each Trustee and officer in each fund, as well as the value of those holdings in each fund and across all funds, as of September 30, 2013. Where the number of shares beneficially owned exceeds 1% percent of the class owned, the percentage is included in parentheses below. None of the Trustees or officers </FONT><FONT size=2 face=sans-serif>owned shares of Putnam Money Market Liquidity Fund, Putnam RetirementReady 2055 Fund, Putnam RetirementReady 2045 Fund, Putnam RetirementReady 2035 Fund, or Putnam Short Term Investment Fund as of September 30, 2013. All references in the tables are to Class A shares unless otherwise indicated.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="15%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Dollar Range of</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares Beneficially</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Dollar Range of</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares Beneficially</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Dollar Range of</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares Beneficially</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Trustees/Officers</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares Owned</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Owned</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares Owned</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Owned</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares Owned</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Absolute Return 100 Fund</FONT></B>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Absolute Return 300 Fund</FONT></B>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Absolute Return 500 Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>104.643</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>106.966</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>108.004</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>104.298</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$50,001-$100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>6,488.024</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>2,691.723</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,045.368</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>38,720.560</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>202,037.729</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>104.643</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>106.966</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>108.004</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>104.643</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>106.966</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>108.004</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>50,441.354</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>74,137.906</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>24,810.108</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>156.962</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$50,001-$100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>7,472.394</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>14,015.141</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>104.643</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>106.966</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>108.004</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>2,110.387</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>2,068.902</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>2,044.506</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,046.411</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,066.463</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,094.258</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>*Robert L. Reynolds</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>104.643</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>106.966</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>29,432.576</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>139,505.146</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>121,498.303</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>108.004</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Trustees and Officers</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>195,133.141</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>16,618.449</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>31,173.258</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>as a group</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class A shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class A shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class A shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class A shares)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(2.65%)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>253,215.615</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>279,340.060</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(1.13%)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(1.46%)</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Absolute Return 700 Fund</FONT></B>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam American Government Income Fund</FONT></B>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam AMT-Free Municipal Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>109.654</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>132.521</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>119.842</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>107.723</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>122.963</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>112.630</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,090.009</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>590.202</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>695.050</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>109.654</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>179.473</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>171.528</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>109.654</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>142.889</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>128.025</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,143.054</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>101.553</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>102.605</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>24,155.063</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,019.479</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>244.913</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$50,001-$100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>5,983.578</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>2,112.796</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>196.329</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>109.654</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>147.323</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>132.281</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,992.929</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,766.732</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>145.993</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>886.994</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>4,487.381</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,054.839</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>*Robert L. Reynolds</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>36,497.522</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>133.515</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>120.803</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>109.654</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>465.140</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>206.715</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Trustees and Officers</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>73,536.655</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>14,615.695</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$50,001-$100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>3,531.553</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>as a group</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>H-1</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_111"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="15%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Dollar Range of</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares Beneficially</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Dollar Range of</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares Beneficially</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Dollar Range of</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares Beneficially</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Trustees/Officers</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares Owned</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Owned</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares Owned</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Owned</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares Owned</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Arizona Tax Exempt Income Fund</FONT></B>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Asia Pacific Equity Fund</FONT></B>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam California Tax Exempt Income Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>119.758</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>128.250</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>122.196</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>112.404</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>123.269</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>113.823</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>236.660</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>3,295.194</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>317.513</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>169.147</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>128.250</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>183.472</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>129.424</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>128.250</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>131.811</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>102.586</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>102.837</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>284.578</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>128.250</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>252.621</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>211.107</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>333.289</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>245.637</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>133.828</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>128.250</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>136.711</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>147.614</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>128.250</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>156.353</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,647.150</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,318.079</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,993.213</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>*Robert L. Reynolds</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>121.138</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>128.250</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>123.455</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>201.619</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>128.250</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>222.009</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Trustees and Officers</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>3,717.013</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$50,001-$100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>6,295.831</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>4,201.651</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>as a group</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(1.20%)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(8.71%)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Capital Opportunities Fund</FONT></B>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Capital Spectrum Fund</FONT></B>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Convertible Securities Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>98.309</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>115.092</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>116.151</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>97.968</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$50,001-$100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,797.286</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>110.090</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>2,063.767</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>7,758.620</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>8,448.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>153.944</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$50,001-$100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>2,908.455</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>152.935</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>109.298</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>8,367.237</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>121.629</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>272.568</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>102.122</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>20,414.156</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>38,830.403</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>43,541.187</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>265.527</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>6,552.954</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$50,001-$100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>2,428.772</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>123.183</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>115.092</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>124.045</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>2,196.891</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,190.590</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$50,001-$100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>3,118.308</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,724.396</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>29,220.627</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>15,499.206</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>*Robert L. Reynolds</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>98.309</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>86,077.911</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>116.151</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>144.616</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>115.092</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>247.656</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Trustees and Officers</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>27,690.364</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>32,944.531</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>74,226.252</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>as a group</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class A shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class A shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>193,446.338</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=1 face=sans-serif>H-2</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_112"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="15%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Dollar Range of</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares Beneficially</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Dollar Range of</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares Beneficially</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Dollar Range of</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares Beneficially</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Trustees/Officers</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares Owned</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Owned</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares Owned</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Owned</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares Owned</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=center>&nbsp;</TD>

   <TD width="14%" noWrap align=center>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Dynamic AssetAllocation</FONT></B>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Dynamic Asset Allocation</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Diversified Income Trust</FONT></B>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Balanced Fund</FONT></B>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Conservative Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>149.929</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>116.513</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>115.636</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>122.176</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,483.833</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>107.061</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>15,353.920</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>29,369.510</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,534.204</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>430.698</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>146.274</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>179.715</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>168.961</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>123.776</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>123.123</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>104.590</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>101.290</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>101.399</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>544,921.566</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>257,779.469</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>139,856.049</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>672.594</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>12,850.285</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>310.287</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>175.946</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>125.241</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>125.837</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>2,437.688</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,459.345</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,541.141</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$50,001-$100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>9,433.961</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>3,683.005</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$50,001-$100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>5,666.704</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>*Robert L. Reynolds</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>152.816</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>116.513</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>116.625</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>584.320</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>72,528.287</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$50,001-$100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>6,314.521</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Trustees and Officers</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>608,584.148</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>379,983.341</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>156,192.302</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>as a group</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(4.35%)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(2.51%)</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Dynamic Asset Allocation</FONT></B>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Dynamic Asset Allocation</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=center>&nbsp;</TD>

   <TD width="14%" noWrap align=center>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Equity Fund</FONT></B>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Growth Fund</FONT></B>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Dynamic Risk Allocation Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>179.092</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>109.319</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>105.350</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,274.465</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>27,521.836</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>37,956.655</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>18,418.218</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>14,315.700</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>103.963</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>117.189</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>954.790</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,275.497</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>63,309.937</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>937.207</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,256.492</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>160.270</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>117.613</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>103.963</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>2,626.905</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>519.818</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>21,140.250</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,261.438</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>*Robert L. Reynolds</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>179.092</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>109.319</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>79,769.517</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>119.952</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>103.963</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Trustees and Officers</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>358.184</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>181,838.825</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>130,381.041</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>as a group</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class A shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class A shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(12.94%)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(2.20%)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>H-3</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_113"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="15%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Dollar Range of</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares Beneficially</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Dollar Range of</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares Beneficially</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Dollar Range of</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares Beneficially</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Trustees/Officers</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares Owned</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Owned</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares Owned</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Owned</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares Owned</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Emerging Markets Equity Fund</FONT></B>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Emerging Markets Income Fund</FONT></B>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Equity Income Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$50,001-$100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>9,606.538</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.354</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>5,033.215</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>123.976</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>101.889</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>112.711</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>118.864</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>3,495.505</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>109.771</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>4,578.095</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>4,989.678</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>21,612.177</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>123.976</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>101.889</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>305.678</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>21,120.632</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>101.889</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>232.375</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>101.889</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>101.417</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>27,798.834</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>101.889</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>44,660.143</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>197.098</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>153.141</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>21,643.023</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>123.976</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>137.623</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>106.435</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>3,161.419</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>510.468</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>2,210.809</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$50,001-$100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>10,016.065</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,219.014</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>67,938.260</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>*Robert L. Reynolds</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>35,063.094</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>112.711</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>123.976</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>101.889</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>405.084</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Trustees and Officers</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>112,256.543</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>11,217.117</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>183,321.509</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>as a group</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(18.00%)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(19.25%)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Equity Spectrum Fund</FONT></B>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Europe Equity Fund</FONT></B>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Floating Rate Income Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>113.162</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>109.352</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>123.733</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>781.358</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>108.826</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>116.065</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>7,246.957</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$50,001-$100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>3,050.605</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>3,095.213</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>2,651.288</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>146.502</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>150.959</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>113.162</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>133.416</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>136.357</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>330.999</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>103.183</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>38,269.936</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>5,758.005</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>185,757.262</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>2,968.347</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>649.107</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>278.337</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>113.162</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>136.314</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>143.048</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,069.762</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,479.521</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,504.097</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,245.336</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,304.702</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>5,414.717</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>*Robert L. Reynolds</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>26,822.511</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>109.352</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>125.077</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>113.162</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>180.923</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$50,001-$100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>8,180.438</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Trustees and Officers</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>39,521.217</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>13,366.624</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>206,809.472</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>as a group</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class A shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class A shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>89,442.144</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(2.39%)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>The Putnam Fund for Growth and Income</FONT></B>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>The George Putnam Fund of Boston</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=center>&nbsp;</TD>

   <TD width="14%" noWrap align=center>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=center>&nbsp;</TD>

   <TD width="14%" noWrap align=center>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>(d/b/a George Putnam Balanced Fund)</FONT></B>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Global Consumer Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>7,243.008</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>108.848</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>123.616</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,790.177</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>104.772</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>119.409</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>15,159.070</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>15,569.572</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>651.294</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>286.941</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>389.724</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>123.616</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>234.871</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>131.391</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>123.616</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.993</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>101.244</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>61,769.013</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>24,273.749</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>9,351.476</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>2,505.334</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>180.547</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>253.445</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>145.756</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>123.616</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,453.591</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,546.096</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>966.899</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>14,861.585</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>88,710.764</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,392.068</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>*Robert L. Reynolds</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>56,077.644</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>110.529</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>123.616</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>387.739</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>386.516</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>123.616</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Trustees and Officers</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>187,750.104</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>142,891.035</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$50,001-$100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>4,351.913</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>as a group</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(7.80%)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(2.00%)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(2.35%)</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=1 face=sans-serif>H-4</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_114"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="15%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Dollar Range of</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares Beneficially</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Dollar Range of</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares Beneficially</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Dollar Range of</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares Beneficially</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Trustees/Officers</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares Owned</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Owned</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares Owned</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Owned</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares Owned</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Global Dividend Fund</FONT></B>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Global Energy Fund</FONT></B>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Global Equity Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.736</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>112.684</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>31,993.300</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,037.433</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>109.797</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,818.281</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$50,001-$100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>4,787.845</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>543.313</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>11,740.043</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.736</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>112.684</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>471.303</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.736</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>112.684</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>107.371</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.736</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.736</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>40,281.555</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>150.953</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>155.926</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>680.497</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>172.087</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>112.684</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>109.075</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>499.684</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>961.207</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$50,001-$100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>5,502.941</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,208.835</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,252.032</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>131,724.514</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>*Robert L. Reynolds</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>112.684</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>84,469.387</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.736</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>112.684</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>664.537</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Trustees and Officers</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$50,001-$100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>8,561.253</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$50,001-$100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>3,998.379</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>349,947.858</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>as a group</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(25.30%)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(4.01%)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(15.76%)</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Global Financials Fund</FONT></B>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Global Health Care Fund</FONT></B>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Global Income Trust</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>118.048</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>135.892</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>112.336</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>124.348</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>114.699</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>677.665</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>284.691</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,407.542</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>118.048</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>202.365</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>203.128</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>118.048</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>159.427</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>148.369</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>102.495</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>5,814.358</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>828.491</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>170.922</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>658.879</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>279.523</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>118.048</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>176.238</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>152.733</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>952.640</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>451.269</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,225.932</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,648.729</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>5,550.336</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$50,001-$100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>5,855.879</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>*Robert L. Reynolds</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>118.048</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>124.758</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>53,972.042</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>118.048</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>270.003</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>254.854</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Trustees and Officers</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$50,001-$100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>4,570.580</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>14,116.672</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>64,781.579</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>as a group</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(1.32%)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(2.67%)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(1.93%)</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Global Industrials Fund</FONT></B>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Global Natural Resources Fund</FONT></B>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Global Sector Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>6,123.831</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>115.385</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>116.690</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>105.303</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>115.385</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>632.441</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,531.423</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,210.751</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>121.430</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>243.405</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>115.385</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>121.430</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>151.832</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>115.385</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>13,314.092</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>171.026</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>265.023</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>174.119</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>121.430</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>170.275</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>115.385</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>954.932</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>552.319</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>3,373.430</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,499.116</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>7,087.907</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>2,319.288</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>*Robert L. Reynolds</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>121.430</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>106.420</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>35,210.585</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>121.430</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>308.912</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>115.385</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Trustees and Officers</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>10,405.186</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>24,136.911</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>43,614.711</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>as a group</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(9.48%)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(1.04%)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(16.21%)</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>H-5</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_115"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="15%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Dollar Range of</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares Beneficially</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Dollar Range of</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares Beneficially</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Dollar Range of</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares Beneficially</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Trustees/Officers</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares Owned</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Owned</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares Owned</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Owned</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares Owned</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Global Technology Fund</FONT></B>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Global Telecommunications Fund</FONT></B>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Global Utilities Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>6,442.709</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>118.604</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>115.940</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>107.004</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>114.516</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>110.207</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>543.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>630.868</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>784.327</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>113.595</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>118.604</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>142.713</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>113.595</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>118.604</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>119.959</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>102.009</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>4,082.111</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>160.747</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>175.448</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,196.697</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>113.595</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>118.604</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>121.175</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>807.525</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,155.893</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>868.137</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,232.058</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,392.059</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>2,631.185</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>*Robert L. Reynolds</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>113.595</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>118.604</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>115.940</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>113.595</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>118.604</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>197.897</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Trustees and Officers</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>10,161.018</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$50,001-$100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>4,480.408</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>10,688.297</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>as a group</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(9.42%)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(1.97%)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(3.36%)</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Growth Opportunities Fund</FONT></B>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam High Income Securities Fund</FONT></B>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam High Yield Advantage Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>97.919</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>134.237</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>97.508</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>119.319</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>469.622</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>2,535.933</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>4,141.809</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>103.734</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>594.893</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>259.163</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>97.919</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>153.583</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.072</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>104.598</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$50,001-$100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>2,480.183</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>101,499.504</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>24,753.084</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>817.361</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>334.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>6,489.662</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>97.919</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>162.202</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>2,101.890</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,084.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>3,140.674</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$50,001-$100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>2,727.960</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,670.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>5,632.384</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>*Robert L. Reynolds</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>97.919</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>136.411</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>96.202</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>367.009</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Trustees and Officers</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>9,486.208</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>108,518.330</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>45,694.134</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>as a group</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(1.83%)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=center>&nbsp;</TD>

   <TD width="14%" noWrap align=center>&nbsp;</TD>

   <TD width="14%" noWrap align=center>&nbsp;</TD>

   <TD width="14%" noWrap align=center>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Intermediate-Term Municipal</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam High Yield Trust</FONT></B>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Income Fund</FONT></B>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Income Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>140.929</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>125.327</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.481</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>125.163</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>111.868</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>107.435</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>25,520.140</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$50,001-$100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>10,057.203</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>2,482.449</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>737.556</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>184.501</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.481</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>160.722</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>140.529</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.468</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>104.914</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>102.678</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.477</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>23,816.490</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>123,371.447</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.482</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$50,001-$100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>11,754.080</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>314.336</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>150.139</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>169.657</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>145.627</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>141.209</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>2,552.998</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>2,205.501</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>150.137</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>17,961.793</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$50,001-$100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>9,029.830</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,191.164</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>*Robert L. Reynolds</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>86,573.951</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>270,420.061</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>657.898</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>223.778</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.464</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Trustees and Officers</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>173,464.389</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>416,532.685</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$50,001-$100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>4,925.386</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>as a group</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(2.06%)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(71.06%)</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=1 face=sans-serif>H-6</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_116"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="15%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Dollar Range of</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares Beneficially</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Dollar Range of</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares Beneficially</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Dollar Range of</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares Beneficially</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Trustees/Officers</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares Owned</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Owned</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares Owned</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Owned</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares Owned</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam International Capital</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=center>&nbsp;</TD>

   <TD width="14%" noWrap align=center>&nbsp;</TD>

   <TD width="14%" noWrap align=center>&nbsp;</TD>

   <TD width="14%" noWrap align=center>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Opportunities Fund</FONT></B>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam International Equity Fund</FONT></B>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam International Growth Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>105.863</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>110.623</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>107.890</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>105.456</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$50,001-$100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>2,497.851</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>105.224</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>5,722.878</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>9,092.764</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$50,001-$100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>3,872.102</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>4,955.663</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>7,346.703</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>114.312</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>113.797</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>136.522</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>109.354</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>908.420</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>26,187.209</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$50,001-$100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>5,304.943</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>485.776</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$50,001-$100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>3,802.013</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,539.402</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>116.102</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>146.016</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>109.840</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$50,001-$100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>2,082.100</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$50,001-$100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>3,710.962</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$50,001-$100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>4,327.143</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$50,001-$100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,959.194</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>6,094.261</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>7,844.186</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>*Robert L. Reynolds</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>105.863</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>11,451.057</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>107.890</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>137.788</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>260.595</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>159.563</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Trustees and Officers</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>18,971.674</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>76,185.736</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>25,408.425</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>as a group</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(2.95%)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(2.38%)</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7 align=center>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=center>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam International Value Fund</FONT></B>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Investors Fund</FONT></B>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Low Volatility Equity Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>9,373.118</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>108.945</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>102.861</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>108.582</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>101.465</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,457.058</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>9,540.159</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>17,145.040</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>4,859.086</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>155.173</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>349.328</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>131.595</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>338.464</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>19,658.557</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>96,287.437</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.003</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,110.449</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>8,444.064</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>148.221</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>144.879</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>338.690</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>168.972</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$50,001-$100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>8,171.186</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$50,001-$100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>4,961.210</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>147.638</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>3,277.437</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>6,336.772</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,194.030</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>*Robert L. Reynolds</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>108.945</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>102.861</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>211.960</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>394.913</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Trustees and Officers</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>55,002.420</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>155,512.272</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$50,001-$100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>8,675.008</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>as a group</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(8.13%)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(5.58%)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=center>&nbsp;</TD>

   <TD width="14%" noWrap align=center>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Massachusetts Tax Exempt</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=center>&nbsp;</TD>

   <TD width="14%" noWrap align=center>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Managed Municipal Income Trust</FONT></B>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Income Fund</FONT></B>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Master Intermediate Income Trust</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>119.256</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>112.096</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>621.015</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>245.120</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>836.558</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>336.618</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>169.631</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>207.980</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>128.768</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>102.254</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>373.942</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>225.411</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>450.185</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>195.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>203.155</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>195.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>133.030</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>587.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>102.693</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>587.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>3,815.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$50,001-$100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>7,846.946</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>2,178.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>*Robert L. Reynolds</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>120.925</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>204.976</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Trustees and Officers</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>6,823.575</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$50,001-$100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>9,814.261</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>5,159.723</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>as a group</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>H-7</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_117"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="15%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Dollar Range of</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares Beneficially</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Dollar Range of</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares Beneficially</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Dollar Range of</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares Beneficially</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Trustees/Officers</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares Owned</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Owned</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares Owned</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Owned</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares Owned</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Michigan Tax Exempt Income Fund</FONT></B>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Minnesota Tax Exempt Income Fund</FONT></B>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Money Market Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>30,464.780</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>118.478</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>117.412</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>486,717.380</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>111.523</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>110.901</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>994.350</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>232.669</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>228.450</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>352,106.170</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>165.852</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>162.261</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>288,269.186</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>126.485</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>125.061</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>503,971.420</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>102.367</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>102.109</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>23,356.010</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>211.734</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>280.325</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>123,827.780</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>207.735</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>207.394</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>242,868.580</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>130.325</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>129.008</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>142.237</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>141.310</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>116,076.600</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,656.699</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,650.533</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>556,796.470</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>*Robert L. Reynolds</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>119.459</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>118.297</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>294,454.830</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>196.934</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>194.016</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>281,151.700</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Trustees and Officers</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>3,622.497</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>3,667.077</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>3,478,916.726</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>as a group</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class A shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class A shares)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(1.96%)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(2.08%)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Multi-Cap Core Fund</FONT></B>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Multi-Cap Growth Fund</FONT></B>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Multi-Cap Value Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>11,930.857</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>117.787</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>102.232</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,116.336</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>477.441</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>102.082</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$50,001-$100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>4,862.088</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>10,795.887</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>2,450.738</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>111.635</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>220.176</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>165.110</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>111.635</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>3,729.752</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>122.481</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$50,001-$100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>4,952.686</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>4,113.147</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>169.662</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>148.580</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$50,001-$100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,053.727</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>187.063</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>111.635</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>123.409</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>137.413</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>994.952</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$50,001-$100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,193.389</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,952.138</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,461.175</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>22,378.433</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$50,001-$100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>3,333.060</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>*Robert L. Reynolds</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>105.571</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>12,481.489</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>102.232</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>111.635</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>264.076</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>155.793</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Trustees and Officers</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>26,218.785</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>58,236.320</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>9,227.180</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>as a group</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(8.46%)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(2.80%)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Municipal Opportunities Trust</FONT></B>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam New Jersey Tax Exempt Income Fund</FONT></B>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam New York Tax Exempt Income Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>118.859</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>119.994</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>111.904</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>112.677</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$50,001-$100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>6,130.412</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>238.257</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,119.442</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>503.401</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>164.294</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>581.203</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>127.066</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>128.586</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>102.364</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>102.618</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>544.341</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>295.428</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>186,515.222</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>387.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>205.796</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>18,596.740</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>287.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>131.257</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>133.358</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>655.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>143.395</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>353.892</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>3,788.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,618.373</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,847.315</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>*Robert L. Reynolds</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>119.868</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>121.022</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>195.935</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>211.748</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Trustees and Officers</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>12,895.154</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>3,672.796</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>123,875.340</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>as a group</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class A shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class A shares)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>210,043.817</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(8.75%)</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=1 face=sans-serif>H-8</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="15%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Dollar Range of</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares Beneficially</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Dollar Range of</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares Beneficially</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Dollar Range of</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares Beneficially</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Trustees/Officers</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares Owned</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Owned</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares Owned</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Owned</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares Owned</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=center>&nbsp;</TD>

   <TD width="14%" noWrap align=center>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Pennsylvania Tax Exempt</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=center>&nbsp;</TD>

   <TD width="14%" noWrap align=center>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Ohio Tax Exempt Income Fund</FONT></B>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Income Fund</FONT></B>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Premier Income Trust</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>118.656</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>119.138</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>111.766</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>112.206</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>233.131</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>242.359</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>881.117</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>162.973</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>164.749</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>416.604</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>127.069</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>127.320</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>102.428</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>102.627</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>306.847</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>303.234</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>3,704.634</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>210.122</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>212.479</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>201.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>131.054</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>131.241</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>143.519</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>143.667</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>803.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,655.210</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,653.717</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>2,505.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>*Robert L. Reynolds</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>119.727</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>120.193</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>197.615</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>202.784</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Trustees and Officers</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>3,720.117</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>3,735.714</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>9,311.355</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>as a group</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Research Fund</FONT></B>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam RetirementReady 2050 Fund</FONT></B>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam RetirementReady 2040 Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>102.998</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>102.141</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>436.683</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>110.592</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>104.450</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>5,858.227</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>2,046.629</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>5,754.958</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>104.562</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>144.768</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,831.247</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>*Robert L. Reynolds</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$50,001-$100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>4,687.941</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>317.927</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>105.361</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Trustees and Officers</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>19,543.927</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>2,046.629</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>317.927</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>as a group</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(3.56%)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>H-9</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_119"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="15%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Dollar Range of</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares Beneficially</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Dollar Range of</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares Beneficially</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Dollar Range of</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares Beneficially</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Trustees/Officers</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares Owned</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Owned</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares Owned</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Owned</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares Owned</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam RetirementReady 2030 Fund</FONT></B>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam RetirementReady 2025 Fund</FONT></B>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam RetirementReady 2020 Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>94.487</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,429.979</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>446.230</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>452.598</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>677.210</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>648.772</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,571.332</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>*Robert L. Reynolds</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Trustees and Officers</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>94.487</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>2,123.930</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$50,001-$100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>3,201.191</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>as a group</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam RetirementReady 2015 Fund</FONT></B>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Retirement Income Fund Lifestyle 1</FONT></B>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Retirement Income Fund Lifestyle 2</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>107.218</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>334.012</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>104.328</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>129.741</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>322.341</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>257.050</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>261.098</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>102.711</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>104.273</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>102.820</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>104.438</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.462</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.517</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>102.820</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>104.438</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>9.638</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>129.617</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>160.843</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>120.124</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>102.820</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>104.438</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>648.709</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,074.479</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>973.062</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,613.384</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>*Robert L. Reynolds</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>101.280</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>102.312</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>484.159</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>102.788</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>104.382</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Trustees and Officers</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,000-</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>721.139</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$50,001-$100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>3,187.892</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>4,361.271</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>as a group</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(30.31%)</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Retirement Income Fund Lifestyle 3</FONT></B>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Short Duration Income Fund</FONT></B>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Short-Term Municipal Income Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>117.279</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>101.054</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.206</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>107.722</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>484.631</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>539.517</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$50,001-$100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>6,947.077</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$50,001-$100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>5,051.547</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>2,494.205</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>142.275</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>101.037</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.206</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>131.592</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.198</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>101.658</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.461</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.203</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>33,749.973</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>131,260.511</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.204</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>676.281</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>151.546</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>150.019</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>136.329</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>101.036</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>141.093</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,356.214</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>505.121</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>150.018</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>4,057.644</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,212.250</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,198.781</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>*Robert L. Reynolds</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>118.618</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>101.011</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>142.275</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>101.037</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.196</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Trustees and Officers</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>47,884.937</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>139,371.242</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$50,001-$100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>5,374.846</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>as a group</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(46.72%)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(7.42%)</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=1 face=sans-serif>H-10</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_120"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="15%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD>

   <TD width="14%"></TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Dollar Range of</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares Beneficially</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Dollar Range of</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares Beneficially</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Dollar Range of</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares Beneficially</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Trustees/Officers</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares Owned</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Owned</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares Owned</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Owned</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Shares Owned</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=right><B><FONT size=1 face=sans-serif>Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=center>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Small Cap Growth Fund</FONT></B>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Small-Cap Value Fund</FONT></B>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Strategic Volatility Equity Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>98.206</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>99.075</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>98.206</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>97.367</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,449.902</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>908.212</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$50,001-$100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>4,882.095</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>4,812.320</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>690.627</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>236.351</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>113.350</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>134.783</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>7,059.219</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>30,229.718</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.006</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>134.540</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>256.332</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>147.493</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>120.254</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>162.554</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>168.142</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,177.021</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,957.021</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>146.771</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>9,418.845</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$50,001-$100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>3,476.779</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,190.476</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>*Robert L. Reynolds</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>98.206</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>99.075</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>0.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>128.815</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>218.788</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Trustees and Officers</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>20,245.501</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>42,049.938</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$50,001-$100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>8,741.110</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>as a group</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(4.67%)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(9.77%)</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Tax Exempt Income Fund</FONT></B>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Tax Exempt Money Market Fund</FONT></B>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Tax-Free High Yield Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>121.326</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>126.030</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>113.340</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>115.844</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>3,636.952</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>2,270.160</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,800.060</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>597.851</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,692.010</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>316.440</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>130.469</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>102.880</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>137.786</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>102.789</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>103.129</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,358.734</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>3,076,439.010</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>567.315</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>449.784</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>3,492.870</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>394.342</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>134.813</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>105.790</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>142.950</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>615.705</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>267.676</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>5,178.831</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>10,949.950</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>3,803.907</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>*Robert L. Reynolds</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>122.527</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>127.688</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>428.894</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>247,290.530</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>389.682</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Trustees and Officers</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,384.836</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>3,342,943.200</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$50,001-$100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>8,392.849</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>as a group</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class A)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class A)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(7.85%)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>13,092.015</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=7>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam U.S. Government Income Trust</FONT></B>&nbsp;</TD>

   <TD width="28%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Voyager Fund</FONT></B>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="71%" colSpan=5>

   <HR SIZE=1 noShade>

</TD>

   <TD width="28%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>3,951.041</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="71%" colSpan=5>

   <HR SIZE=1 noShade>

</TD>

   <TD width="28%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>133.894</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>7,375.473</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="71%" colSpan=5>

   <HR SIZE=1 noShade>

</TD>

   <TD width="28%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>123.562</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>7,218.702</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="71%" colSpan=5>

   <HR SIZE=1 noShade>

</TD>

   <TD width="28%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>3,020.136</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>6,280.770</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="71%" colSpan=5>

   <HR SIZE=1 noShade>

</TD>

   <TD width="28%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$50,001-$100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>5,364.338</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>107.710</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="71%" colSpan=5>

   <HR SIZE=1 noShade>

</TD>

   <TD width="28%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>143.818</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>8,726.646</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="71%" colSpan=5>

   <HR SIZE=1 noShade>

</TD>

   <TD width="28%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>101.375</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>100.000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="71%" colSpan=5>

   <HR SIZE=1 noShade>

</TD>

   <TD width="28%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>11,997.491</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>60,904.407</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="71%" colSpan=5>

   <HR SIZE=1 noShade>

</TD>

   <TD width="28%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>419.564</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$50,001-$100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>3,167.930</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="71%" colSpan=5>

   <HR SIZE=1 noShade>

</TD>

   <TD width="28%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>105.238</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>98.260</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="71%" colSpan=5>

   <HR SIZE=1 noShade>

</TD>

   <TD width="28%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,752.601</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$50,001-$100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>1,988.955</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="71%" colSpan=5>

   <HR SIZE=1 noShade>

</TD>

   <TD width="28%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$50,001-$100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>4,043.888</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>47,128.482</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="71%" colSpan=5>

   <HR SIZE=1 noShade>

</TD>

   <TD width="28%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>*Robert L. Reynolds</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>134.965</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>102,661.356</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="71%" colSpan=5>

   <HR SIZE=1 noShade>

</TD>

   <TD width="28%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>115.806</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>141.336</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="71%" colSpan=5>

   <HR SIZE=1 noShade>

</TD>

   <TD width="28%" colSpan=2>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>Trustees and Officers</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>27,556.676</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>267,546.812</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>as a group</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(Class Y shares)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=right><FONT size=1 face=sans-serif>(2.55%)</FONT>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD>

   <TD width="14%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="71%" colSpan=5>

   <HR SIZE=1 noShade>

</TD>

   <TD width="28%" colSpan=2>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>H-11</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<A name="page_121"></A><BR>

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<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="25%"></TD>

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<TR vAlign=bottom>

   <TD width="25%" noWrap align=left>&nbsp;</TD>

   <TD width="25%" noWrap align=right><B><FONT size=1 face=sans-serif>Aggregate Dollar Range of Shares</FONT></B>&nbsp;</TD>

   <TD width="25%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="25%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left>&nbsp;</TD>

   <TD width="25%" noWrap align=right><B><FONT size=1 face=sans-serif>Held in All of the Putnam Funds</FONT></B>&nbsp;</TD>

   <TD width="25%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="25%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><B><FONT size=1 face=sans-serif>Name of Trustee/Nominee</FONT></B>&nbsp;</TD>

   <TD width="25%" noWrap align=right><B><FONT size=1 face=sans-serif>Overseen by Trustee</FONT></B>&nbsp;</TD>

   <TD width="25%" noWrap align=right></TD>

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   <TD width="50%" colSpan=2>

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   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right></TD>

   <TD width="25%" noWrap align=right></TD></TR>

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   <TD width="50%" colSpan=2>

   <HR SIZE=1 noShade>

</TD>

   <TD width="25%"></TD>

   <TD width="25%"></TD></TR>

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   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right></TD>

   <TD width="25%" noWrap align=right></TD></TR>

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   <TD width="50%" colSpan=2>

   <HR SIZE=1 noShade>

</TD>

   <TD width="25%"></TD>

   <TD width="25%"></TD></TR>

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   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right></TD>

   <TD width="25%" noWrap align=right></TD></TR>

<TR>

   <TD width="50%" colSpan=2>

   <HR SIZE=1 noShade>

</TD>

   <TD width="25%"></TD>

   <TD width="25%"></TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right></TD>

   <TD width="25%" noWrap align=right></TD></TR>

<TR>

   <TD width="50%" colSpan=2>

   <HR SIZE=1 noShade>

</TD>

   <TD width="25%"></TD>

   <TD width="25%"></TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right></TD>

   <TD width="25%" noWrap align=right></TD></TR>

<TR>

   <TD width="50%" colSpan=2>

   <HR SIZE=1 noShade>

</TD>

   <TD width="25%"></TD>

   <TD width="25%"></TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right></TD>

   <TD width="25%" noWrap align=right></TD></TR>

<TR>

   <TD width="50%" colSpan=2>

   <HR SIZE=1 noShade>

</TD>

   <TD width="25%"></TD>

   <TD width="25%"></TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right></TD>

   <TD width="25%" noWrap align=right></TD></TR>

<TR>

   <TD width="50%" colSpan=2>

   <HR SIZE=1 noShade>

</TD>

   <TD width="25%"></TD>

   <TD width="25%"></TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right></TD>

   <TD width="25%" noWrap align=right></TD></TR>

<TR>

   <TD width="50%" colSpan=2>

   <HR SIZE=1 noShade>

</TD>

   <TD width="25%"></TD>

   <TD width="25%"></TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right></TD>

   <TD width="25%" noWrap align=right></TD></TR>

<TR>

   <TD width="50%" colSpan=2>

   <HR SIZE=1 noShade>

</TD>

   <TD width="25%"></TD>

   <TD width="25%"></TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right></TD>

   <TD width="25%" noWrap align=right></TD></TR>

<TR>

   <TD width="50%" colSpan=2>

   <HR SIZE=1 noShade>

</TD>

   <TD width="25%"></TD>

   <TD width="25%"></TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right></TD>

   <TD width="25%" noWrap align=right></TD></TR>

<TR>

   <TD width="50%" colSpan=2>

   <HR SIZE=1 noShade>

</TD>

   <TD width="25%"></TD>

   <TD width="25%"></TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right></TD>

   <TD width="25%" noWrap align=right></TD></TR>

<TR>

   <TD width="50%" colSpan=2>

   <HR SIZE=1 noShade>

</TD>

   <TD width="25%"></TD>

   <TD width="25%"></TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>*Robert L. Reynolds</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right></TD>

   <TD width="25%" noWrap align=right></TD></TR>

<TR>

   <TD width="50%" colSpan=2>

   <HR SIZE=1 noShade>

</TD>

   <TD width="25%"></TD>

   <TD width="25%"></TD></TR>

<TR vAlign=bottom>

   <TD width="25%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>Over $100,000</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right></TD>

   <TD width="25%" noWrap align=right></TD></TR>

<TR>

   <TD width="50%" colSpan=2>

   <HR SIZE=1 noShade>

</TD>

   <TD width="25%"></TD>

   <TD width="25%"></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif>* Trustee who is an &#8220;interested person&#8221; (as defined in the Investment Company Act of 1940) of the funds and Putnam Management. Mr. Reynolds is deemed an &#8220;interested person&#8221; by virtue of his positions as an officer of the funds and Putnam Management. Mr. Reynolds is the President and Chief Executive Officer of Putnam Investments, LLC and President of your fund and each of the other Putnam funds. None of the other Trustees is an &#8220;interested person&#8221;.</FONT></P>

<P style="TEXT-ALIGN: left"><B><U><FONT size=1 face=sans-serif>Putnam Variable Trust</FONT></U></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>As of September 30, 2013, except as shown in the tables 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. These tables show the value of the Trustees&#8217; indirect beneficial ownership interest in these funds. As reflected in the tables above, Trustees and officers own shares of the retail Putnam funds that are counterparts to Putnam Variable Trust&#8217;s various portfolios.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="39%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%" colSpan=2></TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 60px" width="20%" noWrap align=center></TD>

   <TD style="TEXT-INDENT: 0px" width="30%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>TRUSTEE NAME</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=center>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><B><FONT size=1 face=sans-serif>FUND NAME</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>GEORGE PUTNAM III</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>PAUL L JOSKOW</FONT></B>&nbsp;</TD>

   <TD width="20%" colSpan=2 noWrap align=right><B><FONT size=1 face=sans-serif>ROBERT E PATTERSON</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>VT AMERICAN GOVERNMENT INCOME FUND CLASS IB</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="20%" colSpan=2 noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>VT CAPITAL OPPORTUNITIES FUND CLASS IB</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="20%" colSpan=2 noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>VT DIVERSIFIED INCOME FUND CLASS IB</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="20%" colSpan=2 noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>VT EQUITY INCOME FUND CLASS IB</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="20%" colSpan=2 noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>VT GEORGE PUTNAM BALANCE FUND CLASS IB</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="20%" colSpan=2 noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>VT GLOBAL ASSET ALLOCATION FUND CLASS IA</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="20%" colSpan=2 noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>VT GLOBAL ASSET ALLOCATION FUND CLASS IB</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="20%" colSpan=2 noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>VT GLOBAL EQUITY FUND CLASS IB</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="20%" colSpan=2 noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>VT GROWTH AND INCOME FUND CLASS IB</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="20%" colSpan=2 noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>VT GROWTH OPPORTUNITIES FUND CLASS IB</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="20%" colSpan=2 noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>VT HIGH YIELD FUND CLASS IA</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="20%" colSpan=2 noWrap align=right><FONT size=1 face=sans-serif>$10,001-$50,000</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>VT HIGH YIELD FUND CLASS IB</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="20%" colSpan=2 noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>VT INCOME FUND CLASS IB</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="20%" colSpan=2 noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>VT INTERNATIONAL EQUITY FUND CLASS IB</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="20%" colSpan=2 noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>VT INTERNATIONAL GROWTH FUND CLASS IB</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="20%" colSpan=2 noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>VT INTERNATIONAL VALUE FUND CLASS IB</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="20%" colSpan=2 noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>VT INVESTORS FUND CLASS IB</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="20%" colSpan=2 noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>VT MULTI-CAP GROWTH FUND CLASS IB</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="20%" colSpan=2 noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>VT MULTI-CAP VALUE FUND CLASS IB</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="20%" colSpan=2 noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>VT RESEARCH FUND CLASS IB</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="20%" colSpan=2 noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>VT SMALL CAP VALUE FUND CLASS IB</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="20%" colSpan=2 noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="39%" noWrap align=left><FONT size=1 face=sans-serif>VT VOYAGER FUND CLASS IB</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>$1-$10,000</FONT>&nbsp;</TD>

   <TD width="20%" colSpan=2 noWrap align=right><FONT size=1 face=sans-serif>$0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=1 face=sans-serif>H-12</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_122"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><B><FONT size=4 face=sans-serif>Appendix I &#8212; Trustee Compensation Table</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The table below includes the year each Trustee became a Trustee of the Putnam funds, the fees paid to each of those Trustees by each fund for its most recent fiscal year ended prior to October 1, 2013 and the fees paid to each of those Trustees by all of the Putnam funds during calendar year 2012.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Pension or retirement</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Pension or retirement</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Aggregate compensation</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>benefits accrued as part</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Aggregate compensation</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>benefits accrued as part</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><B><FONT size=1 face=sans-serif>Trustees/Year</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>from the fund ($)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>of fund expenses ($)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>from the fund ($)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>of fund expenses ($)</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Absolute Return 100 Fund</FONT></B>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Absolute Return 300 Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>295</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,042</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury/2009</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,503</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,384</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann/2010(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,476</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,286</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter/1994(4)(6)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,232</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>551</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8,008</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,022</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis/2001</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,468</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>353</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,256</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,298</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta/2007(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,503</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,384</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>295</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,042</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill/1985(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,476</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>952</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,286</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,497</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow/1997(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,468</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>376</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,286</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,381</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Elizabeth T. Kennan/1992(5)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,291</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>667</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,619</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,455</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler/2006</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,626</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,823</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,626</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>562</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,823</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,062</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,503</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>562</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,384</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,062</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens/1997(7)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,503</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>393</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,384</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,445</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert L. Reynolds/2008(8)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Absolute Return 500 Fund</FONT></B>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Absolute Return 700 Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>863</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>817</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury/2009</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,799</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,310</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann/2010(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,724</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,245</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter/1994(4)(6)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,590</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,273</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,866</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,103</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis/2001</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,720</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>814</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,244</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>705</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta/2007(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,799</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,310</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>863</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>817</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill/1985(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,724</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,203</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,245</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,908</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow/1997(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,720</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>871</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,244</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>754</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Elizabeth T. Kennan/1992(5)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,330</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,534</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,915</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,329</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler/2006</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,111</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,584</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,111</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,301</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,584</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,127</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,799</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,306</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,310</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,131</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens/1997(7)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,799</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>908</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,310</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>787</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert L. Reynolds/2008(8)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam American Government Income Fund</FONT></B>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam AMT-Free Municipal Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,905</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,107</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury/2009</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,171</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann/2010(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,171</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter/1994(4)(6)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,179</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,443</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,935</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,010</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis/2001</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>890</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,171</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>624</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta/2007(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,171</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,089</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,241</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill/1985(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,503</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,171</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,752</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow/1997(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,028</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,002</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,204</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>701</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Elizabeth T. Kennan/1992(5)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,555</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,618</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,847</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,137</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler/2006</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,236</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,353</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,236</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,508</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,353</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,054</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,574</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,171</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,097</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens/1997(7)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,011</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,171</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>708</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert L. Reynolds/2008(8)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>I-1</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Pension or retirement</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Pension or retirement</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Aggregate compensation</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>benefits accrued as part</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Aggregate compensation</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>benefits accrued as part</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><B><FONT size=1 face=sans-serif>Trustees/Year</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>from the fund ($)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>of fund expenses ($)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>from the fund ($)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>of fund expenses ($)</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Arizona Tax Exempt Income Fund</FONT></B>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Asia Pacific Equity Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>205</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>27</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury/2009</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>289</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>36</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann/2010(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>283</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>36</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter/1994(4)(6)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>422</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>130</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>53</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>16</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis/2001</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>289</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>81</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>36</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta/2007(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>289</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>36</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>217</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>28</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill/1985(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>283</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>225</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>36</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>28</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow/1997(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>289</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>90</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>36</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Elizabeth T. Kennan/1992(5)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>289</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>147</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>36</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>18</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler/2006</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>313</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>39</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>313</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>135</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>39</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>17</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>289</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>140</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>36</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>17</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens/1997(7)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>289</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>91</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>36</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert L. Reynolds/2008(8)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam California Tax Exempt Income Fund</FONT></B>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Capital Opportunities Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7,139</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,147</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury/2009</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7,347</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,589</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann/2010(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7,347</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,558</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter/1994(4)(6)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10,284</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,471</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,308</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>709</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis/2001</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7,347</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,139</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,589</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>441</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta/2007(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7,347</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,589</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7,592</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,209</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill/1985(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7,347</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,021</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,558</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,229</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow/1997(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7,460</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,412</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,589</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>491</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Elizabeth T. Kennan/1992(5)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,245</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,887</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,589</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>806</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler/2006</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7,965</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,720</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7,965</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,627</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,720</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>737</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7,347</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,789</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,589</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>762</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens/1997(7)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7,347</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,430</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,589</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>499</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert L. Reynolds/2008(8)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Capital Spectrum Fund</FONT></B>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Convertible Securities Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,933</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>667</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury/2009</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7,500</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,943</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann/2010(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7,396</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,887</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter/1994(4)(6)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10,598</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,980</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,330</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>994</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis/2001</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7,500</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,848</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,884</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>636</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta/2007(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7,500</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,943</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,238</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>667</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill/1985(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7,396</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,166</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,887</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,720</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow/1997(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7,500</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,065</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,884</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>680</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Elizabeth T. Kennan/1992(5)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7,500</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,374</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,585</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,199</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler/2006</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8,123</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,186</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8,123</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,101</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,186</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,016</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7,500</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,215</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,943</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,019</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens/1997(7)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7,500</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,093</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,943</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>709</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert L. Reynolds/2008(8)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=1 face=sans-serif>I-2</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Pension or retirement</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Pension or retirement</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Aggregate compensation</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>benefits accrued as part</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Aggregate compensation</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>benefits accrued as part</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><B><FONT size=1 face=sans-serif>Trustees/Year</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>from the fund ($)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>of fund expenses ($)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>from the fund ($)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>of fund expenses ($)</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Diversified Income Trust</FONT></B>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Dynamic Asset Allocation Balanced Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14,648</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,587</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury/2009</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>15,087</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,748</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann/2010(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>15,087</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,748</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter/1994(4)(6)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>21,216</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,997</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8,070</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,706</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis/2001</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>15,087</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,308</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,748</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,667</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta/2007(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>15,087</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,748</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>15,562</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,935</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill/1985(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>15,087</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12,140</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,748</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,695</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow/1997(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>15,355</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,864</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,843</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,881</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Elizabeth T. Kennan/1992(5)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12,477</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7,825</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,815</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,029</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler/2006</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>16,356</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,232</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>16,356</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7,318</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,232</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,830</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>15,087</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7,651</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,748</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,957</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens/1997(7)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>15,087</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,897</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,748</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,894</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert L. Reynolds/2008(8)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Dynamic Asset Allocation Conservative Fund</FONT></B>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Dynamic Asset Allocation Equity Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,410</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>70</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury/2009</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,483</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>96</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann/2010(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,483</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>95</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter/1994(4)(6)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,483</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,159</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>140</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>44</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis/2001</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,483</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>714</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>96</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>27</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta/2007(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,483</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>96</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,562</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>74</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill/1985(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,483</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,010</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>95</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>76</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow/1997(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,524</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>805</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>96</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>31</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Elizabeth T. Kennan/1992(5)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,084</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,296</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>96</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>50</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler/2006</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,692</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>104</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,692</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,212</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>104</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>46</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,483</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,266</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>96</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>48</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens/1997(7)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,483</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>811</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>96</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>31</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert L. Reynolds/2008(8)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Dynamic Asset Allocation Growth Fund</FONT></B>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Dynamic Risk Allocation Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,799</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>629</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury/2009</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,995</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>812</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann/2010(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,995</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>800</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter/1994(4)(6)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9,821</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,287</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,158</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>338</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis/2001</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,995</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,024</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>812</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>209</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta/2007(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,995</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>812</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7,221</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>663</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill/1985(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,995</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,702</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>800</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>586</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow/1997(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7,112</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,284</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>812</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>234</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Elizabeth T. Kennan/1992(5)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,853</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,677</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>812</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>381</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler/2006</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7,584</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>879</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7,584</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,436</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>879</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>352</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,995</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,591</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>812</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>366</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens/1997(7)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,995</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,300</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>812</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>237</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert L. Reynolds/2008(8)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>I-3</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Pension or retirement</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Pension or retirement</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Aggregate compensation</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>benefits accrued as part</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Aggregate compensation</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>benefits accrued as part</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><B><FONT size=1 face=sans-serif>Trustees/Year</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>from the fund ($)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>of fund expenses ($)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>from the fund ($)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>of fund expenses ($)</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Emerging Markets Equity Fund</FONT></B>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>*Putnam Emerging Markets Income Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>141</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>453</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury/2009</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>145</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>453</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann/2010(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>145</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>453</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter/1994(4)(6)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>203</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>69</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>625</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>65</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis/2001</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>145</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>42</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>453</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>41</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta/2007(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>145</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>453</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>150</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>453</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill/1985(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>145</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>119</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>453</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>113</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow/1997(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>147</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>48</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>453</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>45</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Elizabeth T. Kennan/1992(5)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>123</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>77</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>453</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>75</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler/2006</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>157</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>493</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>157</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>72</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>493</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>67</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>145</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>75</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>453</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>69</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens/1997(7)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>145</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>48</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>453</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>46</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert L. Reynolds/2008(8)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Equity Income Fund</FONT></B>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Equity Spectrum Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,992</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,442</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury/2009</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>16,551</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,143</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann/2010(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>16,220</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,095</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter/1994(4)(6)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>23,934</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,476</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,475</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,283</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis/2001</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>16,241</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,111</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,143</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>796</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta/2007(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>16,551</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,143</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,992</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,566</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill/1985(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>16,220</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11,209</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,095</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,225</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow/1997(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>16,241</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,444</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,143</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>889</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Elizabeth T. Kennan/1992(5)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14,691</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7,674</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,143</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,454</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler/2006</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>17,921</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,403</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>17,921</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,648</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,403</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,335</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>16,551</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,724</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,143</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,383</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens/1997(7)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>16,551</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,603</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,143</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>902</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert L. Reynolds/2008(8)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Europe Equity Fund</FONT></B>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Floating Rate Income Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>496</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,173</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury/2009</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>692</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,298</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann/2010(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>678</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,256</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter/1994(4)(6)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>931</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>314</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,344</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,025</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis/2001</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>692</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>195</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,298</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>640</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta/2007(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>692</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,298</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>524</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,275</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill/1985(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>678</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>544</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,256</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,777</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow/1997(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>692</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>218</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,298</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>709</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Elizabeth T. Kennan/1992(5)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>692</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>355</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,298</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,173</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler/2006</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>749</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,487</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>749</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>327</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,487</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,063</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>692</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>340</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,298</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,094</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens/1997(7)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>692</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>220</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,298</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>723</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert L. Reynolds/2008(8)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

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   <HR SIZE=1 noShade>

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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



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   <TD noWrap align=right><FONT size=1 face=sans-serif>I-4</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="20%"></TD>

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   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Pension or retirement</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Pension or retirement</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Aggregate compensation</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>benefits accrued as part</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Aggregate compensation</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>benefits accrued as part</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><B><FONT size=1 face=sans-serif>Trustees/Year</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>from the fund ($)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>of fund expenses ($)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>from the fund ($)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>of fund expenses ($)</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>The George Putnam Fund of Boston</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>The Putnam Fund for Growth and Income</FONT></B>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>(d/b/a George Putnam Balanced Fund)</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,709</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,145</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury/2009</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>20,576</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,292</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann/2010(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>20,176</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,292</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter/1994(4)(6)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>30,148</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,790</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7,158</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,477</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis/2001</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>20,169</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,341</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,292</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,532</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta/2007(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>20,576</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,292</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,709</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,466</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill/1985(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>20,176</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11,747</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,292</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,296</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow/1997(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>20,169</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,645</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,380</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,719</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Elizabeth T. Kennan/1992(5)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>18,137</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8,172</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,439</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,790</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler/2006</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>22,274</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,738</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>22,274</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,942</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,738</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,583</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>20,576</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,971</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,292</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,687</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens/1997(7)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>20,576</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,843</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,292</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,737</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert L. Reynolds/2008(8)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Global Consumer Fund</FONT></B>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>*Putnam Global Dividend Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>60</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>453</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury/2009</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>62</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>453</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann/2010(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>62</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>453</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter/1994(4)(6)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>87</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>27</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>625</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>65</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis/2001</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>62</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>17</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>453</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>41</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta/2007(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>62</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>453</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>64</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>453</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill/1985(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>62</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>47</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>453</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>113</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow/1997(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>63</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>19</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>453</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>45</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Elizabeth T. Kennan/1992(5)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>50</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>31</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>453</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>75</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler/2006</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>67</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>493</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>67</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>29</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>493</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>67</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>62</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>30</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>453</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>69</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens/1997(7)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>62</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>19</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>453</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>46</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert L. Reynolds/2008(8)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Global Energy Fund</FONT></B>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Global Equity Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>79</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>816</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury/2009</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>81</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,580</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann/2010(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>81</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,511</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter/1994(4)(6)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>114</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>38</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,252</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,196</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis/2001</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>81</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>23</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,509</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>765</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta/2007(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>81</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,580</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>84</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>816</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill/1985(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>81</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>65</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,511</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,069</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow/1997(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>82</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>26</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,509</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>818</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Elizabeth T. Kennan/1992(5)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>68</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>42</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,152</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,441</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler/2006</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>88</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,875</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>88</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>39</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,875</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,223</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>81</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>41</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,580</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,227</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens/1997(7)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>81</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>26</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,580</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>853</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert L. Reynolds/2008(8)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>I-5</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_127"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Pension or retirement</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Pension or retirement</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Aggregate compensation</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>benefits accrued as part</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Aggregate compensation</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>benefits accrued as part</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><B><FONT size=1 face=sans-serif>Trustees/Year</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>from the fund ($)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>of fund expenses ($)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>from the fund ($)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>of fund expenses ($)</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Global Financials Fund</FONT></B>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Global Health Care Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>59</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,564</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury/2009</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>61</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,700</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann/2010(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>61</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,700</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter/1994(4)(6)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>86</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>25</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,601</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,156</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis/2001</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>61</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>16</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,700</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,330</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta/2007(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>61</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,700</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>63</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,847</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill/1985(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>61</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>44</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,700</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,740</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow/1997(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>62</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>18</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,782</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,496</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Elizabeth T. Kennan/1992(5)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>49</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>28</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,899</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,419</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler/2006</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>66</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,095</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>66</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>27</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,095</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,252</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>61</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>28</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,700</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,350</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens/1997(7)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>61</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>18</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,700</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,511</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert L. Reynolds/2008(8)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Global Income Trust</FONT></B>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Global Industrials Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>381</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>48</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury/2009</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,663</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>50</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann/2010(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,631</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>50</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter/1994(4)(6)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,449</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>553</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>70</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>22</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis/2001</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,629</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>354</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>50</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta/2007(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,663</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>50</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>381</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>51</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill/1985(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,631</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>956</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>50</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>38</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow/1997(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,629</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>378</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>51</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>15</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Elizabeth T. Kennan/1992(5)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,458</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>666</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>41</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>25</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler/2006</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,800</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>54</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,800</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>565</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>54</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>23</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,663</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>567</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>50</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>24</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens/1997(7)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,663</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>394</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>50</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>15</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert L. Reynolds/2008(8)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Global Natural Resources Fund</FONT></B>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Global Sector Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,285</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury/2009</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,318</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann/2010(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,318</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter/1994(4)(6)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,847</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>648</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis/2001</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,318</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>400</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta/2007(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,318</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,365</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill/1985(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,318</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,123</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow/1997(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,338</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>450</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Elizabeth T. Kennan/1992(5)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,129</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>728</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler/2006</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,430</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,430</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>676</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,318</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>704</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens/1997(7)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,318</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>454</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert L. Reynolds/2008(8)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=1 face=sans-serif>I-6</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Pension or retirement</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Pension or retirement</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Aggregate compensation</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>benefits accrued as part</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Aggregate compensation</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>benefits accrued as part</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><B><FONT size=1 face=sans-serif>Trustees/Year</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>from the fund ($)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>of fund expenses ($)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>from the fund ($)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>of fund expenses ($)</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Global Technology Fund</FONT></B>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Global Telecommunications Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>51</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>66</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury/2009</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>53</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>68</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann/2010(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>53</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>68</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter/1994(4)(6)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>74</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>26</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>96</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>31</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis/2001</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>53</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>16</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>68</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>19</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta/2007(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>53</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>68</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>54</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>71</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill/1985(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>53</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>44</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>68</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>53</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow/1997(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>53</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>18</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>70</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>21</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Elizabeth T. Kennan/1992(5)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>44</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>29</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>56</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>34</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler/2006</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>57</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>74</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>57</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>27</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>74</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>32</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>53</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>28</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>68</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>33</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens/1997(7)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>53</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>18</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>68</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>21</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert L. Reynolds/2008(8)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Global Utilities Fund</FONT></B>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Growth Opportunities Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>885</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,513</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury/2009</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>910</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,557</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann/2010(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>910</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,557</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter/1994(4)(6)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,277</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>433</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,103</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>719</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis/2001</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>910</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>267</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,557</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>444</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta/2007(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>910</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,557</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>940</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,607</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill/1985(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>910</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>751</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,557</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,246</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow/1997(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>925</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>301</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,584</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>499</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Elizabeth T. Kennan/1992(5)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>764</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>487</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,299</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>809</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler/2006</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>987</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,689</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>987</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>452</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,689</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>749</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>910</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>471</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,557</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>780</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens/1997(7)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>910</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>304</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,557</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>504</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert L. Reynolds/2008(8)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam High Yield Advantage Fund</FONT></B>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam High Yield Trust</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,022</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,180</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury/2009</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,151</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,356</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann/2010(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,067</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,356</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter/1994(4)(6)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,034</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,664</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8,887</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,022</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis/2001</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,072</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,057</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,356</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,865</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta/2007(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,151</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,356</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,022</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,570</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill/1985(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,067</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,880</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,356</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,241</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow/1997(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,072</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,141</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,450</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,098</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Elizabeth T. Kennan/1992(5)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,679</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,976</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,441</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,394</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler/2006</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,494</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,892</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,494</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,707</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,892</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,154</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,151</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,725</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,356</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,288</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens/1997(7)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,151</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,183</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,356</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,117</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert L. Reynolds/2008(8)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>I-7</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_129"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Pension or retirement</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Pension or retirement</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Aggregate compensation</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>benefits accrued as part</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Aggregate compensation</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>benefits accrued as part</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><B><FONT size=1 face=sans-serif>Trustees/Year</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>from the fund ($)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>of fund expenses ($)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>from the fund ($)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>of fund expenses ($)</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Income Fund</FONT></B>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>*Putnam Intermediate-Term Municipal Income Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,503</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>453</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury/2009</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,407</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>453</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann/2010(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,278</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>453</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter/1994(4)(6)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9,438</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,124</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>625</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>65</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis/2001</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,279</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,358</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>453</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>41</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta/2007(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,407</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>453</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,503</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>453</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill/1985(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,278</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,674</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>453</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>113</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow/1997(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,279</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,453</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>453</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>45</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Elizabeth T. Kennan/1992(5)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,639</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,558</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>453</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>75</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler/2006</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,935</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>493</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,935</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,171</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>493</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>67</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,407</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,179</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>453</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>69</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens/1997(7)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,407</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,515</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>453</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>46</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert L. Reynolds/2008(8)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam International Capital Opportunities Fund</FONT></B>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam International Equity Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,600</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,117</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury/2009</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,699</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,389</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann/2010(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,699</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,302</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter/1994(4)(6)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,188</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,765</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,907</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,992</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis/2001</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,699</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,089</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,389</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,234</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta/2007(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,699</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,389</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,824</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,294</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill/1985(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,699</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,061</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,302</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,454</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow/1997(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,758</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,225</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,389</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,381</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Elizabeth T. Kennan/1992(5)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,130</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,982</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,389</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,251</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler/2006</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,011</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,751</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,011</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,842</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,751</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,075</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,699</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,921</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,389</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,154</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens/1997(7)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,699</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,237</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,389</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,398</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert L. Reynolds/2008(8)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam International Growth Fund</FONT></B>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam International Value Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,395</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>645</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury/2009</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,436</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>905</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann/2010(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,436</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>887</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter/1994(4)(6)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,014</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>674</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,218</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>410</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis/2001</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,436</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>415</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>905</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>254</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta/2007(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,436</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>905</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,482</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>681</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill/1985(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,436</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,169</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>887</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>711</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow/1997(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,459</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>468</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>905</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>284</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Elizabeth T. Kennan/1992(5)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,207</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>754</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>905</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>464</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler/2006</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,557</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>980</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,557</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>705</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>980</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>427</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,436</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>737</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>905</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>444</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens/1997(7)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,436</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>472</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>905</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>288</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert L. Reynolds/2008(8)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=1 face=sans-serif>I-8</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Pension or retirement</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Pension or retirement</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Aggregate compensation</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>benefits accrued as part</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Aggregate compensation</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>benefits accrued as part</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><B><FONT size=1 face=sans-serif>Trustees/Year</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>from the fund ($)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>of fund expenses ($)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>from the fund ($)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>of fund expenses ($)</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Investors Fund</FONT></B>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>*Putnam Low Volatility Equity Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,963</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>453</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury/2009</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,135</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>453</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann/2010(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,135</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>453</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter/1994(4)(6)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8,287</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,845</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>625</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>20</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis/2001</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,135</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,759</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>453</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta/2007(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,135</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>453</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,333</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>453</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill/1985(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,135</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,934</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>453</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>35</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow/1997(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,239</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,974</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>453</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Elizabeth T. Kennan/1992(5)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,120</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,205</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>453</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>22</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler/2006</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,651</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>493</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,651</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,967</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>493</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>21</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,135</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,088</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>453</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>23</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens/1997(7)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,135</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,996</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>453</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert L. Reynolds/2008(8)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Massachusetts Tax Exempt Income Fund</FONT></B>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Michigan Tax Exempt Income Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,380</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>262</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury/2009</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,890</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>369</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann/2010(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,855</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>361</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter/1994(4)(6)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,734</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>843</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>538</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>165</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis/2001</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,890</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>523</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>369</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>103</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta/2007(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,890</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>369</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,461</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>277</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill/1985(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,855</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,461</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>361</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>287</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow/1997(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,890</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>584</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>369</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>115</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Elizabeth T. Kennan/1992(5)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,890</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>955</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>369</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>187</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler/2006</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,046</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>399</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,046</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>877</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>399</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>172</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,890</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>909</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>369</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>178</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens/1997(7)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,890</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>592</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>369</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>116</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert L. Reynolds/2008(8)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Minnesota Tax Exempt Income Fund</FONT></B>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Money Market Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>387</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,292</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury/2009</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>537</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,474</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann/2010(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>527</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,474</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter/1994(4)(6)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>781</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>240</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9,099</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,082</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis/2001</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>537</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>149</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,474</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,899</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta/2007(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>537</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,474</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>409</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,690</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill/1985(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>527</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>415</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,474</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,347</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow/1997(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>537</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>166</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,580</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,142</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Elizabeth T. Kennan/1992(5)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>537</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>271</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,438</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,451</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler/2006</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>581</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7,019</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>581</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>249</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7,019</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,222</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>537</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>258</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,474</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,366</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens/1997(7)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>537</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>168</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,474</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,158</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert L. Reynolds/2008(8)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>I-9</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_131"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Pension or retirement</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Pension or retirement</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Aggregate compensation</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>benefits accrued as part</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Aggregate compensation</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>benefits accrued as part</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><B><FONT size=1 face=sans-serif>Trustees/Year</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>from the fund ($)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>of fund expenses ($)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>from the fund ($)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>of fund expenses ($)</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Money Market Liquidity Fund</FONT></B>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Multi-Cap Core Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12,783</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>34</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury/2009</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13,022</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>46</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann/2010(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13,021</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>45</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter/1994(4)(6)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>18,319</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7,472</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>66</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>19</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis/2001</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13,022</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,629</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>46</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta/2007(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13,022</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>46</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13,683</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>36</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill/1985(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13,022</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12,956</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>45</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>34</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow/1997(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13,139</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,180</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>46</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Elizabeth T. Kennan/1992(5)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11,875</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8,443</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>46</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>22</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler/2006</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14,134</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>50</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14,134</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7,783</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>50</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>20</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13,022</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8,081</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>46</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>21</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens/1997(7)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13,022</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,246</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>46</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert L. Reynolds/2008(8)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Multi-Cap Growth Fund</FONT></B>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Multi-Cap Value Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10,374</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,119</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury/2009</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14,598</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,684</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann/2010(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14,307</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,643</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter/1994(4)(6)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>19,625</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,607</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,510</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>858</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis/2001</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14,598</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,094</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,684</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>535</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta/2007(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14,598</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,684</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10,949</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,171</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill/1985(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14,307</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11,456</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,643</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,487</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow/1997(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14,598</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,580</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,684</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>593</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Elizabeth T. Kennan/1992(5)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14,598</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7,467</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,684</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>980</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler/2006</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>15,802</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,824</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>15,802</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,882</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,824</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>890</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14,598</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7,145</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,684</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>917</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens/1997(7)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14,598</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,639</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,684</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>604</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert L. Reynolds/2008(8)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam New Jersey Tax Exempt Income Fund</FONT></B>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam New York Tax Exempt Income Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>932</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,336</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury/2009</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,298</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,640</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann/2010(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,273</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,526</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter/1994(4)(6)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,890</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>580</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8,199</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,241</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis/2001</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,298</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>360</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,530</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,424</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta/2007(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,298</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,640</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>986</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,336</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill/1985(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,273</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,005</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,526</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,878</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow/1997(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,298</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>401</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,530</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,537</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Elizabeth T. Kennan/1992(5)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,298</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>657</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,977</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,660</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler/2006</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,405</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,106</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,405</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>603</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,106</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,299</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,298</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>625</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,640</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,323</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens/1997(7)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,298</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>407</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,640</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,593</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert L. Reynolds/2008(8)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=1 face=sans-serif>I-10</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Pension or retirement</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Pension or retirement</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Aggregate compensation</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>benefits accrued as part</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Aggregate compensation</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>benefits accrued as part</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><B><FONT size=1 face=sans-serif>Trustees/Year</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>from the fund ($)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>of fund expenses ($)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>from the fund ($)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>of fund expenses ($)</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Ohio Tax Exempt Income Fund</FONT></B>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Pennsylvania Tax Exempt Income Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>521</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>805</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury/2009</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>733</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,133</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann/2010(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>719</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,110</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter/1994(4)(6)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,070</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>327</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,655</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>510</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis/2001</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>733</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>203</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,133</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>317</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta/2007(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>733</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,133</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>551</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>851</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill/1985(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>719</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>566</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,110</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>884</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow/1997(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>733</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>226</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,133</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>353</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Elizabeth T. Kennan/1992(5)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>733</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>370</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,133</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>578</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler/2006</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>794</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,226</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>794</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>340</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,226</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>531</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>733</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>352</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,133</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>550</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens/1997(7)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>733</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>230</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,133</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>358</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert L. Reynolds/2008(8)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Research Fund</FONT></B>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam RetirementReady 2055 Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>936</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury/2009</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>963</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann/2010(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>963</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter/1994(4)(6)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,301</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>446</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis/2001</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>963</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>276</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta/2007(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>963</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>994</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill/1985(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>963</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>774</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow/1997(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>979</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>310</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Elizabeth T. Kennan/1992(5)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>804</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>503</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler/2006</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,044</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,044</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>466</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>963</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>485</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens/1997(7)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>963</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>313</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert L. Reynolds/2008(8)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam RetirementReady 2050 Fund</FONT></B>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam RetirementReady 2045 Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury/2009</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann/2010(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter/1994(4)(6)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis/2001</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta/2007(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill/1985(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow/1997(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Elizabeth T. Kennan/1992(5)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler/2006</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens/1997(7)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert L. Reynolds/2008(8)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>I-11</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_133"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

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<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Pension or retirement</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Pension or retirement</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Aggregate compensation</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>benefits accrued as part</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Aggregate compensation</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>benefits accrued as part</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><B><FONT size=1 face=sans-serif>Trustees/Year</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>from the fund ($)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>of fund expenses ($)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>from the fund ($)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>of fund expenses ($)</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam RetirementReady 2040 Fund</FONT></B>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam RetirementReady 2035 Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury/2009</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann/2010(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter/1994(4)(6)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis/2001</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta/2007(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill/1985(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow/1997(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Elizabeth T. Kennan/1992(5)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler/2006</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens/1997(7)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert L. Reynolds/2008(8)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam RetirementReady 2030 Fund</FONT></B>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam RetirementReady 2025 Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury/2009</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann/2010(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter/1994(4)(6)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis/2001</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta/2007(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill/1985(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow/1997(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Elizabeth T. Kennan/1992(5)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler/2006</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens/1997(7)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert L. Reynolds/2008(8)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam RetirementReady 2020 Fund</FONT></B>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam RetirementReady 2015 Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury/2009</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann/2010(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter/1994(4)(6)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis/2001</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta/2007(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill/1985(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow/1997(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Elizabeth T. Kennan/1992(5)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler/2006</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens/1997(7)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert L. Reynolds/2008(8)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=1 face=sans-serif>I-12</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Pension or retirement</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Pension or retirement</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Aggregate compensation</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>benefits accrued as part</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Aggregate compensation</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>benefits accrued as part</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><B><FONT size=1 face=sans-serif>Trustees/Year</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>from the fund ($)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>of fund expenses ($)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>from the fund ($)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>of fund expenses ($)</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Retirement Income Fund Lifestyle 1</FONT></B>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Retirement Income Fund Lifestyle 2</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>28</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury/2009</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>29</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann/2010(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>29</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter/1994(4)(6)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>41</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis/2001</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>29</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta/2007(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>29</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>30</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill/1985(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>29</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>23</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow/1997(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>29</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Elizabeth T. Kennan/1992(5)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>24</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>15</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler/2006</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>31</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>31</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>29</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens/1997(7)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>29</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert L. Reynolds/2008(8)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Retirement Income Fund Lifestyle 3</FONT></B>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Short Duration Income Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>32</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,695</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury/2009</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>69</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,819</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann/2010(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>67</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,819</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter/1994(4)(6)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>100</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>30</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,657</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>856</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis/2001</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>69</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>19</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,819</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>524</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta/2007(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>69</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,819</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>35</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,856</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill/1985(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>67</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>53</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,819</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,486</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow/1997(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>69</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>21</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,894</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>597</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Elizabeth T. Kennan/1992(5)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>69</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>35</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,080</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>949</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler/2006</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>74</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,051</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>74</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>32</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,051</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>898</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>69</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>32</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,819</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>945</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens/1997(7)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>69</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>21</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,819</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>597</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert L. Reynolds/2008(8)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>*Putnam Short Term Investment Fund</FONT></B>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>*Putnam Short-Term Municipal Income Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,071</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>453</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury/2009</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,270</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>453</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann/2010(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,270</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>453</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter/1994(4)(6)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,577</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,960</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>625</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>65</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis/2001</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,270</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,785</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>453</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>41</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta/2007(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,270</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>453</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,270</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>453</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill/1985(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,270</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,146</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>453</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>113</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow/1997(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,436</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,076</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>453</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>45</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Elizabeth T. Kennan/1992(5)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,649</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,197</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>453</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>75</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler/2006</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,706</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>493</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,706</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,136</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>493</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>67</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,270</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,351</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>453</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>69</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens/1997(7)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,270</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,050</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>453</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>46</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert L. Reynolds/2008(8)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>I-13</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_135"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Pension or retirement</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Pension or retirement</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Aggregate compensation</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>benefits accrued as part</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Aggregate compensation</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>benefits accrued as part</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><B><FONT size=1 face=sans-serif>Trustees/Year</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>from the fund ($)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>of fund expenses ($)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>from the fund ($)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>of fund expenses ($)</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Small Cap Growth Fund</FONT></B>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Small Cap Value Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>375</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>335</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury/2009</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>525</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>728</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann/2010(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>515</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>713</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter/1994(4)(6)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>706</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>238</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,059</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>321</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis/2001</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>525</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>147</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>728</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>201</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta/2007(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>525</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>728</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>395</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>362</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill/1985(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>515</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>413</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>713</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>557</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow/1997(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>525</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>165</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>728</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>222</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Elizabeth T. Kennan/1992(5)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>525</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>269</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>728</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>368</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler/2006</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>569</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>788</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>569</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>248</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>788</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>333</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>525</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>257</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>728</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>343</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens/1997(7)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>525</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>167</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>728</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>227</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert L. Reynolds/2008(8)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>*Putnam Strategic Volatility Equity Fund</FONT></B>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Tax Exempt Income Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>453</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,136</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury/2009</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>453</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,286</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann/2010(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>453</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,286</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter/1994(4)(6)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>625</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7,400</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,507</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis/2001</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>453</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,286</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,545</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta/2007(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>453</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,286</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>453</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,463</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill/1985(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>453</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,286</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,349</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow/1997(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>453</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,366</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,742</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Elizabeth T. Kennan/1992(5)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>453</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,503</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,808</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler/2006</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>493</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,731</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>493</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,731</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,620</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>453</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,286</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,737</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens/1997(7)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>453</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,286</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,755</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert L. Reynolds/2008(8)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Tax Exempt Money Market Fund</FONT></B>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Tax-Free High Yield Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>184</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,944</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury/2009</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>189</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,086</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann/2010(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>189</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,086</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter/1994(4)(6)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>266</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>92</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,896</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,427</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis/2001</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>189</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>57</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,086</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,502</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta/2007(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>189</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,086</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>196</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,259</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill/1985(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>189</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>160</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,086</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,209</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow/1997(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>192</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>64</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,161</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,684</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Elizabeth T. Kennan/1992(5)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>161</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>103</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,358</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,736</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler/2006</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>205</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,515</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>205</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>96</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,515</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,530</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>189</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>100</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,086</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,631</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens/1997(7)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>189</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>64</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,086</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,703</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert L. Reynolds/2008(8)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=1 face=sans-serif>I-14</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Pension or retirement</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Pension or retirement</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Aggregate compensation</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>benefits accrued as part</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Aggregate compensation</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>benefits accrued as part</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><B><FONT size=1 face=sans-serif>Trustees/Year</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>from the fund ($)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>of fund expenses ($)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>from the fund ($)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>of fund expenses ($)</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam U.S. Government Income Trust</FONT></B>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam Voyager Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,333</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14,985</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury/2009</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,501</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>15,394</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann/2010(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,501</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>15,394</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter/1994(4)(6)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9,100</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,164</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>20,875</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7,361</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis/2001</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,501</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,951</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>15,394</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,554</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta/2007(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,501</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>15,394</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,732</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>15,914</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill/1985(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,501</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,489</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>15,394</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12,766</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow/1997(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,594</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,198</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>15,645</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,107</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Elizabeth T. Kennan/1992(5)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,587</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,548</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12,945</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.298</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler/2006</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7,050</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>16,693</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7,050</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,306</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>16,693</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7,675</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,501</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,450</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>15,394</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7,982</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens/1997(7)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,501</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,216</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>15,394</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,164</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert L. Reynolds/2008(8)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam VT Absolute Return 500 Fund</FONT></B>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam VT American Government Income Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>18</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>127</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury/2009</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>89</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>746</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann/2010(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>77</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>659</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter/1994(4)(6)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>114</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>34</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>968</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>253</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis/2001</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>88</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>22</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>733</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>158</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta/2007(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>67</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>596</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>38</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>255</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill/1985(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>88</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>60</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>734</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>437</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow/1997(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>83</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>24</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>695</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>174</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Elizabeth T. Kennan/1992(5)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>82</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>20</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>667</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>291</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler/2006</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>97</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>806</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>97</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>35</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>806</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>261</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>89</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>35</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>746</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>267</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens/1997(7)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>89</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>25</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>746</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>178</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert L. Reynolds/2008(8)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam VT Capital Opportunities Fund</FONT></B>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam VT Diversified Income Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>34</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>473</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury/2009</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>191</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,665</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann/2010(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>169</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,337</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter/1994(4)(6)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>248</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>66</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,452</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>911</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis/2001</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>188</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>41</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,623</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>571</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta/2007(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>152</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,093</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>67</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>963</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill/1985(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>188</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>114</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,623</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,578</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow/1997(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>179</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>45</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,480</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>628</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Elizabeth T. Kennan/1992(5)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>173</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>76</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,416</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,050</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler/2006</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>207</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,879</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>207</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>68</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,879</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>942</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>191</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>70</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,665</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>964</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens/1997(7)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>191</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>46</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,665</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>644</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert L. Reynolds/2008(8)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

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   <HR SIZE=1 noShade>

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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

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<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>I-15</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<HR align=center SIZE=2 width="100%" noShade>



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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="20%"></TD>

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<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Pension or retirement</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Pension or retirement</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Aggregate compensation</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>benefits accrued as part</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Aggregate compensation</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>benefits accrued as part</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><B><FONT size=1 face=sans-serif>Trustees/Year</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>from the fund ($)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>of fund expenses ($)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>from the fund ($)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>of fund expenses ($)</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam VT Equity Income Fund</FONT></B>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam VT George Putnam Balanced Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>400</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>188</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury/2009</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,203</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,058</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann/2010(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,926</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>930</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter/1994(4)(6)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,826</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>757</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,368</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>363</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis/2001</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,169</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>475</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,041</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>228</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta/2007(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,714</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>835</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>818</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>379</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill/1985(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,170</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,311</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,042</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>629</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow/1997(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,047</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>522</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>986</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>250</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Elizabeth T. Kennan/1992(5)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,999</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>873</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>957</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>419</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler/2006</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,381</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,144</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,381</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>783</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,144</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>375</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,203</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>801</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,058</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>384</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens/1997(7)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,203</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>535</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,058</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>257</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert L. Reynolds/2008(8)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam VT Global Asset Allocation Fund</FONT></B>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam VT Global Equity Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>224</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>208</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury/2009</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,253</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,169</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann/2010(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,100</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,025</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter/1994(4)(6)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,617</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>431</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,503</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>400</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis/2001</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,233</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>270</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,150</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>251</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta/2007(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>986</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>917</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>452</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>424</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill/1985(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,234</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>746</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,151</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>693</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow/1997(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,167</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>297</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,087</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>276</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Elizabeth T. Kennan/1992(5)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,134</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>496</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,059</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>462</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler/2006</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,354</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,263</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,354</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>445</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,263</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>414</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,253</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>456</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,169</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>424</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens/1997(7)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,253</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>304</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,169</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>283</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert L. Reynolds/2008(8)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam VT Global Health Care Fund</FONT></B>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam VT Global Utilities Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>116</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>118</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury/2009</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>622</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>683</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann/2010(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>542</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>603</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter/1994(4)(6)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>798</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>216</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>884</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>233</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis/2001</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>612</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>135</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>671</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>146</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta/2007(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>482</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>546</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>236</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>235</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill/1985(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>612</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>374</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>672</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>403</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow/1997(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>577</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>149</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>637</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>160</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Elizabeth T. Kennan/1992(5)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>565</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>249</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>614</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>268</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler/2006</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>672</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>737</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>672</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>223</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>737</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>240</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>622</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>228</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>683</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>246</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens/1997(7)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>622</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>152</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>683</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>164</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert L. Reynolds/2008(8)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=1 face=sans-serif>I-16</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Pension or retirement</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Pension or retirement</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Aggregate compensation</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>benefits accrued as part</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Aggregate compensation</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>benefits accrued as part</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><B><FONT size=1 face=sans-serif>Trustees/Year</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>from the fund ($)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>of fund expenses ($)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>from the fund ($)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>of fund expenses ($)</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam VT Growth and Income Fund</FONT></B>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam VT Growth Opportunities Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,235</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>28</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury/2009</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,924</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>151</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann/2010(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,085</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>132</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter/1994(4)(6)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8,925</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,378</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>195</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>52</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis/2001</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,815</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,492</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>149</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>33</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta/2007(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,457</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>118</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,491</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>55</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill/1985(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,818</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,119</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>148</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>91</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow/1997(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,448</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,640</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>140</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>36</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Elizabeth T. Kennan/1992(5)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,271</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,742</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>137</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>60</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler/2006</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7,482</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>163</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7,482</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,458</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>163</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>54</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,924</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,517</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>151</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>55</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens/1997(7)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,924</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,680</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>151</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>37</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert L. Reynolds/2008(8)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam VT High Yield Fund</FONT></B>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam VT Income Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>421</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>407</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury/2009</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,335</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,302</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann/2010(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,044</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,019</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter/1994(4)(6)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,011</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>802</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,978</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>785</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis/2001</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,299</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>503</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,265</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>493</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta/2007(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,825</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,807</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>858</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>831</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill/1985(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,299</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,388</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,266</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,360</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow/1997(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,171</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>553</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,142</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>542</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Elizabeth T. Kennan/1992(5)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,119</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>924</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,080</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>905</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler/2006</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,523</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,487</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,523</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>828</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,487</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>812</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,335</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>848</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,302</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>831</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens/1997(7)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,335</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>566</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,302</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>555</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert L. Reynolds/2008(8)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam VT International Equity Fund</FONT></B>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam VT International Growth Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>435</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>58</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury/2009</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,464</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>331</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann/2010(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,165</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>291</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter/1994(4)(6)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,167</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>843</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>426</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>113</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis/2001</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,425</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>529</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>326</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>71</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta/2007(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,940</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>261</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>885</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>118</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill/1985(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,428</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,460</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>326</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>195</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow/1997(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,294</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>581</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>308</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>78</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Elizabeth T. Kennan/1992(5)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,230</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>972</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>299</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>130</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler/2006</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,663</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>358</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,663</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>871</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>358</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>116</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,464</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>892</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>331</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>119</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens/1997(7)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,464</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>595</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>331</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>80</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert L. Reynolds/2008(8)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>I-17</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

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<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Pension or retirement</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Pension or retirement</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Aggregate compensation</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>benefits accrued as part</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Aggregate compensation</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>benefits accrued as part</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><B><FONT size=1 face=sans-serif>Trustees/Year</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>from the fund ($)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>of fund expenses ($)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>from the fund ($)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>of fund expenses ($)</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam VT International Value Fund</FONT></B>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam VT Investors Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>114</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>243</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury/2009</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>649</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,372</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann/2010(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>571</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,210</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter/1994(4)(6)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>834</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>221</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,772</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>472</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis/2001</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>639</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>139</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,350</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>296</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta/2007(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>511</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,089</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>232</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>485</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill/1985(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>640</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>383</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,351</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>817</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow/1997(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>604</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>153</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,279</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>325</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Elizabeth T. Kennan/1992(5)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>587</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>255</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,239</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>544</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler/2006</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>702</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,483</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>702</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>229</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,483</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>488</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>649</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>234</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,372</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>499</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens/1997(7)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>649</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>156</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,372</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>333</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert L. Reynolds/2008(8)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam VT Money Market Fund</FONT></B>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam VT Multi-Cap Growth Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>230</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>699</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury/2009</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,378</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,940</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann/2010(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,219</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,464</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter/1994(4)(6)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,788</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>463</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,089</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,352</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis/2001</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,354</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>291</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,879</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>848</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta/2007(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,104</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,108</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>465</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,411</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill/1985(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,357</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>802</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,880</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,341</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow/1997(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,285</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>319</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,671</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>932</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Elizabeth T. Kennan/1992(5)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,233</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>534</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,574</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,558</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler/2006</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,489</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,258</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,489</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>479</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,258</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,397</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,378</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>490</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,940</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,431</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens/1997(7)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,378</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>327</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,940</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>955</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert L. Reynolds/2008(8)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam VT Multi-Cap Value Fund</FONT></B>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam VT Research Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>36</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>58</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury/2009</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>205</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>327</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann/2010(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>180</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>288</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter/1994(4)(6)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>264</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>70</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>422</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>113</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis/2001</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>202</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>44</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>322</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>71</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta/2007(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>161</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>258</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>73</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>117</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill/1985(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>202</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>121</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>322</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>195</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow/1997(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>191</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>48</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>305</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>78</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Elizabeth T. Kennan/1992(5)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>185</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>80</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>296</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>130</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler/2006</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>221</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>353</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>221</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>72</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>353</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>116</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>205</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>74</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>327</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>119</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens/1997(7)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>205</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>49</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>327</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>80</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert L. Reynolds/2008(8)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=1 face=sans-serif>I-18</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

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<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Pension or retirement</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Pension or retirement</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Aggregate compensation</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>benefits accrued as part</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Aggregate compensation</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>benefits accrued as part</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><B><FONT size=1 face=sans-serif>Trustees/Year</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>from the fund ($)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>of fund expenses ($)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>from the fund ($)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>of fund expenses ($)</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam VT Small Cap Value Fund</FONT></B>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>Putnam VT Voyager Fund</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>229</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>832</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury/2009</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,331</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,738</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann/2010(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,169</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,181</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter/1994(4)(6)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,715</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>450</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6,127</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,626</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis/2001</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,310</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>282</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,665</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,020</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta/2007(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,048</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>3,766</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>471</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,664</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill/1985(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,311</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>779</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,667</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>2,817</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow/1997(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,239</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>310</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,422</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,122</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Elizabeth T. Kennan/1992(5)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,203</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>518</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,295</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,875</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler/2006</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,438</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,121</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,438</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>465</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5,121</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,681</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,331</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>476</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,738</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,721</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens/1997(7)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,331</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>318</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>4,738</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>1,149</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert L. Reynolds/2008(8)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="40%" colSpan=2 noWrap align=center><B><FONT size=1 face=sans-serif>For All Funds</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right></TD>

   <TD width="20%" noWrap align=right></TD></TR>

<TR>

   <TD width="60%" colSpan=3>

   <HR SIZE=1 noShade>

</TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Estimated annual benefits</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left></TD>

   <TD width="20%" noWrap align=left></TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>from all Putnam funds upon</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Total compensation from all</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right></TD>

   <TD width="20%" noWrap align=right></TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><B><FONT size=1 face=sans-serif>Trustees/Year</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>retirement ($) (1)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Putnam Funds ($) (2)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right></TD>

   <TD width="20%" noWrap align=right></TD></TR>

<TR>

   <TD width="60%" colSpan=3>

   <HR SIZE=1 noShade>

</TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Liaquat Ahamed/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>94,288</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right></TD>

   <TD width="20%" noWrap align=right></TD></TR>

<TR>

   <TD width="60%" colSpan=3>

   <HR SIZE=1 noShade>

</TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury/2009</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>303,000</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right></TD>

   <TD width="20%" noWrap align=right></TD></TR>

<TR>

   <TD width="60%" colSpan=3>

   <HR SIZE=1 noShade>

</TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann/2010(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>297,000</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right></TD>

   <TD width="20%" noWrap align=right></TD></TR>

<TR>

   <TD width="60%" colSpan=3>

   <HR SIZE=1 noShade>

</TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter/1994(4)(6)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>110,500</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>442,063</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right></TD>

   <TD width="20%" noWrap align=right></TD></TR>

<TR>

   <TD width="60%" colSpan=3>

   <HR SIZE=1 noShade>

</TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Charles B. Curtis/2001</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>113,900</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>303,000</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right></TD>

   <TD width="20%" noWrap align=right></TD></TR>

<TR>

   <TD width="60%" colSpan=3>

   <HR SIZE=1 noShade>

</TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert J. Darretta/2007(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>303,000</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right></TD>

   <TD width="20%" noWrap align=right></TD></TR>

<TR>

   <TD width="60%" colSpan=3>

   <HR SIZE=1 noShade>

</TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Katinka Domotorffy/2012(3)(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>106,288</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right></TD>

   <TD width="20%" noWrap align=right></TD></TR>

<TR>

   <TD width="60%" colSpan=3>

   <HR SIZE=1 noShade>

</TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>John A. Hill/1985(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>161,700</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>297,000</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right></TD>

   <TD width="20%" noWrap align=right></TD></TR>

<TR>

   <TD width="60%" colSpan=3>

   <HR SIZE=1 noShade>

</TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Paul L. Joskow/1997(4)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>113,400</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>303,000</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right></TD>

   <TD width="20%" noWrap align=right></TD></TR>

<TR>

   <TD width="60%" colSpan=3>

   <HR SIZE=1 noShade>

</TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Elizabeth T. Kennan/1992(5)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>108,000</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>303,000</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right></TD>

   <TD width="20%" noWrap align=right></TD></TR>

<TR>

   <TD width="60%" colSpan=3>

   <HR SIZE=1 noShade>

</TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Kenneth R. Leibler/2006</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>328,000</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right></TD>

   <TD width="20%" noWrap align=right></TD></TR>

<TR>

   <TD width="60%" colSpan=3>

   <HR SIZE=1 noShade>

</TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert E. Patterson/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>106,500</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>328,000</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right></TD>

   <TD width="20%" noWrap align=right></TD></TR>

<TR>

   <TD width="60%" colSpan=3>

   <HR SIZE=1 noShade>

</TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III/1984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>130,300</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>303,000</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right></TD>

   <TD width="20%" noWrap align=right></TD></TR>

<TR>

   <TD width="60%" colSpan=3>

   <HR SIZE=1 noShade>

</TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>W. Thomas Stephens/1997(7)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>107,100</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>303,000</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right></TD>

   <TD width="20%" noWrap align=right></TD></TR>

<TR>

   <TD width="60%" colSpan=3>

   <HR SIZE=1 noShade>

</TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="20%" noWrap align=left><FONT size=1 face=sans-serif>Robert L. Reynolds/2008(8)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>N/A</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right></TD>

   <TD width="20%" noWrap align=right></TD></TR>

<TR>

   <TD width="60%" colSpan=3>

   <HR SIZE=1 noShade>

</TD>

   <TD width="20%"></TD>

   <TD width="20%"></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif>* Since these funds have not yet completed their first full fiscal year of operation, these amounts represent estimated annual fees based on the fees paid for a partial fiscal year.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>(1) Estimated benefits for each Trustee are based on Trustee fee rates for calendar years 2003, 2004 and 2005.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>(2) As of December 31, 2012, there were 109 funds in the Putnam family.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>(3) Mr. Ahamed and Ms. Domotorffy were appointed to the Board of Trustees of the Putnam funds effective September 13, 2012.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>(4) Certain Trustees are also owed compensation deferred pursuant to a Trustee Compensation Deferral Plan. As of each fund&#8217;s fiscal year ended prior to October 1, 2013, the total amounts of deferred compensation payable each fund listed below, including income earned on such amounts, to these Trustees were (in dollars):</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>I-19</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="31%"></TD>

   <TD width="10%"></TD>

   <TD width="10%"></TD>

   <TD width="10%"></TD>

   <TD width="10%"></TD>

   <TD width="10%"></TD>

   <TD width="9%"></TD>

   <TD width="9%"></TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>Ms.</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>Ms.</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><B><FONT size=1 face=sans-serif>Fund</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>Mr. Ahamed</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>Baumann</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>Ms. Baxter</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>Mr. Darretta</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>Domotorffy</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=right><B><FONT size=1 face=sans-serif>Mr. Hill</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=right><B><FONT size=1 face=sans-serif>Dr. Joskow</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Absolute Return 100 Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>55</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>210</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>1,232</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>449</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>3,521</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>981</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Absolute Return 300 Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>196</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>755</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>4,432</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>1,614</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>12,667</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>3,529</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Absolute Return 500 Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>118</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>453</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>2,657</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>968</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>7,593</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>2,116</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Absolute Return 700 Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>102</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>394</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>2,313</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>843</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>6,612</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>1,842</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam American Government Income Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>3,593</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>4,877</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>21,692</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>10,184</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>619</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>57,727</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>16,808</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam AMT-Free Municipal Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>1,784</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>2,425</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>10,696</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>5,063</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>308</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>28,593</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>8,334</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Arizona Tax Exempt Income Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>483</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>790</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>3,755</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>1,656</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>68</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>10,306</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>2,960</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Asia Pacific Equity Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>6</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>10</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>49</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>22</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>1</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>134</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>39</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam California Tax Exempt Income Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>6,205</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>8,422</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>37,462</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>17,587</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>1,069</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>99,694</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>29,027</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Capital Opportunities Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>1,149</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>1,879</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>8,931</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>3,941</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>161</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>24,490</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>7,040</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Capital Spectrum Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>660</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>1,078</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>5,126</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>2,262</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>92</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>14,055</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>4,040</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Convertible Securities Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>690</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>2,653</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>15,575</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>5,673</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>44,514</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>12,403</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Diversified Income Trust</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>10,622</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>14,417</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>64,129</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>30,107</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>1,829</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>170,661</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>49,690</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Dynamic Asset Allocation Balanced Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>4,341</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>5,893</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>26,210</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>12,305</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>748</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>69,752</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>20,309</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Dynamic Asset Allocation Conservative Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>1,867</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>2,534</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>11,270</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>5,291</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>321</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>29,991</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>8,732</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Dynamic Asset Allocation Equity Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>20</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>33</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>159</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>70</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>3</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>437</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>126</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Dynamic Asset Allocation Growth Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>4,354</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>5,910</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>26,289</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>12,342</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>750</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>69,962</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>20,370</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Dynamic Risk Allocation Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>54</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>88</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>416</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>184</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>7</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>1,142</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>328</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Emerging Markets Equity Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>52</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>70</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>311</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>146</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>9</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>826</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>241</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Emerging Markets Income Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Equity Income Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>1,942</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>7,471</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>43,877</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>15,975</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>125,503</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>34,944</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Equity Spectrum Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>303</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>495</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>2,355</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>1,039</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>42</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>6,457</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>1,856</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Europe Equity Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>2,024</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>3,303</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>15,729</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>6,931</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>282</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>43,225</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>12,412</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Floating Rate Income Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>392</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>866</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>4,456</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>1,827</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>33</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>12,534</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>3,556</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>The Putnam Fund for Growth and Income</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>7,624</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>29,335</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>172,197</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>62,722</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>492,132</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>137,127</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>The George Putnam Fund of Boston</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>8,863</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>12,044</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>53,131</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>25,152</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>1,528</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>142,032</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>41,399</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>(d/b/a George Putnam Balanced Fund)</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Global Consumer Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>20</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>27</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>121</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>57</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>3</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>321</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>93</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Global Dividend Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Global Energy Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>24</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>32</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>142</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>67</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>4</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>377</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>110</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Global Equity Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>1,933</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>7,437</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>43,656</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>15,901</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>124,768</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>34,765</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Global Financials Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>17</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>23</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>101</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>47</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>3</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>267</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>78</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Global Health Care Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>6,934</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>9,424</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>41,871</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>19,679</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>1,196</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>111,283</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>32,408</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Global Income Trust</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>364</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>1,402</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>8,228</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>2,997</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>23,514</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>6,552</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Global Industrials Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>18</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>24</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>108</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>51</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>3</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>287</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>84</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Global Natural Resources Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>1,132</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>1,539</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>6,836</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>3,213</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>195</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>18,168</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>5,291</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Global Sector Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Global Technology Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>18</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>24</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>106</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>50</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>3</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>281</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>82</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Global Telecommunications Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>17</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>24</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>105</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>49</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>3</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>280</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>81</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Global Utilities Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>2,808</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>3,816</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>16,954</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>7,968</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>484</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>45,059</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>13,122</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Growth Opportunities Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>3,465</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>4,709</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>20,772</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>9,833</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>597</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>55,530</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>16,185</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam High Yield Advantage Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>948</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>3,647</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>21,416</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>7,797</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>61,257</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>17,056</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam High Yield Trust</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>7,524</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>10,226</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>45,435</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>21,354</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>1,297</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>120,756</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>35,166</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Income Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>1,215</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>4,677</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>27,453</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>9,999</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>78,458</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>21,861</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Intermediate-Term Municipal Income Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam International Capital Opportunities Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>2,590</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>3,520</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>15,641</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>7,351</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>447</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>41,570</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>12,106</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam International Equity Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>6,939</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>11,328</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>53,937</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>23,765</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>969</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>148,220</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>42,563</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam International Growth Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>3,730</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>5,062</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>22,517</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>10,571</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>642</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>59,923</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>17,447</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=1 face=sans-serif>I-20</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_142"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="31%"></TD>

   <TD width="10%"></TD>

   <TD width="10%"></TD>

   <TD width="10%"></TD>

   <TD width="10%"></TD>

   <TD width="10%"></TD>

   <TD width="9%"></TD>

   <TD width="9%"></TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>Ms.</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>Ms.</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><B><FONT size=1 face=sans-serif>Fund</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>Mr. Ahamed</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>Baumann</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>Ms. Baxter</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>Mr. Darretta</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>Domotorffy</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=right><B><FONT size=1 face=sans-serif>Mr. Hill</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=right><B><FONT size=1 face=sans-serif>Dr. Joskow</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam International Value Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>1,356</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>2,214</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>10,540</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>4,644</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>189</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>28,965</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>8,317</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Investors Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>12,382</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>16,828</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>74,230</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>35,140</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>2,135</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>198,435</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>57,839</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Low Volatility Equity Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>3</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>4</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>19</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>9</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>1</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>50</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>15</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Massachusetts Tax Exempt Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>741</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>1,211</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>5,758</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>2,540</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>104</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>15,805</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>4,539</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Michigan Tax Exempt Income Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>496</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>810</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>3,853</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>1,700</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>69</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>10,575</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>3,037</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Minnesota Tax Exempt Income Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>511</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>835</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>3,971</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>1,752</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>71</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>10,898</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>3,130</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Money Market Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>6,541</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>8,878</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>39,488</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>18,538</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>1,126</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>105,085</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>30,597</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Money Market Liquidity Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>3,712</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>5,039</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>22,412</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>10,522</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>639</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>59,644</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>17,366</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Multi-Cap Core Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>5</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>8</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>40</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>18</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>1</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>109</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>31</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Multi-Cap Growth Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>27,997</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>45,705</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>217,623</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>95,888</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>3,908</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>598,038</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>171,731</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Multi-Cap Value Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>1,025</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>1,676</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>7,966</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>3,515</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>143</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>21,842</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>6,279</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam New Jersey Tax Exempt Income Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>642</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>1,050</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>4,995</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>2,203</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>90</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>13,709</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>3,937</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam New York Tax Exempt Income Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>960</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>3,694</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>21,691</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>7,897</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>62,045</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>17,275</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Ohio Tax Exempt Income Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>558</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>913</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>4,341</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>1,915</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>78</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>11,914</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>3,422</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Pennsylvania Tax Exempt Income Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>613</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>1,001</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>4,763</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>2,101</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>86</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>13,073</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>3,755</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Research Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>1,629</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>2,215</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>9,769</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>4,624</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>281</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>26,114</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>7,612</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam RetirementReady 2055 Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam RetirementReady 2050 Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam RetirementReady 2045 Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam RetirementReady 2040 Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam RetirementReady 2035 Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam RetirementReady 2030 Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam RetirementReady 2025 Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam RetirementReady 2020 Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam RetirementReady 2015 Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Retirement Income Fund Lifestyle 1</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Retirement Income Fund Lifestyle 2</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>5</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>7</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>30</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>14</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>1</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>80</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>23</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Retirement Income Fund Lifestyle 3</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>158</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>348</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>1,790</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>734</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>13</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>5,036</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>1,429</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Short Duration Income Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>294</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>400</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>1,765</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>836</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>51</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>4,718</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>1,375</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Short Term Investment Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>550</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>748</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>3,298</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>1,561</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>95</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>8,817</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>2,570</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Short-Term Municipal Income Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Small Cap Growth Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>517</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>843</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>4,015</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>1,769</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>72</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>11,034</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>3,168</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Small Cap Value Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>590</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>1,304</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>6,707</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>2,749</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>50</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>18,886</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>5,353</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Strategic Volatility Equity Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>1</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>1</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>5</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>2</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>13</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>4</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Tax Exempt Income Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>5,419</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>7,355</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>32,716</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>15,359</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>933</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>87,063</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>25,350</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Tax Exempt Money Market Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>614</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>834</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>3,709</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>1,741</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>106</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>9,869</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>2,874</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Tax-Free High Yield Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>5,833</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>7,928</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>34,970</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>16,555</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>1,006</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>93,484</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>27,248</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam U.S. Government Income Trust</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>7,106</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>9,646</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>42,904</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>20,142</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>1,224</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>114,175</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>33,244</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Voyager Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>25,059</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>34,056</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>150,226</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>71,116</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>4,321</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>401,594</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>117,054</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Absolute Return 500 Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>1</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>5</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>30</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>11</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>87</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>24</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT American Government Income Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>182</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>702</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>4,078</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>1,493</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>11,692</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>3,268</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Capital Opportunities Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>87</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>334</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>1,942</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>711</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>5,569</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>1,557</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Diversified Income Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>290</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>1,119</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>6,500</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>2,379</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>18,637</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>5,209</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Equity Income Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>374</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>1,444</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>8,387</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>3,070</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>24,047</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>6,721</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT George Putnam Balanced Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>250</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>967</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>5,614</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>2,055</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>16,095</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>4,499</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Global Asset Allocation Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>407</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>1,573</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>9,133</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>3,343</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>26,186</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>7,319</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Global Equity Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>7</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>28</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>163</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>60</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>467</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>130</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>I-21</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_143"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="31%"></TD>

   <TD width="10%"></TD>

   <TD width="10%"></TD>

   <TD width="10%"></TD>

   <TD width="10%"></TD>

   <TD width="10%"></TD>

   <TD width="9%"></TD>

   <TD width="9%"></TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>Ms.</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>Ms.</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD>

   <TD width="9%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><B><FONT size=1 face=sans-serif>Fund</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>Mr. Ahamed</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>Baumann</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>Ms. Baxter</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>Mr. Darretta</FONT></B>&nbsp;</TD>

   <TD width="10%" noWrap align=right><B><FONT size=1 face=sans-serif>Domotorffy</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=right><B><FONT size=1 face=sans-serif>Mr. Hill</FONT></B>&nbsp;</TD>

   <TD width="9%" noWrap align=right><B><FONT size=1 face=sans-serif>Dr. Joskow</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Global Health Care Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>181</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>699</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>4,058</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>1,485</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>11,635</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>3,252</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Global Utilities Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>439</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>1,696</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>9,851</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>3,606</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>28,243</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>7,894</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Growth and Income Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>2,053</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>7,927</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>46,037</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>16,851</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>131,995</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>36,894</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Growth Opportunities Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>139</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>536</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>3,116</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>1,140</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>8,933</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>2,497</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT High Yield Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>559</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>2,157</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>12,527</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>4,585</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>35,917</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>10,039</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Income Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>576</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>2,222</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>12,905</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>4,724</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>36,999</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>10,342</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT International Equity Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>361</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>1,393</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>8,090</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>2,961</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>23,196</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>6,483</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT International Growth Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>180</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>696</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>4,041</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>1,479</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>11,585</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>3,238</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT International Value Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>201</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>778</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>4,516</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>1,653</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>12,948</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>3,619</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Investors Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>357</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>1,379</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>8,010</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>2,932</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>22,965</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>6,419</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Money Market Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>244</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>942</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>5,473</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>2,004</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>15,693</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>4,386</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Multi-Cap Growth Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>1,573</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>6,074</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>35,277</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>12,913</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>101,143</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>28,271</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Multi-Cap Value Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>100</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>387</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>2,247</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>823</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>6,443</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>1,801</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Research Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>169</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>654</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>3,797</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>1,390</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>10,887</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>3,043</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Small Cap Value Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>245</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>945</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>5,489</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>2,009</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>15,737</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>4,399</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="31%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Voyager Fund</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>1,611</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>6,218</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>36,113</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>13,219</FONT>&nbsp;</TD>

   <TD width="10%" noWrap align=right><FONT size=1 face=sans-serif>0</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>103,541</FONT>&nbsp;</TD>

   <TD width="9%" noWrap align=right><FONT size=1 face=sans-serif>28,941</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=8>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif>(5) Dr. Kennan retired from the Board of Trustees of the Putnam funds on June 30, 2010. Upon her retirement in 2010, Dr. Kennan became entitled to receive annual retirement benefit payments from the funds commencing on January 15, 2011. Dr. Kennan was re-appointed to the Board of Trustees of the Putnam funds effective January 1, 2012, and in connection with her re-appointment, Dr. Kennan agreed to suspend the balance of her retirement benefit payments for the duration of her service as a Trustee, which concluded with her retirement on June 30, 2013.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>(6) Includes additional compensation to Ms. Baxter for service as Chair of the Trustees of the Putnam funds.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>(7) Mr. Stephens retired from the Board of Trustees of the Putnam funds on March 31, 2008. Upon his retirement in 2008, Mr. Stephens became entitled to receive annual retirement benefit payments from the funds commencing on January 15, 2009. Mr. Stephens was reappointed to the Board of Trustees of the Putnam funds effective May 14, 2009, and in connection with his re-appointment, Mr. Stephens has agreed to suspend the balance of his retirement benefit payments for the duration of his service as a Trustee.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>(8) Mr. Reynolds is an &#8220;interested person&#8221; of the fund and Putnam Management.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=1 face=sans-serif>I-22</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_144"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="TEXT-ALIGN: left"><B><FONT size=4 face=sans-serif>Appendix J &#8212; Payments to Putnam Management and its Affiliates</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The following fees were paid by the funds to Putnam Management and its affiliates during each fund&#8217;s most recent fiscal year ended prior to October 1, 2013 (other than under a management contract). These services will continue to be provided regardless of whether the proposed management contract is approved.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="29%"></TD>

   <TD width="25%"></TD>

   <TD width="25%"></TD>

   <TD width="5%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left>&nbsp;</TD>

   <TD width="25%" noWrap align=right><B><FONT size=1 face=sans-serif>Fees paid to Putnam Investor</FONT></B>&nbsp;</TD>

   <TD width="25%" noWrap align=right><B><FONT size=1 face=sans-serif>Fees paid to Putnam Retail</FONT></B>&nbsp;</TD>

   <TD width="5%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left>&nbsp;</TD>

   <TD width="25%" noWrap align=right><B><FONT size=1 face=sans-serif>Services, Inc. for serving as investor</FONT></B>&nbsp;</TD>

   <TD width="25%" noWrap align=right><B><FONT size=1 face=sans-serif>Management Limited Partnership</FONT></B>&nbsp;</TD>

   <TD width="5%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><B><FONT size=1 face=sans-serif>Fund</FONT></B>&nbsp;</TD>

   <TD width="25%" noWrap align=right><B><FONT size=1 face=sans-serif>servicing agent ($)</FONT></B>&nbsp;</TD>

   <TD width="25%" noWrap align=right><B><FONT size=1 face=sans-serif>pursuant to distribution plans ($)</FONT></B>&nbsp;</TD>

   <TD width="5%" noWrap align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Fiscal Year End</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Absolute Return 100 Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>474,465</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>1,031,993</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>October 31, 2012</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Absolute Return 300 Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>1,710,863</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>4,175,211</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>October 31, 2012</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Absolute Return 500 Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>1,471,310</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>3,221,789</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>October 31, 2012</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Absolute Return 700 Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>1,278,371</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>2,432,991</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>October 31, 2012</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam American Government Income Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>1,015,390</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>1,883,369</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>September 30, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam AMT-Free Municipal Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>222,365</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>1,461,249</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Arizona Tax Exempt Income Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>27,962</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>168,205</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>May 31, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Asia Pacific Equity Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>23,436</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>23,104</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>April 30, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam California Tax Exempt Income Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>763,676</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>3,985,772</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>September 30, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Capital Opportunities Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>1,003,059</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>1,058,521</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>April 30, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Capital Spectrum Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>2,753,896</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>4,403,917</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>April 30, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Convertible Securities Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>1,135,764</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>1,788,739</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>October 31, 2012</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Diversified Income Trust</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>5,281,982</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>13,437,739</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>September 30, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Dynamic Asset Allocation Balanced Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>2,316,684</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>4,411,525</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>September 30, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Dynamic Asset Allocation</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>983,625</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>1,801,127</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>September 30, 2013</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Conservative Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left>&nbsp;</TD>

   <TD width="25%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Dynamic Asset Allocation Equity Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>54,751</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>Not Applicable</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>May 31, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Dynamic Asset Allocation Growth Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>2,779,339</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>5,723,210</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>September 30, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Dynamic Risk Allocation Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>385,754</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>271,846</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>May 31, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Emerging Markets Equity Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>92,752</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>107,376</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>August 31, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Emerging Markets Income </FONT><FONT size=1 face=sans-serif>Fund<SUB> </SUB></FONT><FONT size=1 face=sans-serif><SUP>(1)</SUP></FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>2,714</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>4,981</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>May 31, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Equity Income Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>10,469,811</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>8,984,723</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>November 30, 2012</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Equity Spectrum Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>2,066,253</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>1,597,709</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>April 30, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Europe Equity Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>449,126</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>423,779</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>June 30, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Floating Rate Income Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>726,430</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>1,482,887</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>February 28, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>The Putnam Fund for Growth and Income</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>13,957,474</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>12,133,902</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>October 31, 2012</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>The George Putnam Fund of Boston</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>2,152,977</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>3,521,984</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>(d/b/a George Putnam Balanced Fund)</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left>&nbsp;</TD>

   <TD width="25%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Global Consumer Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>40,219</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>50,481</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>August 31, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Global Dividend </FONT><FONT size=1 face=sans-serif>Fund<SUB> </SUB></FONT><FONT size=1 face=sans-serif><SUP>(2)</SUP></FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>2,985</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>2,853</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>May 31, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Global Energy Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>52,089</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>73,964</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>August 31, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Global Equity Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>2,433,373</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>2,189,632</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>October 31, 2012</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Global Financials Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>40,663</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>62,452</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>August 31, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Global Health Care Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>3,031,137</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>3,118,533</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>August 31, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Global Income Trust</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>522,094</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>1,157,214</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>October 31, 2012</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Global Industrials Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>33,099</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>35,260</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>August 31, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Global Natural Resources Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>850,290</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>991,706</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>August 31, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Global Sector Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>Not Applicable</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>8,006</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>October 31, 2012</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Global Technology Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>32,790</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>43,561</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>August 31, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Global Telecommunications Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>44,498</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>45,928</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>August 31, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Global Utilities Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>577,589</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>595,793</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>August 31, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Growth Opportunities Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>995,372</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>1,123,646</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam High Income Securities Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>74,282</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>Not Applicable</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>August 31, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam High Yield Advantage Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>1,418,455</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>2,591,252</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>November 30, 2012</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam High Yield Trust</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>2,160,229</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>3,883,592</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>August 31, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Income Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>2,049,795</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>5,031,437</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>October 31, 2012</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Intermediate-Term Municipal</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>955</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>5,324</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>May 31, 2013</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Income </FONT><FONT size=1 face=sans-serif>Fund<SUB> </SUB></FONT><FONT size=1 face=sans-serif><SUP>(2)</SUP></FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=left>&nbsp;</TD>

   <TD width="25%" noWrap align=left>&nbsp;</TD>

   <TD width="5%" noWrap align=left></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam International Capital Opportunities Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>2,317,412</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>2,507,276</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=left><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>August 31, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>J-1</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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   <TD width="29%" noWrap align=left>&nbsp;</TD>

   <TD width="25%" noWrap align=right><B><FONT size=1 face=sans-serif>Fees paid to Putnam Investor</FONT></B>&nbsp;</TD>

   <TD width="25%" noWrap align=right><B><FONT size=1 face=sans-serif>Fees paid to Putnam Retail</FONT></B>&nbsp;</TD>

   <TD width="5%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="29%" noWrap align=left>&nbsp;</TD>

   <TD width="25%" noWrap align=right><B><FONT size=1 face=sans-serif>Services, Inc. for serving as investor</FONT></B>&nbsp;</TD>

   <TD width="25%" noWrap align=right><B><FONT size=1 face=sans-serif>Management Limited Partnership</FONT></B>&nbsp;</TD>

   <TD width="5%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><B><FONT size=1 face=sans-serif>Fund</FONT></B>&nbsp;</TD>

   <TD width="25%" noWrap align=right><B><FONT size=1 face=sans-serif>servicing agent ($)</FONT></B>&nbsp;</TD>

   <TD width="25%" noWrap align=right><B><FONT size=1 face=sans-serif>pursuant to distribution plans ($)</FONT></B>&nbsp;</TD>

   <TD width="5%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Fiscal Year End</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam International Equity Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>2,734,529</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>2,982,174</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>June 30, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam International Growth Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>925,166</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>963,671</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>September 30, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam International Value Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>578,981</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>643,799</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>June 30, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Investors Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>3,945,540</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>4,123,230</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Low Volatility Equity </FONT><FONT size=1 face=sans-serif>Fund<SUB> </SUB></FONT><FONT size=1 face=sans-serif><SUP>(3)</SUP></FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>16,338</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>3,416</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Managed Municipal Income Trust</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>224,508</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>Not Applicable</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>October 31, 2012</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Massachusetts Tax Exempt Income Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>186,287</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>1,266,527</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>May 31, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Master Intermediate Income Trust</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>181,604</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>Not Applicable</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>September 30, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Michigan Tax Exempt Income Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>35,720</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>205,297</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>May 31, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Minnesota Tax Exempt Income Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>52,934</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>412,305</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>May 31, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Money Market Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>2,431,979</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>425,507</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>September 30, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Money Market Liquidity Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>274,809</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>Not Applicable</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>September 30, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Multi-Cap Core Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>29,641</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>24,828</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>April 30, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Multi-Cap Growth Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>9,165,534</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>9,170,915</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>June 30, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Multi-Cap Value Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>1,061,869</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>1,124,173</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>April 30, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Municipal Opportunities Trust</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>287,190</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>Not Applicable</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>April 30, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam New Jersey Tax Exempt Income Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>126,721</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>945,333</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>May 31, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam New York Tax Exempt Income Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>559,525</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>3,228,628</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>November 30, 2012</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Ohio Tax Exempt Income Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>71,085</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>471,618</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>May 31, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Pennsylvania Tax Exempt Income Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>109,650</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>856,749</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>May 31, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Premier Income Trust</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>419,291</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>Not Applicable</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Research Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>617,716</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>708,536</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam RetirementReady 2055 Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>Not Applicable</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>2,084</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam RetirementReady 2050 Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>Not Applicable</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>20,407</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam RetirementReady 2045 Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>Not Applicable</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>27,735</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam RetirementReady 2040 Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>Not Applicable</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>45,849</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam RetirementReady 2035 Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>Not Applicable</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>63,058</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam RetirementReady 2030 Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>Not Applicable</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>89,845</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam RetirementReady 2025 Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>Not Applicable</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>99,893</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam RetirementReady 2020 Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>Not Applicable</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>100,877</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam RetirementReady 2015 Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>Not Applicable</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>72,362</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Retirement Income Fund Lifestyle 1</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>Not Applicable</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>59,318</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Retirement Income Fund Lifestyle 2</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>9,728</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>31,979</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>August 31, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Retirement Income Fund Lifestyle 3</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>21,649</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>65,239</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>February 28, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Short Duration Income Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>154,282</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>580,555</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Short Term Investment </FONT><FONT size=1 face=sans-serif>Fund<SUB> </SUB></FONT><FONT size=1 face=sans-serif><SUP>(4)</SUP></FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>112,958</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>Not Applicable</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Short-Term Municipal Income </FONT><FONT size=1 face=sans-serif>Fund<SUB> </SUB></FONT><FONT size=1 face=sans-serif><SUP>(2)</SUP></FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>985</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>5,862</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>May 31, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Small Cap Growth Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>332,286</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>341,912</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>June 30, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Small Cap Value Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>469,224</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>458,195</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>February 28, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Strategic Volatility Equity </FONT><FONT size=1 face=sans-serif>Fund<SUB> </SUB></FONT><FONT size=1 face=sans-serif><SUP>(3)</SUP></FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>3,527</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>2,959</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Tax Exempt Income Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>549,225</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>2,912,181</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>September 30, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Tax Exempt Money Market Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>19,922</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>Not Applicable</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>September 30, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Tax-Free High Yield Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>517,186</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>3,215,051</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam U.S. Government Income Trust</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>2,238,654</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>4,855,700</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>September 30, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Voyager Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>9,959,646</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>10,206,694</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>July 31, 2013</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Absolute Return 500 Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>15,327</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>13,504</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2012</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT American Government Income Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>124,811</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>113,728</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2012</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Capital Opportunities Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>32,613</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>38,691</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2012</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Diversified Income Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>455,496</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>803,452</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2012</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Equity Income Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>372,500</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>479,082</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2012</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT George Putnam Balanced Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>178,912</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>237,259</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2012</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Global Asset Allocation Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>211,766</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>181,133</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2012</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Global Equity Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>197,937</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>56,231</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2012</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=1 face=sans-serif>J-2</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="29%"></TD>

   <TD width="25%"></TD>

   <TD width="25%"></TD>

   <TD width="5%"></TD>

   <TD width="15%"></TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left>&nbsp;</TD>

   <TD width="25%" noWrap align=right><B><FONT size=1 face=sans-serif>Fees paid to Putnam Investor</FONT></B>&nbsp;</TD>

   <TD width="25%" noWrap align=right><B><FONT size=1 face=sans-serif>Fees paid to Putnam Retail</FONT></B>&nbsp;</TD>

   <TD width="5%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left>&nbsp;</TD>

   <TD width="25%" noWrap align=right><B><FONT size=1 face=sans-serif>Services, Inc. for serving as investor</FONT></B>&nbsp;</TD>

   <TD width="25%" noWrap align=right><B><FONT size=1 face=sans-serif>Management Limited Partnership</FONT></B>&nbsp;</TD>

   <TD width="5%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><B><FONT size=1 face=sans-serif>Fund</FONT></B>&nbsp;</TD>

   <TD width="25%" noWrap align=right><B><FONT size=1 face=sans-serif>servicing agent ($)</FONT></B>&nbsp;</TD>

   <TD width="25%" noWrap align=right><B><FONT size=1 face=sans-serif>pursuant to distribution plans ($)</FONT></B>&nbsp;</TD>

   <TD width="5%" noWrap align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>

   <TD width="15%" noWrap align=left><B><FONT size=1 face=sans-serif>Fiscal Year End</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Global Health Care Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>104,692</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>157,866</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2012</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Global Utilities Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>114,260</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>42,192</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2012</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Growth and Income Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>1,172,592</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>540,070</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2012</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Growth Opportunities Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>25,747</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>33,591</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2012</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT High Yield Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>398,642</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>248,864</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2012</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Income Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>389,582</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>377,821</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2012</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT International Equity Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>417,980</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>747,168</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2012</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT International Growth Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>56,153</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>43,960</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2012</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT International Value Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>109,902</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>93,372</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2012</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Investors Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>231,161</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>381,449</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2012</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Money Market Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>230,201</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>304,737</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2012</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Multi-Cap Growth Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>670,065</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>381,426</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2012</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Multi-Cap Value Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>34,664</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>27,164</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2012</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Research Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>55,333</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>80,031</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2012</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Small Cap Value Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>223,879</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>411,849</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2012</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="29%" noWrap align=left><FONT size=1 face=sans-serif>Putnam VT Voyager Fund</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>808,599</FONT>&nbsp;</TD>

   <TD width="25%" noWrap align=right><FONT size=1 face=sans-serif>501,396</FONT>&nbsp;</TD>

   <TD width="5%" noWrap align=right><FONT size=1 face=sans-serif></FONT></TD>

   <TD width="15%" noWrap align=left><FONT size=1 face=sans-serif>December 31, 2012</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=5>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif>(1) The fund has not completed a full fiscal year of operations. Amounts represent fees for the period March 27, 2013 (commencement of operations) to the semi-annual period ended May 31, 2013.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>(2) The fund has not completed a full fiscal year of operations. Amounts represent fees for the period March 18, 2013 (commencement of operations) to the semi-annual period ended May 31, 2013.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>(3) The fund has not completed a full fiscal year of operations. Amounts represent fees for the period March 18, 2013 (commencement of operations) to the fiscal period ended July 31, 2013.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>(4) The fund has not completed a full fiscal year of operations. Amounts represent fees for the period February 19, 2013 (commencement of operations) to the fiscal period ended July 31, 2013.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=4 face=sans-serif>Appendix K &#8212; 5% Beneficial Ownership</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>As of September 30, 2013, 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 K.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Absolute Return 100 Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr., E., FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,613,485</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>16.68%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,346,996</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.60%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,220,382</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.79%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>UBS WM USA</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1000 Harbor Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Weehawken, NJ 07086-6761</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,093,515</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>19.74%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>805,814</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.14%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Raymond James</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>880 Carillon Pkwy</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Petersburg, FL 33716-1100</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>868,868</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.55%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>36,356</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11.90%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr., E., FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>77,838</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>25.47%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>31,686</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.37%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>21,236</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.95%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr., E., FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>591,198</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>19.22%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>470,151</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>15.28%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>414,261</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13.46%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>J/K-1</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Absolute Return 100 Fund (cont.)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>342,414</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11.13%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Marie C. Franklin</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>683 RT 579</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pittstown, NJ 08867</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>69,814</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>27.36%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>39,517</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>15.48%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>38,545</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>15.10%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Cetera Investment Services</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>FBO &#8212; Karl A. Copenhafer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>400 First Street So. Suite 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>PO Box 283</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Cloud, MN 56302-0283</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>19,942</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.81%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>FBO &#8212; Mid State Oil Tools, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St., Ste. 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3304</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>8,644</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>29.00%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>FBO &#8212; Stephen Burke, D.D.S., M.S. Inc.</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St., Ste. 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,507</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>15.12%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>FBO &#8212; Allergy Diagnostics</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St., Ste. 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3304</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,848</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.56%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>FBO &#8212; Nathan Bining, MD PLLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St., Ste. 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3304</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,883</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.67%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>FBO &#8212; P. Nathaniel Boe</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St., Ste. 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3304</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,445</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.20%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>FBO &#8212; Dramatic AudioPost, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St., Ste. 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3304</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,849</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.56%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>FBO &#8212; Alexandre Boudnik</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St., Ste. 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3304</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,578</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.29%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R5</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>997</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>100.00%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R6</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company &#8212;</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>The Putnam Retirement Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>8515 E. Orchard Rd, #2T2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Greenwood Village, CO 80111-5002</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>46,949</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>97.92%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Merrill Lynch</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr. E., FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,376,484</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>18.73%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>832,978</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11.33%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>485,673</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.61%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 7399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>818,387</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11.13%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Charles Schwab &amp; Co., Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>101 Montgomery St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Francisco, CA 94104-4151</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>80,406</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.97%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Raymond James</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>880 Carillon Pkwy</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Petersburg, FL 33716-1100</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>848,841</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11.55%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Centre Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>416,752</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.67%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Absolute Return 300 Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>6,258,917</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13.61%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>UBS WM USA</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1000 Harbor Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Weehawken, NJ 07086-6761</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>7,935,098</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>17.26%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,114,487</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11.13%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,655,529</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.78%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr., E., FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,877,584</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.26%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>198,055</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>16.23%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>163,943</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13.43%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>124,500</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.20%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr., E. FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>124,270</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.18%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr., E. FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,633,758</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>16.47%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,650,266</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>16.57%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,805,565</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11.29%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,708,614</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.68%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>UBS WM USA</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1000 Harbor Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Weehawken, NJ 07086-6761</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>884,635</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.53%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Centre Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,124,981</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.03%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>249,991</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>24.00%</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington BLvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>212,590</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>20.41%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>52,337</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.02%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>TD Ameritrade TRCO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>PO Box 17748</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80217-0748</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>12,445</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>17.23%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>FBO &#8212; Technology Advancements, Inc.</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>70 17th St, Ste. 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>11,283</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>15.63%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=1 face=sans-serif>K-2</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

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<TR vAlign=bottom>

   <TD width="79%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Absolute Return 300 Fund (cont.)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>7,356</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.19%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

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<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>NFS, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>FBO &#8212; State Street Bank &amp; Trust TTEE/</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Waste Management Retirement Savings</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plan/Mel Panko</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>901 Eddystone Circle</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Naperville, IL 60565-6113</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,519</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.64%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>FBO &#8212; J2 Trading, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>717 17th St., Ste. 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3304</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,289</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.32%</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

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<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>FBO &#8212; Carolyn Gilbert Enterprises, LLC</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St., Ste. 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,998</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.92%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R5</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>975</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>100.00%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R6</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company &#8212;</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>The Putnam Retirement Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>8515 E. Orchard Rd, #2T2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Greenwood Village, CO 80111-5002</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>238,417</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>99.59%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Merrill Lynch</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr., E., FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>6,221,918</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>27.66%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,364,255</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.51%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,274,690</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.11%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,835,088</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.16%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,119,431</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13.87%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Charles Schwab &amp; Co., Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>101 Montgomery St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Francisco, CA 94104-4151</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,415,242</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.29%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Centre Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,152,425</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.12%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Absolute Return 500 Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,181.772</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>15.76%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,337,273</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13.18%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>UBS WM USA</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1000 Harbor Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Weehawken, NJ 07086-6761</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,307,378</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.06%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,419,645</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.36%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr., E. FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,703,033</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.18%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>691,576</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>20.89%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>464,938</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14.04%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>404,567</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12.22%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr. E., FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>182,160</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.50%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Centre Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121-1968</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>202,749</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.12%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,361,297</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14.26%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,970,369</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11.90%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr., E., FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,539,593</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.30%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Raymond James</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>880 Carillon Pkwy</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Petersburg, FL 33716-1100</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,483,380</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.96%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,133,573</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.85%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,335,354</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.07%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>133,988</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>21.34%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>108,659</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>17.30%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Centre Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>44,119</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.03%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Salina Consolidated Fire District</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St., Ste. 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>14,899</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.90%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Watten Discoe Bassett &amp; McMains</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St., Ste. 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>19,667</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.42%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>TD Ameritrade Trust Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>PO Box 17748</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80217-0748</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>11,274</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.98%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>FBO &#8212; Nova Services, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St., Ste. 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>10,144</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.38%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>FBO &#8212; Nedrow Fire Department</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St., Ste. 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>10,150</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.38%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R5</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>902</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>100.00%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R6</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company &#8212;</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>The Putnam Retirement Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>8515 E. Orchard Rd, #2T2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Greenwood Village, CO 80111</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>393,965</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>99.77%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Merrill Lynch</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr., E., FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,771,227</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>19.77%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,620,877</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13.74%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>K-3</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<A name="page_149"></A><BR>

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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Absolute Return 500 Fund (cont.)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,724,898</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.04%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,825,859</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.57%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,668,820</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.75%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Charles Schwab &amp; Co., Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>101 Montgomery St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Francisco, CA 94104-4151</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,339,393</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.02%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Absolute Return 700 Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>UBS WM USA</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1000 Harbor Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Weehawken, NJ 07086-6761</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,797,147</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.27%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,066,013</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14.19%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,757,649</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13.11%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,978,700</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.91%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Charles Schwab &amp; Co., Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>101 Montgomery St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Francisco, CA 94104-4151</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,835,172</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.40%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>468,478</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>19.69%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>380,305</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>15.99%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>228,733</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.61%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Centre Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>686,629</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.47%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr. E., FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,653,581</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13.17%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,770,605</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14.11%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,150,849</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.17%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,151,850</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.18%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,043,648</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.31%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>UBS WM USA</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1000 Harbor Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Weehawken, NJ 07086-6761</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>712,153</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.67%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>85,557</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>21.36%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Stephen M. Schwartz &amp; Valerie B. Schwartz</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>5922 New England Woods Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Burke, VA 22015-2910</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>28,033</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.00%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>22,599</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.64%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>15,713</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.06%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>29,353</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>16.92%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Allied Motion Technologies, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St. Ste. 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>28,056</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>16.17%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pai Trust Company, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Tom Vogel Agency Inc. 401k Pension Plan</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1300 Enterprise Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>De Pere, WI 54115-4934</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>15,539</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.96%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Eric Compton/Compton Dental</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Center Retirement 401k Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>901 Fran Lin Pkwy</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Munster, IN 46321-3540</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>10,661</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.12%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pai Trust Company, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Eliot Lupkin P A 401k Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1300 Enterprise Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>De Pere, WI 54115-4934</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>10,586</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.10%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R5</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>867</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>100.00%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R6</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>8515 E. Orchard Rd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Greenwood Village, CO 80111-5002</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>536,544</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>99.84%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>13,190,955</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>39.57%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Merrill Lynch</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr., E., FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,324,097</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>15.97%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,778,165</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11.33%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,963,799</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.89%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam American Government Income Fund</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>MLPFS For The Sole Benefit Of Its Customers</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Fund Administration</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr., E., FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,336,547</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.75%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct For The</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit Of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,574,077</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.16%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S For The Sole Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Of Its Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Fund Administration</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr., E., FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>120,747</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12.02%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plz</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>94,823</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.44%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct For The</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit Of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>85,130</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.48%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>For The Exclusive Benefit Of</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Our Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Mutual Funds Dept 4th Fl</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>74,875</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.46%</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

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<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=1 face=sans-serif>K-4</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<HR align=center SIZE=2 width="100%" noShade>



<A name="page_150"></A><BR>

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<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam American Government Income Fund (cont.)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plz</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>336,210</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>17.45%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S For The Sole Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Of Its Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Fund Administration</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr., E., FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>230,435</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11.96%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

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<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services LLLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>For The Exclusive Benefit Of</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Our Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Mutual Funds Dept 4th Fl.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>199,412</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.35%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct For The</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit Of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>180,536</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.37%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Centre Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121-1968</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>101,599</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.27%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Centre Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121-1968</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>14,048</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.58%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="89%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>Philip Arpiarian &amp; Zack Apkarian &amp; Garo Moumdjian Ttees</FONT>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Holy Cross Church Endowment Trust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>U/A Dtd 02/02/1997</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>428 Greenmount Ave.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Cliffside Pk, NJ 07010-1634</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>25,126</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>15.35%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Charles Schwab &amp; Co Inc</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Clearing Account For The Exclusive</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Benefit Of Their Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>101 Montgomery St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Francisco, CA 94104-4151</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>21,784</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13.31%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>State Street Bank Ttee Cust Fbo</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Adp Access</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Lincoln St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02111-2901</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>391,331</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>45.47%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Co Cust FBO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Wegman Hessler And Vanderburg 401k</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St Ste 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>64,006</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.44%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R5</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,113</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>100%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R6</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>8515 E. Orchard Road</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Greenwood Village, CO 80111-5002</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>277,146</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>99.43%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Merrill Lynch For The Sole Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Of Its Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Fund Administration</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr., E., FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>147,813</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.21%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plz</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>264,230</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11.10%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>For The Exclusive Benefit Of</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Our Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Mutual Funds Dept 4th Fl.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>222,859</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.36%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>RBC Capital Markets, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>510 Marquette Ave S</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Minneapolis, MN 55402-1110</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>492,573</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>20.69%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>DCGT Trustee/Custodian for</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Principal Financial Group</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>711 High Street</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Des Moines, IA 50322</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>130,581</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.49%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y*</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>IBEW Local Union 126</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Retirement Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>286,861</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12.05%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam AMT-Free Municipal Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market Street</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,325,213</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>18.48%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>200 Liberty Street, 5th Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One World Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>New York, NY 10281-5503</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,761,597</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.53%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Merrill, Lynch, Pierce Fenner &amp; Smith</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr., E., FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,997,595</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12.81%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,683,606</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.19%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>P.O. Box 2052</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07303-2052</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,316,643</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.63%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Edward D. Jones &amp; Co.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>201 Progress Parkway</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Maryland, Heights, MO 63043-3009</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,441,609</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.16%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market Street</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>77,585</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>37.71%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>P.O. Box 2052</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07303-2052</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>36,733</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>15.01%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>200 Liberty Street, 5th Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One World Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>New York, NY 10281-5503</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>23,940</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.79%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Merrill, Lynch, Pierce Fenner &amp; Smith</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr., E., FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>12,755</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.21%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Raymond James</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Courtney Waller</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>880 Carillon Parkway</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Petersburg, FL 33716</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>14,250</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.82%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>RBC Capital Markets, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>510 Marquette Ave S</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Minneapolis, MN 55402-1110</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>17,211</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.03%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>200 Liberty Street, 5th Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One World Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>New York, NY 10281-5503</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>547,051</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>25.03%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Lindsay O&#8217;Toole</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Center Drive</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121-1968</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>157,663</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.21%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market Street</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>329,965</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>15.10%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Merrill, Lynch, Pierce Fenner &amp; Smith</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr., E., FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>213,863</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.79%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>P.O. Box 2052</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07303-2052</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>174,645</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.99%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>UBS WM USA</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Department Manager</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1000 Harbor Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Weehawken, NJ 07086</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>128,244</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.87%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>165,115</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.55%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>P.O. Box 2052</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07303-2052</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>12,709</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>17.11%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>K-5</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam AMT-Free Municipal Fund (cont.)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>200 Liberty Street, 5th Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One World Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>New York, NY 10281-5503</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>32,248</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>43.42%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Joan M. Novak &amp; Eugene S. Novak</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2091 E Parkview Circle</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hoffman Estates, IL 60169-2644</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>6,291</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.47%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>6,499</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.75%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market Street</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>528,439</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>29.66%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Merrill, Lynch, Pierce Fenner &amp; Smith</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr., E., FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>417,549</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>23.44%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>365,205</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>20.50%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>200 Liberty Street, 5th Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One World Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>New York, NY 10281-5503</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>227,471</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12.77%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Raymond James</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>880 Carillon Pkwy</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Petersburg, FL 33716-1100</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>111,138</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.24%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Arizona Tax Exempt Income Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Edward D Jones &amp; Co</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>For the Benefit of Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>12555 Manchester Rd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63131-3729</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>505,120</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.58%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>484,458</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.19%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct for the Exclusive</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>481,613</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.13%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC for the</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Our Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Mutual Funds Dept 4th Fl.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>444,168</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.42%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>UBS Wealth Management USA</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>0O0 11011 6100</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Omni Account M/F</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Department Manager</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1000 Harbor Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Weehawken, NJ 07086-6761</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>311,694</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.91%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S for the Sole Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>of its Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr., E., FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>284,454</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.39%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>288,584</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.47%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Charles Schwab &amp; Co. Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>101 Montgomery Street</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Francisco, CA 94104-4151</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>267,749</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.08%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>for the Exclusive Benefit of</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Our Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Mutual Funds Dept 4th Fl.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>61,135</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>42.16%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Omnibus Customer Account</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Lindsay O&#8217;Toole</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Centre Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121-1968</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>32,991</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>22.75%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>15,174</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.46%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>George Migliorisi &amp; Ann Migliorisi Trustees</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Migliorisi Family Living Trust U/A</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Dtd 09/20/2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>13034 W Pinnacle Vista Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Peoria, AZ 85383-7606</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>11,123</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.67%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>94,200</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>32.98%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S for the Sole Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>of its Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Fund Administration</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr., E., FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>70,550</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>24.70%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>for the Exclusive Benefit of</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Our Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Mutual Funds Dept 4th Fl.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>28,918</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.13%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>UBS Wealth Management USA</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>0O0 11011 6100</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Omni Account M/F</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Department Manager</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1000 Harbor Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Weehawken, NJ 07086-6761</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>15,931</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.58%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>43,345</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>35.74%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Omnibus Customer Account</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Lindsay O&#8217;Toole</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Centre Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121-1968</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>35,104</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>28.95%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Edward D Jones &amp; Co</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>For the Benefit of Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>12555 Manchester Rd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63131-3729</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>16,186</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13.35%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Robert W Baird &amp; Co., Inc</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>777 E Wisconsin Ave.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Milwaukee, WI 53202-5300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>11,258</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.28%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S for the Sole Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>of its Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr., E., FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>203,560</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>65.81%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>28,466</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.20%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Omnibus Customer Account</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Lindsay O&#8217;Toole</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Centre Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121-1968</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>29,411</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.51%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>19,055</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.16%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=1 face=sans-serif>K-6</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Arizona Tax Exempt Income Fund (cont.)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Charles Schwab &amp; Co Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody A/C FBO Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Mutual Funds</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>101 Montgomery St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Francisco, CA 94104-4151</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>18,269</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.91%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Asia Pacific Equity Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109-2199</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>410,659</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>56.97%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>For the exclusive benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>of our customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Mutual Funds Dept. 4th Fl.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>39,685</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.51%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399 -0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>6,177</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>27.11%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartman Technology Solutions Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Simple IRA Plans A/C Troy L Hartman</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>7200 S Moor Cross Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Sioux Falls, SD 57108-3362</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,067</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.07%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Eleanor V Aguirre Roth IRA Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>10310 Serrano Ave.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Jose, CA 95127-3245</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,471</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.46%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Cornwall Central School District 403(B)</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plan A/C</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Irene L Pons</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>38 McCanns Ln.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Cornwall, NY 12518-1518</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,216</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.34%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399 -0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>10,045</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>25.46%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>LPL Financial Omnibus Customer Account</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Lindsay O&#8217;Toole</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Centre Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121-1968</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,986</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.10%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Charles Schwab &amp; Co., Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>101 Montgomery St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Francisco, CA 94101-4151</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,218</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.69%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,043</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.18%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Charles Schwab &amp; Co., Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>101 Montgomery St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Francisco, CA 94101-4151</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>474</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.68%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>David W Clark</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>TOD Natalia Al Clark</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Subject to STA TOD Rules</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>3647 Round Top Rd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Elizabethtown, PA 17022-9057</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,657</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>37.35%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>James W Wemyss</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Roth IRA Conversion Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4208 Chapman Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Kent, OH 44240-6878</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>892</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>20.10%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Gail Willis Roth IRA Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>5423 Great Woods Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Indianapolis, IN 46224-6181</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>269</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.07%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Keith A Conaway</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Roth IRA Conversion Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>14008 Brangus Rd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Shawnee, OK 74804-9633</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>269</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.06%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Bonnie K Thomas IRA Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>N6578 Nehring Rd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pardeeville, WI 53954-9502</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>251</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.66%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Co. Customer for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>benefit of Synergy Concepts Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St. Suite 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,543</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14.28%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Co. Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Passantino Andersen Communications,</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St. Suite 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,498</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13.87%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Co. Customer for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>benefit of Swerve Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St. Suite 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,014</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.38%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Co. Customer for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>benefit of Sama Medical Billing, LLC</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St. Suite 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>837</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.74%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Bridgeport CT Board of Education</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>403(B) Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>A/C John M Fabrizi</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>120 Doreen Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Bridgeport, CT 06604-1001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>870</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.05%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Co. Customer for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>benefit of Brown Sterman</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Reznik &amp; Gershkowitz</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St. Suite 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>796</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.37%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Co. Customer for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>benefit of Boys and Girls</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Club of Conejo &amp; Las</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St. Suite 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>586</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.42%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Co. Customer for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>benefit of Klone Lab</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St. Suite 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>825</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.64%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y**</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company, LLC &#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>The Putnam Retirement Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>50,962</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>70.51%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y**</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company, LLC &#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>The Putnam Deferred</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Compensation Plans</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>9,587</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13.26%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam California Tax Exempt Income Fund</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Merrill, Lynch, Pierce, Fenner &amp; Smith</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Dear Lake Dr. East</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>21,021,065</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12.26%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>21,141,736</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12.33%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>19,015,622</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11.09%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>P.O. Box 2052</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07303-2052</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>9,711,301</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.67%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>UBS Wealth Management USA</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1000 Harbor Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Weehawken, NJ 07086-6761</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>9,295,344</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.42%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Charles Schwab &amp; Co., Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>101 Montgomery St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Francisco, CA 94104-4151</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>9,267,049</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.41%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>200 Liberty Street, 5th Fl.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One World Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>New York, NY 10281-5503</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>9,179,958</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.36%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>P.O. Box 2052</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07303-2052</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>295,475</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>31.88%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>170,059</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>18.35%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Merrill, Lynch, Pierce, Fenner &amp; Smith</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Dear Lake Dr. East</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>93,748</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.11%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Charles Schwab &amp; Co., Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>101 Montgomery St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Francisco, CA 94104-4151</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>164,611</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>17.76%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

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<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>K-7</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

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<TR vAlign=bottom>

   <TD width="79%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam California Tax Exempt Income Fund (cont.)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,523,956</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>25.37%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Merrill, Lynch, Pierce, Fenner &amp; Smith</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Dear Lake Dr. East</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,202,639</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>20.02%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>573,788</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.55%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>P.O. Box 2052</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07303-2052</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>486,056</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.09%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>200 Liberty Street, 5th Fl.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One World Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>New York, NY 10281-5503</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>416,263</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.93%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Charles Schwab &amp; Co., Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>101 Montgomery St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Francisco, CA 94104-4151</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>572,273</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.53%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>17,853</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.34%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Raymond James</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>880 Carillon Pkwy</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Petersburg, FL 33716-1100</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>17,116</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.12%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>90,904</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>27.21%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>P.O. Box 2052</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07303-2052</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>43,118</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12.91%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Charles Schwab &amp; Co., Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>101 Montgomery St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Francisco, CA 94104-4151</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>24,100</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.21%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Edward D. Jones &amp; Co.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>201 Progress Parkway</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Maryland Heights, MO 63043-3003</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>17,116</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.12%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Vanguard Brokerage Services</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>P.O. Box 1170</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Valley Forge, PA 19482-1170</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>21,727</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.50%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Stifel Nicolaus &amp; Co., Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>501 N Broadway</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63102-2131</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>21,400</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.41%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Merrill, Lynch, Pierce, Fenner &amp; Smith</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Dear Lake Dr. East</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,681,654</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>38.54%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>922,183</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13.25%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>757,346</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.88%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>RBC Capital Markets, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>510 Marquette Ave. S</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Minneapolis, MN 55402-1110</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>591,233</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.50%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial Services</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>P.O. Box 509046</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92150-9046</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>415,201</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.97%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Charles Schwab &amp; Co., Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>101 Montgomery St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Francisco, CA 94104-4151</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>549,240</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.89%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Raymond James</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>880 Carillon Pkwy.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Petersburg, FL 33716-1100</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>624,420</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.97%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Capital Opportunities Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399 -0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,142,759</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.24%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S for the Sole Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>of its Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr., E., FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,042,045</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.69%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399 -0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>63,108</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.67%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Raymond James</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Courtney Waller</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>880 Carillon Parkway</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Petersburg, FL 33716</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>392,904</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>20.92%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct for the Exclusive</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>289,354</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>15.40%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399 -0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>204,126</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.87%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S for the Sole Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>of its Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr., E., FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>138,901</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.39%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>130,958</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.97%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S for the Sole Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>of its Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr., E., FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>329,901</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>25.67%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>State Street Bank FBP ADP Access</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Lincoln St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02111-2901</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>174,682</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13.59%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R5</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109-2199</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>829</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>100.00%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R6**</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company LLC TTEE &#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>The Putnam Retirement Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>605,237</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>99.86%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>For the Exclusive Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>of Our Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Mutual Funds Dept. 4th Fl.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>857,017</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>24.27%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S for the Sole Benefit of its Customers</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr., E., FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>339,482</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.62%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Retirement Plan Services</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>P.O. Box 1533</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Minneapolis, MN</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>305,401</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.65%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>UBS WM USA</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1000 Harbor Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Weehawken, NJ 07086-6761</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>217,442</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.16%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y**</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Collc LLC FBO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam &#8212; Recordkeeping for</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Various Benefit Plans</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>876,100</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>24.81%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Capital Spectrum Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>UBS WM USA</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1000 Harbor Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Weehawken, NJ 07086-6761</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>12,521,847</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>25.00%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>7,867,625</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>15.71%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,731,976</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.45%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=1 face=sans-serif>K-8</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_154"></A><BR>

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<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Capital Spectrum Fund (cont.)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr, E. FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,354,944</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.70%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>245,037</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14.95%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>242,227</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14.78%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr., E. FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>197,409</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12.05%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Centre Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121-1968</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>98,403</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.01%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>UBS WM USA</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1000 Harbor Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Weehawken, NJ 07086-6761</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>83,995</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.13%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr., E. FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,517,597</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>19.76%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,429,809</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>15.00%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,389,241</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.45%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Centre Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121-1968</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,212,226</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.67%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>UBS WM USA</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1000 Harbor Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Weehawken, NJ 07086-6761</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,003,901</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.76%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,962,347</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.58%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Raymond James</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>880 Carillon Pkwy</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Petersburg, FL 33716-1100</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,002,868</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.76%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>45,146</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>21.91%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>28,353</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13.76</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Centre Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121-1968</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>32,049</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>15.55%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>10,583</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.14%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>31,586</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>16.08%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr., E. FL.3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>17,464</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.89%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Frontier Trust Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>FBO &#8212; Triumph Transport Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Retirement</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>PO Box 10758</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Fargo, ND 58106-0758</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>14,674</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.47%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Frontier Trust Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>FBO &#8212; Dunstan Dental Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>PO Box 10758</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Fargo, ND 58106-0758</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>16,811</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.56%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>15,012</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.64%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Centre Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121-1968</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>14,104,103</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>23.62%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr., E. FL.3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>10,931,687</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>18.31%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>8,908,330</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14.92%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>6,162,341</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.32%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,987,754</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.35%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,450,547</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.78%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Convertible Securities Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,399,156</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.87%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>P.O. Box 2052</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07303-2052</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,843,508</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.74%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>For The Exclusive Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>of Our Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>200 Liberty St., 5th Fl</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One World Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>New York, NY 10281-5503</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,476,834</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.20%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Edward D. Jones &amp; Co.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>201 Progress Parkway</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Maryland Heights, MO 63043-3003</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,379,557</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.79%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market Street</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,286,673</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.40%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>UBS Wealth Management</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>0O0 11011 6100</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Omni Account M/F</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Department Manager</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1000 Harbor Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Weehawken, NJ 07086-6761</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,391,832</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.84%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Merrill, Lynch, Pierce, Fenner &amp; Smith</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Dear Lake Dr. East FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>156,490</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>30.19%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market Street</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>90,592</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>17.48%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>P.O. Box 2052</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07303-2052</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>34,564</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.67%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>32,388</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.25%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Merrill, Lynch, Pierce, Fenner &amp; Smith</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Dear Lake Dr. East FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>661,011</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>31.22%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>P.O. Box 2052</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07303-2052</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>244,744</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11.56%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>239,887</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11.33%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>K-9</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Convertible Securities Fund (cont.)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market Street</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>178,490</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.43%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>UBS Wealth Management</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Omni Account M/F</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Department Manager</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1000 Harbor Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Weehawken, NJ 07086-6761</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>143,831</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.79%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Raymond James</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Omnibus for Mutual Funds</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>880 Carillon Pkwy.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Peterburg, FL 33716-1100</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>106,744</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.04%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>For The Exclusive Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>of Our Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>200 Liberty St., 5th Fl</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One World Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>New York, NY 10281-5503</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>21,085</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12.71%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>P.O. Box 2052</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07303-2052</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>19,362</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11.67%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>DCGT for Principal Financial Group</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>711 High St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Des Moines, IA 50329-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>11,291</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.81%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Edward D. Jones &amp; Co.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>201 Progress Parkway</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Maryland Heights, MO 63043-3003</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>9,342</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.63%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Nationwide Trust Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>c/o IPO Portfolio Accounting</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>PO Box 182029</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Columbus, OH 43218-2029</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>13,252</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.99%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>State Street Bank TTEE Cust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>For the Benefit of ADP Access</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Lincoln St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02111-2901</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>54,136</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>22.55%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company Cust.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Strata G Profit Sharing Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St. Ste 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>31,417</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13.09%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Reliance Trust Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Assoc in Obstetrics &amp; Gynecology</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Profit Sharing Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>PO Box 48529</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Atlanta, GA 30362-1529</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>25,033</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.43%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Capital Bank and Trust Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Select Rehabilitation Inc. 401k</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>8515 E. Orchard Rd #2T2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Greenwood Village, CO 80111-5002</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>23,977</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.99%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company Cust.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Dalton Ear Nose and Throat Association</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St. Ste 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>21,490</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.95%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Merrill, Lynch, Pierce, Fenner &amp; Smith</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Dear Lake Dr. East FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,223,769</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>27.93%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market Street</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,034,067</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12.99%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Charles Schwab &amp; Co Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody A/C</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>For the Benefit of Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Mutual Funds</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>101 Montgomery St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Francisco, CA 94104-4151</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>471,325</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.92%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Bank NA</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Alexius Medical Center Ret Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>8515 E. Orchard Rd. # 2T2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Greenwood Village, CO 80111-5002</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>402,932</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.06%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>694,294</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.72%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

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   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

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   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Diversified Income Trust</FONT></B>&nbsp;</TD>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>UBS Wealth Management USA</FONT>&nbsp;</TD>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1000 Harbor Blvd</FONT>&nbsp;</TD>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Weehawken, NJ 07086-6761</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>69,203,865</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>23.50%</FONT>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>26,792,313</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.10%</FONT>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>17,647,268</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.99%</FONT>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washing Blvd</FONT>&nbsp;</TD>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>22,328,981</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.58%</FONT>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S</FONT>&nbsp;</TD>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr., E., FL 3</FONT>&nbsp;</TD>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>20,536,029</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.97%</FONT>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Raymond James</FONT>&nbsp;</TD>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Omnibus for Mutual Funds</FONT>&nbsp;</TD>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Courtney Waller</FONT>&nbsp;</TD>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>880 Carillon Way</FONT>&nbsp;</TD>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Petersburg, FL 33716-1100</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>18,975,966</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.44%</FONT>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Drive, E. FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,603,487</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>15.46%</FONT>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,801,042</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>17.36%</FONT>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd, 4th Floor</FONT>&nbsp;</TD>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Mutual Funds Dept</FONT>&nbsp;</TD>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,250,528</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12.05%</FONT>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,132,154</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.91%</FONT>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Drive, E., FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>21,730,183</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>22.18%</FONT>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>UBS WM USA</FONT>&nbsp;</TD>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1000 Harbor Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Weehawken, NJ 07086-6761</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>10,493,662</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.71%</FONT>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>9,981,736</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.19%</FONT>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Raymond James</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>880 Carillon Pkwy</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Petersburg, FL 33716-1100</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>13,557,443</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13.84%</FONT>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>7,520,440</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.68%</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>6,516,298</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.65%</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>8785 Towne Centre Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121-1968</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,471,890</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.59%</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>SMBC Friend Securities Co., Ltd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>fbo Sumitomo Mitsui Banking Corp.</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Product Admin &amp; Operations Dept.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Investment Trust &amp; Insurance Group</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>7-12, Nihonbashi-Kabutocho</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Chuo-Ku, Tokyo 103-8221 Japan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>27,962,078</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>91.30%</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr., E., Fl.3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>45,140</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.50%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>FBO &#8212; Webb Wilson</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St., Ste. 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>33,028</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.49%</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

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<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=1 face=sans-serif>K-10</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

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   <TD width="79%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Diversified Income Trust (cont.)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>DCGT as Trustee for Principal</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Financial Group</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>711 High St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Des Moines, IA 50392-2732</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>46,440</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.72%</FONT>&nbsp;</TD></TR>

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   <HR SIZE=1 noShade>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hebberd-Kulow Enterprises</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>717 17th St. Ste 1300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3304</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>39,389</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.55%</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Merrill Lynch</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr., E., FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>68,093,670</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>42.33%</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>20,012,286</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12.44%</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>13,239,597</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.23%</FONT>&nbsp;</TD></TR>

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   <HR SIZE=1 noShade>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>8,294,417</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.16%</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Raymond James</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>880 Carillon Pkwy</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Petersburg, FL 33716-1100</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>8,347,737</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.19%</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

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   <TD width="79%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Dynamic Asset Allocation Balanced Fund</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>For the Exclusive Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>of our Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>200 Liberty Street, 5th fl</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One World Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>New York, NY 10281-5503</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,075,702</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.90%</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,868,830</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.62%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Edward D Jones &amp; Co</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Mutual Fund</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Shareholder Accounting</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>201 Progress Pkwy</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Maryland Hts., MO 63043-3009</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,826,114</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.20%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>619,767</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.03%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>For the Exclusive Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>of our Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>200 Liberty Street, 5th fl</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One World Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>New York, NY 10281-5503</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>543,467</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.79%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Account for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>506,507</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.20%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Charles Schwab &amp; Co Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Clearing Account</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>For the Exclusive Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>of Their Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>101 Montgomery St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Francisco, CA 94104-4151</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>456,022</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.38%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>755,157</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.51%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Account for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>609,156</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.86%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S For The Sole Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>of Its Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn Fund Administration</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr. E FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>543,232</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.12%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>For the Exclusive Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>of our Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>200 Liberty Street, 5th fl</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One World Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>New York, NY 10281-5503</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>525,423</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.92%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>109,777</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.42%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>DCGT as Trustee for Principal</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Financial Group</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>711 High St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Des Moines, IA 50392-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>212,589</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.50%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M*</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>DTM Companies 401(k) Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>265,533</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13.11%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company Cust.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>FBO Cannon Group Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St. Ste 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>64,406</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.75%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R5</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>902</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>100.00%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R6</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>826,558</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>99.89%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Charles Schwab &amp; Co., Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>101 Montgomery St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Francisco, CA 94104-4151</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>445,858</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.11%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y*</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Connecticut Pipe Trades</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Local No. 77 Annuity Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,312,812</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>15.04%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y***</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Retirement Ready 2025</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Fund &#8212; A shares</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>901,882</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.33%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y***</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Retirement Ready 2020</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Fund &#8212; A shares</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>760,611</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.71%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y**</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company, LLC &#8212;</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Recordkeeping for various</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>benefit plans</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,334,634</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>15.29%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Dynamic Asset Allocation Conservative Fund</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NY 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,994,746</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.37%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,944,330</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.23%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A*</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Iron Workers Local #17</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Annuity Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,386,311</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.42%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Account for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>436,685</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>17.64%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>180,230</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.28%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>For the Exclusive Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>of our Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>200 Liberty Street, 5th Fl.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One World Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>New York, NY 10281-5503</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>221,128</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.93%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Charles Schwab &amp; Co Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Clearing Account</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>For the Exclusive Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>of Their Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>101 Montgomery St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Francisco, CA 94104-4151</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>206,363</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.33%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>K-11</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=4 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Dynamic Asset Allocation Conservative Fund (cont.)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>480,936</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.64%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Account for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>422,770</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.48%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S For The Sole Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>of Its Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn Fund Administration</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr. E FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>311,579</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.25%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>For the Exclusive Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>of our Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>200 Liberty Street, 5th Fl.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One World Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>New York, NY 10281-5503</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>250,776</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.03%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Mid Atlantic Trust Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Commonwealth Credit Union 401K</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Retirement Savings Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1251 Waterfront Pl. Ste. 525</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pittsburgh, PA 15222-4228</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>62,364</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.45%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>52,260</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.75%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>For the Exclusive Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>of our Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>200 Liberty Street, 5th Fl.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One World Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>New York, NY 10281-5503</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>46,491</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.11%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M*</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>DTM Companies 401(k) Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>94,980</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.45%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company Cust.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>FBO EOL Management Co. LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St. Ste. 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>25,272</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.01%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company Cust.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>FBO Southern Cross Aviation LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St. Ste. 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>21,253</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.05%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company Cust.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>FBO &#8212; MAPP Biopharmaceutical, Inc.</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St. Ste. 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>22,285</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.30%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R5</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,070</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>100.00</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R6</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>285,996</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>99.63%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y*</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Connecticut Pipe Trades</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Local No. 77 Annuity Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>695,163</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11.16%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y**</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company, LLC &#8212;</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Recordkeeping for various</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>benefit plans</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,549,691</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>40.93%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y***</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Retirement Ready 2015</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Fund &#8212; A shares</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>459,349</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.37%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y***</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Retirement Income Fund</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Lifestyle 1 &#8212; A shares</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>497,263</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.98%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Dynamic Asset Allocation Equity Fund</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,791</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>64.71%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Christine M. Barrett</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>10 Knower Road</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Westminster, MA 01473-1453</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>619</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>22.35%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Robert Reynolds</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>153 Garfield Road</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Concord, MA01742-4905</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>179</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.47%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>6 Pine Valley Way</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Florham Park, NJ 07932-2700</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>179</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.47%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y***</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Retirement Ready 2050</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Fund &#8212; A shares</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>456,701</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>20.67%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y***</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Retirement Ready 2050</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Fund &#8212; Y shares</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>200,339</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.07%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y***</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Retirement Ready 2045</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Fund &#8212; A shares</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>323,627</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14.65%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y***</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Retirement Ready 2045</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Fund &#8212; Y shares</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>159,304</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.21%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y***</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Retirement Ready 2040</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Fund &#8212; A shares</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>303,733</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13.75%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y***</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Retirement Ready 2040</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Fund &#8212; R shares</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>132,733</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.01%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y***</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Retirement Ready 2035</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Fund &#8212; A shares</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>222,048</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.05%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Dynamic Asset Allocation Growth Fund</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,943,272</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.34%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>For the Exclusive Benefit of our Customers</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>200 Liberty Street, 5th Fl.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One World Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>New York, NY 10281-5503</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,963,242</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.12%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Edward D Jones &amp; Co</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Attn: Mutual Fund Shareholder Accounting</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>201 Progress Pkwy</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Maryland Hts., MO 63043-3009</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,313,093</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.53%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>For the Exclusive Benefit of our Customers</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>200 Liberty Street, 5th Fl.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One World Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>New York, NY 10281-5503</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>582,953</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.52%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>565,559</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.29%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Account for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>434,764</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.61%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>973,860</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.10%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Account for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>774,292</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.03%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>762,659</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.91%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S For The Sole Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>of Its Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn Fund Administration</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr. E FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>563,666</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.85%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>For the Exclusive Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>of our Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>200 Liberty Street, 5th Fl.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One World Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>New York, NY 10281-5503</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>545,374</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.66%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M*</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>DTM Companies 401(k) Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>134,815</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.58%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R5</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,238</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>100.00%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=1 face=sans-serif>K-12</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

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</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=4 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Dynamic Asset Allocation Growth Fund (cont.)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R6</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>792</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>100.00%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y*</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Connecticut Pipe Trades Local</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>No. 77 Annuity Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>808,954</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.77%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y**</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company, LLC &#8212;</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Recordkeeping for various</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>benefit plans</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,420,842</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>17.16%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y***</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Retirement Ready 2035</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Fund &#8212; A shares</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>639,313</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.72%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y***</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Retirement Ready 2035</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Fund&#8212; Y shares</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>459,093</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.54%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y***</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Retirement Ready 2030</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Fund &#8212; A shares</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>680,011</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.21%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Dynamic Risk Allocation Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saxon &amp; Co.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>PO Box 7780-1888</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Philadelphia, PA 19182-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>228,495</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.13%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>UBS WM USA</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Department Manager</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1000 Harbor Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Weehawken, NJ 07086-6761</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>986,966</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>22.16%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>313,735</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.04%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>67,623</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>22.88%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S for the Sole Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>of its Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Fund Administration</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr. E. FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>61,598</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>20.84%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Raymond James</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Courtney Waller</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>880 Carillon Pkwy</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Petersburg, FL 33716</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>28,223</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.55%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>UBS WM USA</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Department Manager</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1000 Harbor Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Weehawken, NJ 07086-6761</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>322,987</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>17.23%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S for the Sole Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>of its Costumers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Fund Administration</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr. E. FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>248,243</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13.24%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>227,184</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12.12%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Raymond James</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Courtney Waller</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>880 Carillon Pkwy</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Petersburg, FL 33716</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>239,207</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12.76%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn:Mutual Funds Dept 4th Fl.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>120,653</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.43%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Fl.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>130,823</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.98%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Lindsay O&#8217;Toole</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Centre Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121-1968</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>6,608</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>20.13%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Fiduciary Trust Co</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Giving Tree Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>A/C Kathryn Cochran</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>240 Portage St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Oak Harbor, OH 43449-1443</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,626</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>17.14%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

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<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

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   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Fiduciary Trust Co</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>James C. Wilson</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>233 W. South Park Ave.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Oshkosh, WI 54902-6537</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,672</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11.19%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Fiduciary Trust Co</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. McCullen</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9 41st St. Unit 123</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Ocean City, MD 21842-6815</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,683</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.17%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Fiduciary Trust Co</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Stephen R. Romenesko</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>N3564 Farrell Road</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Kaukauna, WI 54130-7859</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,513</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.66%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Fl.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>31,557</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>75.82%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Investment Holdings, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109-2199</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>10,000</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>24.03%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R5</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Investment Holdings, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109-2199</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>986</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>100%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R6**</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>The Putnam Retirement Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>198,309</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>99.51%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Bank FBO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1525 West WT Harris Blvd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Charlotte, NC 28288-1076</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,285,447</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>17.36%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>694,817</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.28%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>NFS LLC FBO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>FMTC as Trustee for Delphi Alternative</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Spartan Way, #T520</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Merrimack, NH 03054-4300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,358,911</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>40.71%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn:Mutual Funds Dept 4th Fl.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,289,260</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>17.39%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Emerging Markets Equity Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07303-2052</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>603,707</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>22.99%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>For the Exclusive Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>of Our Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>489 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07303-2052</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>182,529</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.95%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07303-2052</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>37,838</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>16.02%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>14,562</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.16%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>For the Exclusive Benefit of Our Customers</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>489 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07303-2052</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>15,344</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.50%</FONT>&nbsp;</TD></TR>

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   <HR SIZE=1 noShade>

</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>UBS WM USA</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Omni Account M/F</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attm: Department Manager</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1000 Harbor Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Weehawken, NJ 07086-6761</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>23,874</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.51%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S for the Sole Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>of its Costumers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Fund Administration</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr. E. FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>23,233</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.26%</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

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<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>K-13</FONT>&nbsp;</TD></TR></TABLE></DIV>

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   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

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</TD></TR>

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   <TD width="79%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Emerging Markets Equity Fund (cont.)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07303-2052</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>26,591</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.59%</FONT>&nbsp;</TD></TR>

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   <HR SIZE=1 noShade>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>16,925</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.49%</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Centre Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121-1968</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>15,102</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.02%</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>RBC Capital Markets, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>510 Marquette Ave S</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Minneapolis, MN 55402-1110</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,333</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.90%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Ameritrade, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>PO Box 2226</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Omaha, NE 68103-2226</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,495</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.13%</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>For the Exclusive Benefit of Our Customers</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>489 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07303-2052</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,580</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11.46%</FONT>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Mark Rutherford</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>SEP IRA Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1001 N. Stockton Hill Road Ste. A</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Kingman, AZ 86401-6277</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,745</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.69%</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Herman L. Zeller</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>IRA Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1941 Pamela St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Oxnard, CA 93036-2799</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,570</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.33%</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Sarah A. Dobroth</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>PO BOX 368</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Grover Beach, CA 93483-0368</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,723</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.59%</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Co. Cust. FBO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Patenaude Wealth Management Inc,</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St, Ste 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,223</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>16.39%</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

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</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Co. Cust. FBO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Brett S. Goymerac DDS OPC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St, Ste 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,043</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12.69%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

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</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Co. Cust. FBO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LCN Services</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St, Ste 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,231</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.14%</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Co. Cust. FBO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Choice One Builders LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St, Ste 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,893</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.94%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Co. Cust. FBO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Fresh Girl Trading Inc</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St, Ste 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,715</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.38%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Bridgeport CT Board of Education</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>403(b) Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>A/C John M. Fabrizi</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>120 Doreen Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Bridgeport, CT 06604-1001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,723</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.41%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Merrill Lynch</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr. E. FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,520</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11.05%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Merrill Lynch</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr. E. FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>63,928</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.25%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y****</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company, LLC &#8212;</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>The Putnam Retirement Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>368,009</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>58.99%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Emerging Markets Income Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,013,527</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>97.97%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,014</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>47.77%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Centre Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121-1968</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>985</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>46.40%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>David C. Hartke IRA Rollover Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>3666 Ripplegrove Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Cincinnati, OH 45251</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>124</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.83%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>10,312</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>87.59%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,013</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.61%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,016</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>45.41%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Terry L. Masterson TOD</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Multiple Beneficiaries</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>7150 Buckskin Trl</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Peoria, AZ 85383-7204</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>596</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>26.63%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Kelly D. Herriman ROTH IRA Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>5821 County Road 550</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Marquette, MI 49855-9755</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>403</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>17.99%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Kelly D. Herriman IRA Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>5821 County Road 550</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Marquette, MI 49855-9755</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>223</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.97%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Co LLC FBO PUT INV</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>The Putnam Retirement Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>8515 E. Orchard Rd, #2T2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Greenwood Village, CO 80111-5002</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>7,356</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12.62%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter &amp; Reginald Baxter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>626 Old Bard Rd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LK Barrington, IL 60010-6203</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,990</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.56%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,850</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.32%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Barbara M. Baumann</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>110 Eudora St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80220-6314</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,496</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.00%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Co LLC FBO PUT INV</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Executive DEF Comp Pl 401k</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>C/O Fascore, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>8515 E. Orchard Rd, #2T2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Greenwood Village, Co 80111-5002</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>21,786</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>37.39%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Kevin F. Murphy &amp; Lana Murphy</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>14 Sears Rd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wayland, MA 01778-2116</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>11,021</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>18.91%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Equity Income Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Edward D. Jones &amp; Co.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>201 Progress Pkwy</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Maryland Heights, MO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>63043-3009</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>15,672,950</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.05%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>11,813,667</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.57%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>9,163,048</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.87%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>368,610</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.19%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>312,340</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.09%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr., E., FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>304,676</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.94%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=1 face=sans-serif>K-14</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Equity Income Fund (cont.)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>268,948</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.25%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr., E. FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,774,840</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>18.14%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,056,508</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.80%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>766,266</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.83%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>759,557</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.76%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>UBS WM USA</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1000 Harbor Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Weehawken, NJ 07086-6761</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>718,179</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.34%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>523,624</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.35%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Raymond James</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>880 Carillon Pkwy</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Petersburg, FL 33716-1100</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>532,618</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.44%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>104,711</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.19%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Edward D. Jones &amp; Co.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>201 Progress Pkwy</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Maryland Heights, MO 63043-3009</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>312,122</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>15.46%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>102,746</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.09%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>State Street Bank TTEE</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>ADP Access</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Lincoln St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02111-2901</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,626,969</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>35.54%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford Life Insurance Co.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>DC III Separate Acct Cl R</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: UIT Operations</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Griffin Rd N</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Windsor, CT 06095-1512</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>905,955</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>19.79%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr. E., FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>322,903</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.05%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R5</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>669</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>100.00%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R6</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,253,774</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>17.63%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R6</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>JP Morgan Chase TTEE FBO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>TJX Companies, INc. General</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Savings/Profit Sharing Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>11500 Outlook St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Overland Park, KS 66211-1804</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,027,041</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>70.67%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,730,945</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.86%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Charles Schwab &amp; Co., Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>101 Montgomery St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Francisco, CA 94104-4151</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,863,907</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.43%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y**</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company, LLC &#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Recordkeeping for various</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>benefit plans</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>10,194,002</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>19.33%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y*</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>IBEW Local 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,777,252</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.16%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y*</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Marsh &amp; McLennan Supplemental</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Retirement Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,428,456</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.50%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Equity Spectrum Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>8,368,984</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>33.22%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>UBS WM USA</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1000 Harbor Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Weehawken, NJ 07086-6761</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,882,648</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11.44%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,214,790</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.79%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Centre Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121-1968</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,567,505</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.22%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr., E. FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>156,706</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>18.605</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>128,539</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>15.26%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>117,568</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13.95%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr., E. FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,048,251</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>18.61%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>653,537</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11.60%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>679,682</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12.07%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>679,617</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12.07%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Raymond James</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>880 Carillon Pkwy</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Petersburg, FL 33716-1100</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>587,959</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.44%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>UBS WM USA</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1000 Harbor Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Weehawken, NJ 07086-6761</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>524,161</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.31%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>283,225</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.03%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>11,870</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>17.94%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>11,131</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>16.83%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>8,882</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13.43%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Centre Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121-1968</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,239</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.41%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,949</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.48%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>FIIOC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>FBO &#8212; Darrenkamp&#8217;s Mount</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Joy Market, Inc. 401k Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>100 Magellan Way</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Covington, KY 41015-1987</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>18,690</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13.42%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr., E. FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>17,633</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12.66%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>9,046</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.49%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>K-15</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

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</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Equity Spectrum Fund (cont.)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Christopher Mooney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>701 Madison St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>PO Box 71</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>New Lexington, OH 43764-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>10,480</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.52%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Centre Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121-1968</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,779,559</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>19.75%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr., E. FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,358,312</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>17.55%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,382,944</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12.45%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,387,130</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12.47%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,283,170</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11.93%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Charles Schwab &amp; Co., Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>101 Montgomery St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Francisco, CA 94104-4151</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>990,641</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.18%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>978,941</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.11%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Europe Equity Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>For the Exclusive Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>of Our Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Mutual Funds Dept. 4th Fl.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>593,529</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.85%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>544,784</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.13%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>413,311</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.17%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>13,830</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.79%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>For the Sole Benefit of its Customers</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Fund Administration</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr. E. FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>38,531</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>24.01%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>23,579</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14.69%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>15,563</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.70%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>SMBC Friend Securities Co., Ltd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Product Admin. &amp; Operations Group</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Investment Trust &amp; Insurance Group</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>7-12, Nihonbashi-Kabutocho</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Chuo-Ku, Tokyo 103-8221 Japan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>39,410</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>31.08%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Mr. Spencer Covey</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>576 Maple St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Mateo, CA 94402-2017</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>13,250</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.45%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company Cust. FBO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Southern Cross Aviation LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>717 17th St. Ste. 1300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3304</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,421</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>23.85%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company Cust. FBO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wyde Corp.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>717 17th St. Ste. 1300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3304</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,451</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14.29%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company Cust. FBO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Ambiopharm Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>717 17th St. Ste. 1300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3304</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>794</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.82%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company Cust. FBO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Bauch Zucker Hatfield LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>717 17th St. Ste. 1300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3304</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>760</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.49%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company Cust. FBO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Sidra S. Qazi</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>717 17th St. Ste. 1300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3304</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>647</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.37%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company Cust. FBO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Nina Inc</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>717 17th St. Ste. 1300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3304</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>571</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.62%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Co LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Recordkeeping for Various</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Benefit Plans</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>8515 E. Orchard Rd, #2T2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Greenwood Village, CO 80111-5002</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>202,960</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>36.33%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Co LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>The Putnam Retirement Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>8515 E. Orchard Rd, #2T2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Greenwood Village, CO 80111-5002</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>171,269</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>30.66%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>71,057</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12.72%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Floating Rate Income Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>For the Exclusive Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>of its Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Mutual Funds Dept 4th Fl.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>7,389,964</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>16.33%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>UBS Wealth Management USA</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1000 Harbor Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Weehawken, NJ 07086-6761</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,636,014</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12.46%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Fl.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,204,087</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11.50%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,255,262</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.40%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr. E. FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,403,758</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.52%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,791,947</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.38%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>342,038</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>16/43%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>297,812</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14.31%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr., E., FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>155,011</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.45%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Fl.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>223,183</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.72%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=1 face=sans-serif>K-16</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_162"></A><BR>

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<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Floating Rate Income Fund (cont.)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>For the Exclusive Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>of its Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Mutual Funds Dept 4th Fl.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>183,337</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.81%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>UBS Wealth Management USA</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1000 Harbor Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Weehawken, NJ 07086-6761</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,687,465</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12.46%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,692,229</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12.50%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,521,640</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11.24%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Fl.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,200,971</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.87%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr. E. FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,246,529</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.21%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Omnibus Customer Account</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Lindsay O&#8217;Toole</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Centre Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121-1968</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>914,123</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.75%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Charles Schwab &amp; CO Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Clearing Account</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>For the Exclusive Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>of Their Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>101 Montgomery St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Francisco, CA 94104-4151</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>748,696</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.53%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>For the Exclusive Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>of its Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Mutual Funds Dept. 4th Fl</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,108,520</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.19%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Fl.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>238,957</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>33.32%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>UBS Wealth Management USA</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1000 Harbor Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Weehawken, NJ 07086-6761</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>114,960</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>15.99%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>For the Exclusive Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>of its Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Mutual Funds Dept. 4th Fl</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>105,545</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14.72%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>55,216</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.70%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>41,223</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.75%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Alerus Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>FBO &#8212; 5CMHC Retirement Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>PO Box 64535</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Paul, MN 55164-0535</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>12,285</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>22.39%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Fl.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>8.099</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14.76%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>FBO &#8212; Brown Kinsey Funkhouser and Lander</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>717 17th St. Ste 1300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>6,520</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11.88%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>FBO &#8212; Elan Marketing, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>717 17th St. Ste 1300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,079</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.43%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>FBO &#8212; Valor Company, Inc</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>717 17th St. Ste 1300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,940</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.18%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>FBO &#8212; KLP Tax and Financial Group, Inc</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>717 17th St. Ste 1300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,025</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.51%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Frontier Trust Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>GeoTechnologies, INc. 40lk Pension Plan</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>PO Box 10758</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Fargo, ND 58106-0758</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>6,424</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11.71%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>6,824,196</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>16.29%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,793,354</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.67%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr. E. FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,076,020</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.34%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Fl.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,692,209</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.43%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>The Putnam Fund for Growth and Income</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>19,428,134</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.25%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="89%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct for the Exclusive Benefit of Customer</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>15,220,138</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.67%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>409,384</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.86%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>UBS Wealth Management USA</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Omni Account M/F</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Department Manager</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1000 Harbor Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Weehawken, NJ 07086-6761</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>410,265</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>16.04%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>207,753</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.12%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>135,134</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.28%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>132,804</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.85%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Edward D. Jones &amp; Co.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Mutual Fund Shareholder</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Accounting</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>201 Progress Pkwy</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Maryland Hts, MO 63043-3009</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>130,299</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.72%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Co Cust FBO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Freestate Management LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St., Ste. 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3304</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>62,177</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>29.25%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Capital Bank &amp; Trust Co</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Geddes &amp; Co Pension Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>8515 E. Orchard Rd. #2T2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Greenwood Vlg, CO 80111-5002</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>36,761</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>17.29%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>K-17</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<A name="page_163"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>The Putnam Fund for Growth and Income (cont.)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Capital Bank &amp; Trust Co</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>HK Research Corp PSP</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>8515 E. Orchard Rd. #2T2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Greenwood Vlg, CO 80111-5002</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>29,164</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13.72%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R5</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Investment Holdings, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>749</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>100.00%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R6</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Investment Holdings, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>973,849</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>99.62%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>235,835</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.80%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>215,174</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.94</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Merrill Lynch</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr. E. FL 3.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>191,348</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.95%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y**</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Company LLC TTEE</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>470,773</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>19.56%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>The George Putnam Fund of Boston</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>(d/b/a George Putnam Balanced Fund)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Edward D Jones &amp; Co.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Mutual Fund Shareholder</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>201 Progress Pkwy</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Maryland Hts, MO 63043-3009</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,420,047</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.41 %</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,603,459</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.23%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Recordkeeper for Various Benefit Plans</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>8515 E Orchard Rd. 2T2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Greenwood Village,</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>CO 80111-5002</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,436,100</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.43%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>124,645</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.03%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct For The Exclusive</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Benefit of Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>137,525</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.48%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>114,161</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.04%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>State Street Bank Ttee</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Fbo ADP Access</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Lincoln St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02111-2901</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,362,018</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>85.91</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Lakeshore Interactive</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St. Ste. 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>6,735</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.81%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>D&amp;S Linen Services, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St. Ste. 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,855</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.62%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Primatics, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St. Ste. 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,782</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.51%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Frontier Trust Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Mt. Vernon Hospital Employee Retirement</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>PO Box 10758</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Fargo, ND 58106-0758</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,457</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.04%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Stanley S Stephens</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Matthew S Stephens</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Tttees of The Stephens Funeral Home</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>401K Profit Sharing Plan &amp; Trust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1335 W Linden St. # 37</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Allentown, PA 18102-4334</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>7,583</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11.05%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saavedra &amp; Rice CPAs PA</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St. Ste 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>7,095</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.34%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Underground Piercing</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St. Ste. 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,816</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.47%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Recordkeeper for Various Benefit Plans</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>8515 E Orchard Rd 2T2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Greenwood Village, CO 80111-5002</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,806,091</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>53.27%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>The Putnam Retirement Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>8515 E Orchard Rd. 2T2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Greenwood Village, CO 80111-5002</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>458,273</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.41%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y*</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Chicago Regional Council</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>of Carpenters Annuity Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,987,078</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>27.81%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Global Consumer Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>192,340</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>29.49%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>107,286</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>16.45%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>44,728</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.86%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Edward D. Jones &amp; Co.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>201 Progress Pkwy</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Maryland Height, MO 63043-3009</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>45,192</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.93%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>20,940</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>34.58%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>9,744</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>16.09%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>7,912</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13.06%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>38,241</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>26.45%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>59,182</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>40.93%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Sqaure</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109-2199</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,217</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>38.76%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>521</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>16.58%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Zeyu Gao IRA Rollover Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>5357 Edmonton Commono</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Fremont, CA 94555-2921</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>352</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11.23%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Russell L. Levings &amp; Carolyn S. Levings</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>6220 NE 105th St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Oklahoma City, OK 73151</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>208</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.64%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Cetera Investment Services</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>400 First Street, Ste. 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>PO Box 283</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Cloud, MN 56302-0283</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>598</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>19.06%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

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<TR>

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   <TD noWrap align=right><FONT size=1 face=sans-serif>K-18</FONT>&nbsp;</TD></TR></TABLE></DIV>

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   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

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   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Global Consumer Fund (cont.)</FONT></B>&nbsp;</TD>

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   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 2rd Fl.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,682</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>16.81%</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Frontier Trust Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Respiratory &amp; Sleep Disorders Specialists</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>PO Box 10758</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Fargo, ND 58106-0758</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,936</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>59.34%</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109-2199</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,231</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12.30%</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Franklin Public Schools 403(B) Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>A/C Jane S. Hogan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>204 Rolling Meadow Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Holliston, MA 01746-2631</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,061</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.61%</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Centre Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>23,594</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12.76%</FONT>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>18,658</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.09%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y****</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company, LLC &#8212;</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>The Putnam Retirement Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>36,200</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>19.57%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y****</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Global Sector Fund &#8212;</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Global Consumer Fund A shares</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>22,513</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12.17%</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y****</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Global Sector Fund &#8212;</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Global Consumer Fund Y shares</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>37,762</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>20.42%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

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   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Global Dividend Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Investment Holdings, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Corporate Treasury</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109-2199</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>499,146</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>70.52%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Timothy D. Jaroch &amp; Patricia Jaroch</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>40 Hillcrest Rd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Belmon, Ma 02478-2954</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>54,430</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.69%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Investment Holdings, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Corporate Treasury</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109-2199</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,004</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>16.02%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Fiduciary Trust Co TTEE FBO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Chloe M. Johnson IRA Rollover Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>108 N. 6th St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wilmington, NC 28401-4129</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>953</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>15.20%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Edward D. Jones &amp; Co</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>12555 Manchester Rd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, MO 63131-3729</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>934</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14.91%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Fiduciary Trust Co Cust FBO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="89%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>Clermont Northeastern School District 403(B) Plan</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>A/C Billie D. Trame</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>945 Hidden Ridge Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Milford, OH 45150-5588</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>743</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11.85%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Fiduciary Trust Co TTEE FBO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Cara L. Sidman IRA Rollover Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2711 Wrightsville Ave.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wilmington, NC 28403-2548</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>550</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.77%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Fiduciary Trust Co TTEE FBO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Mary Jo Nelson IRA Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2620 Clay St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Joseph, MO 64501-2628</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>499</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.96%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Fiduciary Trust Co TTEE FBO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Patricia Tinkler IRA Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>706 Lower Paradise Rd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Little Falls, NY 13365-5143</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>481</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.67%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>U.S. Bancorp Iinvestments Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>60 Livingston Ave.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Paul, MN 55107-2292</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>371</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.92%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Fiduciary Trust Co TTEE FBO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Rebecca L. Jones Ira Rollover Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2363 Burkert Rd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Waterville, NY 13480-1401</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>346</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.51%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,009</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>26.76%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Janney Montgomery Scott LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wendy OsGood</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1717 Arch St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Philadelphia, PA 19103-2713</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,370</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>15.82%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL FINANCIAL</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Lindsay O&#8217;Toole</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Centre Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121-1968</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,975</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13.18%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Fiduciary Trust Co TTEE FBO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Edward Gillis IRA Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1910 SE 160th Pl.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Vancouver, WA 98683-4402</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,912</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12.76%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Fiduciary Trust Co TTEE FBO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Mary Jane Stein IRA Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>7156 Durness Pl.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Columbus, OH 43235-5130</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,496</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.99%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Investment Holdings, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Corporate Treasury</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109-2199</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,006</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.71%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Investment Holdings, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Corporate Treasury</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109-2199</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,005</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>46.26%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Fiduciary Trust Co TTEE FBO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Mark J. Ruthenberg SEP IRA Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>A/C Mark J. Ruthenberg</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1001 N. Stockton Hill Rd,, Ste. A</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Kingman, AZ 86401-6277</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>663</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>30.54%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Fiduciary Trust Co TTEE FBO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Florence K. Horning ROTH IRA Conversion Plan</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>PO Box 265</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Gloversville, NY 12078-0003</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>313</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14.42%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Fiduciary Trust Co TTEE FBO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Teresa Parker IRA Rollover Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>202 Douglas Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hurlock, MD 21643-3666</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>191</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.78%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Co LLC TTEE</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Executive DEF Comp Pl 401k</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>c/o Fascore, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>8515 E. Orchard Rd, 2T2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Greenwood Village, CO 80111-5002</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>11,854</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>35.03%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Co LLC TTEE</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>The Putnam Retirement Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>c/o Fascore, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>8515 E. Orchard Rd, 2T2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Greenwood Village, CO 80111-5002</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>10,853</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>32.07%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter &amp; Reginald Baxter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>626 Old Barn Rd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LK Barrington, IL 60010-6203</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,788</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14.15%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Global Energy Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109-2199</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>210,202</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>19.10%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>73,848</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.71%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Centre Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121-1968</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>140,990</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12.81%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>22,749</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12.62%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>29,142</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>16.16%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>19,615</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>19.13%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>K-19</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Global Energy Fund (cont.)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>8,936</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.71%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>9,483</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.25%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Charles Schwab &amp; Co., Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>101 Montgomery St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Francisco, CA 94104-4151</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>12,441</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12.13%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Centre Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121-1968</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>6,285</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.13%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Robin A. Bodkins</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>PO Box 1148</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Kingman, AZ 86402-1148</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>398</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.78%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Erin S. Layne</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>5962 Aberdeen St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Littleton, CO 80120-2705</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>492</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.38%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Centre Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121-1968</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>655</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11.16%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Sherman A. Katz IRA Rollover Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>6022 McNaughton Grove Lane</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Columbus, OH 43213-5103</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,161</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>19.78%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Campus Crusade for Christ 403(B) Plan</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>A/C Erin S. Layne</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>5962 Aberdeen St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Littleton, CO 80120-2705</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>991</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>16.88%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Gary L. Preston IRA Rollover Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>7850 Victoria Way</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis Park, MN 55426-3063</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>704</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12.00%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Merrill Lynch</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr., E. FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>20,180</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>33.02%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Frontier Trust Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>FBO &#8212; Finish Line Technologies Inc. 401K</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>PO Box 10758</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Fargo, ND 58106-0758</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>8,071</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13.21%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Frontier Trust Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Dansker &amp; Aspromonte Associates RET</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>PO Box 10758</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Fargo, ND 58106-0758</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>7,831</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12.81%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Frontier Trust Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>FBO &#8212; Executive Marketing Consultants, Inc.</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>PO Box 10758</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Fargo, ND 58106-0758</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,091</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.06%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Frontier Trust Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>FBO &#8212; Polo Ranch 401k Retirement Plan</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>PO Box 10758</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Fargo, ND 58106-0758</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,160</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.44%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Steven W. Curbow &amp; Catherine Curbow</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>12 Pilgrim Lane</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Medfield, MA 02052-3229</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>8,399</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.42%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y****</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company, LLC &#8212;</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>The Putnam Retirement Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>55,357</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>55.47%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y****</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company, LLC &#8212;</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Defined Contribution Plans</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,700</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.71%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Global Equity Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,988,073</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.80%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>89,604</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.54%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>90,987</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.66%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>72,672</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.12%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M*</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>PECO Employees 401(k) Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>65,135</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.04%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Capital Bank &amp; Trust Co.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Geddes &amp; Co Pension Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>8515 E Orchard Rd. # 2T2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Greenwood Villeage, CO 80111-5002</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>34,427</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>34.47%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Magtech &amp; Power Conversion, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St. Suite 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>6,958</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.97%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R5</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,131</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>100.00%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R6</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>760,242</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>99.43%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>R. Shepherd Perkins</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>87 Mount Vernon St., Apt L-2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02108-1330</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>139,407</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.28%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Raymond James</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>880 Carillon Pkwy</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Petersburg, FL 33716-110</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>208,331</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.38%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y**</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company, LLC &#8212;</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>The Putnam Retirement Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>468,307</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>21.08%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y**</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company, LLC &#8212;</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Recordkeeping for various</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>benefit plans</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>116,900</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.26%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Global Financials Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109-2199</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>247,792</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>43.98%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>42,080</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.47%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>30,082</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.34%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,050</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.61%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,617</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.80%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,834</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.97%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Centre Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121-1968</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,126</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.88%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Charles Schwab &amp; Co., Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>101 Montgomery St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Francisco, CA 94104-4151</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>180,985</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>62,26%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Centre Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121-1968</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>48,801</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>17.13%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>South Glens Falls Central School 403(B) Plan</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>5 Owen Ave.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Queeenbury, NY 12804-1111</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,322</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>16.42%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Alam M. Qadri IRA Rollover Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1315 Connecticut Woods Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hudson, OH 44236-1271</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,787</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>34.62%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,280</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>15.90%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109-2199</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,161</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14.42%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=1 face=sans-serif>K-20</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Global Financials Fund (cont.)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Frontier Trust Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>FBO &#8212; Mason &amp; Mincey ODPA 401k</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>PO Box 10758</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Fargo, ND 58106-0758</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>15,993</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>38.27%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Frontier Trust Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Neighborhood Lending Partners, Inc.</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>PO Box 10758</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Fargo, ND 58106-0758</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,523</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.43%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Frontier Trust Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wind-Up Entertainment 401k Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>PO Box 10758</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Fargo, ND 58106-0758</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,185</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.62%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Frontier Trust Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>FBO &#8212; RKT Savings &amp; Retirement Plan</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>PO Box 10758</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Fargo, ND 58106-0758</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,966</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.10%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Frontier Trust Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Kaplan Massamillo &amp; Andrews, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>PO Box 10758</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Fargo, ND 58106-0758</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,411</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.77%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Merrill Lynch</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr., E. FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,145</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.53%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>New World Travel Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>PO Box 10758</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Fargo, ND 58106-0758</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,118</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.46%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Envelope Freedom Holdings, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>PO Box 10758</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Fargo, ND 58106-0758</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,922</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.99%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Centre Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121-1968</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>94,517</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>27.38%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>92,252</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>26.72%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y****</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company, LLC &#8212;</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>The Putnam Retirement Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>45,691</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13.23%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y***</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Global Sector Fund &#8212;</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Global Financials Fund A shares</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>27,387</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.93%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y***</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Global Sector Fund &#8212;</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Global Financials Fund Y shares</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>45,964</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13.31%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Global Health Care Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr., E. FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,478,477</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.47%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,455,525</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.37%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,263,723</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.39%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,163,872</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.88%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Edward D. Jones &amp; Co</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>201 Progress Pkwy</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Maryland Height, MO 63043-3009</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,000,842</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.06%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr., E., FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>41,360</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.10%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>46,585</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.87%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>58,834</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.67%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Centre Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121-1968</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>26,422</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.21%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr., E., FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>56,533</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11.14%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>62,211</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12.26%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>39,915</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.87%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>29,750</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.86%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>22,873</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.22%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>18,970</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.47%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>15,957</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.13%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>UBS WM USA</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1000 Harbor Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Weehawken, NJ 07086-6761</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>11,455</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.12%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Edward D. Jones &amp; Co.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>201 Progress Pkwy</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Maryland Heights, MO 63043-3009</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>11,726</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.24%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr, E. FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>11,542</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.16%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Greg Hedding &amp; Randall Moroney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>ILT Employees PSP</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>8515 E. Orchard Rd, #2T2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Greenwood Village, CO 80111-5002</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,007</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.58%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Merrill Lynch</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr., E. FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6494</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>7,839</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.93%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford Securities Distribution</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>PO Box 2999</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford, CT 06104</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,671</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.12%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>31,629</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.98%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>38,605</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.30%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Merrill Lynch</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr., E., FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>48,316</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.14%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y**</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company, LLC &#8212;</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>The Putnam Retirement Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>181,291</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>34.29%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y**</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company, LLC &#8212;</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Deferred</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Compensation Plans</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>43,657</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.26%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y**</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company, LLC &#8212;</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Voluntary Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>33,862</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.40%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Global Income Trust</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>UBS Wealth Management USA</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Omni Account M/F</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Department Manager</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1000 Harbor Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Weehawken, NJ 07086-6761</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,639,982</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>16.49%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,391,783</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.69%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

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<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>K-21</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Global Income Trust (cont.)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,148,945</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.27%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>For The Exclusive Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Of Our Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Mutual Funds Dept 4th Fl</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,069,432</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.68%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>162,471</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>22.22%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>82,659</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11.30%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S For The Sole Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Of Its Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Fund Administration</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr., E., FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>45,838</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.27%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Edward D. Jones &amp; Co.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Mutual Fund Shareholder</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Accounting</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>201 Progress Pkwy</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Maryland Hts, MO 63043-3009</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>52,391</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.16%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>For The Exclusive Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Of Our Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Mutual Funds Dept 4th Fl.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>40,172</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.49%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Raymond James</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Omnibus for Mutual Funds</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>House Acct Firm 92500015</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Courtney Waller</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>880 Carillon Pkwy</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Petersburg, FL 33716-1100</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>52,891</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.23%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S For The Sole Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Of Its Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Fund Administration</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr., E., FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>342,261</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13.29%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>341,595</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13.26%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Raymond James</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Omnibus for Mutual Funds</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>House Acct Firm 92500015</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Courtney Waller</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>880 Carillon Pkwy</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Petersburg, FL 33716-1100</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>291,517</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11.32%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>208,589</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.10%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>233,925</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.08%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>UBS Wealth Management USA</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Omni Account M/F</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Department Manager</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1000 Harbor Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Weehawken, NJ 07086-6761</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>228,945</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.89%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>For The Exclusive Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Of Our Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Mutual Funds Dept 4th Fl.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>180,317</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.00%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Centre Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121-1968</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>153,839</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.97%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Charles Schwab &amp; Co. Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>101 Montgomery St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Francisco, CA 94104-4151</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>148,052</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.75%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Mitsubishi UFJ Morgan Stanley Securities Co. Ltd.</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Structured Products Division</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>29-20, Mejirodai 3-Chome, Bunkyo-Ku</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Tokyo 112-8688, Japan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>777,400</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>75.64%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S For The Sole Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Of Its Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Fund Administration</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr., E., FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>142,743</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>32.18%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company Cust. FBO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>World Resources Institute Pension P</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St., Ste. 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3304</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>61,917</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13.96%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R5</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Investment Holdings LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>837</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>100.00%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R6</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Investment Holdings LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>324,509</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>99.74%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S For The Sole Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Of Its Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Fund Administration</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr., E., FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,171,219</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>34.89%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>315,510</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.40%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>700,823</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>20.88%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y**</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company LLC &#8212;</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>The Putnam Retirement Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>237,456</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.70%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Global Industrials Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>239,882</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>28.61%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109-2199</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>196,001</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>23.37%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>125,469</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14.96%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>7,406</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>23.54%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>6,106</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>19.41%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Centre Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121-1968</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,293</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.65%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,107</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.19%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=1 face=sans-serif>K-22</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Global Industrials Fund (cont.)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>14,786</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>36.44%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>7,754</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>19.11%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Priscilla Popov</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>58 Grace Ave, Fl. 1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Great Neck, NY 11021-2617</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>192</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.27%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Centre Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121-1968</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,105</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>30.33%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Judy R. Taylor IRA Rollover Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>3289 W. Fieldstream Lane</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Meridian, ID 83646-8331</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,257</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>34.48%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Teri M. LePage IRA Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>5 Andrew Lane</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Bear, DE 19701-1542</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>544</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14.91%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Russell L. Levings &amp; Carolyn S. Levings</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4640 Northride Lane</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Noble, OK 73068-8102</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>247</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.79%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Sharon K. Winnie-Vann IRA Rollover Plan</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>PO Box 221</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Seneca, MO 64865-0221</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>193</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.30%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>CBNA FBO State Motors, INc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>6 RHaods Dr, Ste. 7</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Utica, NY 12502-6317</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>785</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>18.76%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Frontier Trust Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Respiratory &amp; Sleep Disorders</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>PO Box 10758</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Fargo, ND 58106-0758</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,189</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>52.30%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109-2199</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,207</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>28.85%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>11,801</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.75%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>6 Pine Valley Way</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Florham Park, NJ 07932-2700</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>6,124</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.58%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>S. Scott Usecheck</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>65 Anderson St, Apt. 1B</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02114-4354</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,828</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.31%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y****</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company, LLC &#8212;</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>The Putnam Retirement Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>41,595</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>37.88%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y***</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Global Sector Fund &#8212;</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Global Industrials Fund A shares</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>11,321</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.31%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y***</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Global Sector Fund &#8212;</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Global Industrials Fund Y shares</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>19,015</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>17.32%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Global Natural Resources Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>972,511</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.79%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>627,781</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.67%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>69,845</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.21%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>61,415</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.98%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Raymond James</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>880 Carillon Pkwy</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Petersburg, FL 33716-1100</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>90,406</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14.19%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>68,460</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.75%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>43,241</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.79%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr, E. FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>41,828</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.57%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>36,618</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.75%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford Securities Distribution</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>As agent for Reliance Trust Co.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>FBO &#8212; Agents Plan Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>PO Box 2999</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford, CT 06104-2999</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>74,001</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.58%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Capital Bank &amp; Trust Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>AAC 401k &amp; PSP</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>c/o Plan Premier Fascorp</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>8515 E. Orchard Rd, #2T2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Greenwood Village, CO 80111-5002</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>47,625</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.81%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Merrill Lynch</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr., E. FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>46,183</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.61%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y****</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company, LLC &#8212;</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>The Putnam Retirement Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>267,607</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11.58%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>143,834</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.23%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Merrill Lynch</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr., E. FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,696,733</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>73.44%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Global Sector Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>RBC Capital Markets, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>510 Marquette Ave S.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Minneapolis, MN 5504-1110</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>11,128</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.92%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>23,501</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14.62%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>18,066</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11.24%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Edward D. Jones &amp; Co</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>201 Progress Parkway</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Maryland HTS, MO 63043-3009</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>14,340</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.92%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,274</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>19.84%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>6,837</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>31.73%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Michelle Riley</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>380 Westport Tpke</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Fairfield, CT 06824-1682</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,534</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11.76%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jerald C. Jordan &amp; Leslie M. Jordan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>PO Box 258</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Riddle, OR 97469-0258</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,111</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.16%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,185</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>16.18%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jerry/Susan O&#8217;Donnell</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>6345 Peace Pipe Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Billings, MT 59106-3680</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,385</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.22%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>James M. Beckwith</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>420 Bricker Lane</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Lebanon, PA 17042</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,061</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.97%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Carolyn R Beckwith</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>420 Bricker Lane</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Lebanon, PA 17042</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,061</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.97%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Janice P. Anderson</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>22993 Valley High Rd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morrison, CO 80465</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,622</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.27%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>K-23</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

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</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Global Sector Fund (cont.)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,138</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>75.92%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Antoinette E. Simos</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>PO Box 92</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Nobelesville, IN 46061</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>360</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>24.08%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,146</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>92.45%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>AD Enterprises</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>717 17th St. Ste. 1300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3304</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>94</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.55%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Robert L. Reynolds</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>153 Garfield Road</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Concord, MA 01742</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>19,279</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.l7%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Aaron Cooper and Emily G Cooper</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>31 Winthrop Rd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Lexington, MA 02421</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>14,320</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.32%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Raymond James</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>880 Carillon Pkwy</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Petersburg, FL 33718-1100</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>141,317</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>52.53%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y**</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company, LLC &#8212;</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>The Putnam Retirement Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>65,084</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>24.19%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Global Technology Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>26,085</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.19%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109-2199</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>141,167</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>28.11%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>52,588</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.47%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>15,755</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>23.76%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,826</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.79%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Lee Frankel</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9060 Union Turnpike, Apt. 17A</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Glendale, NY 11385-8072</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>9,253</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12.73%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Charles Schwab &amp; Co. Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>101 Montgomery St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Francisco, CA 94104-4151</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>10,042</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13.82%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Cynthia Baker IRA Rollover Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>3804 Cibola Trl</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Carrollton, TX 75007-6238</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,405</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>24.93%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Susan B. Kellett IRA Rollover Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>633 Fairview Ave.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, MO 63119-1808</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,110</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>19.69%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Kathy Neri IRA Rollover Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>446 Beckham Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Jose, CA 95123-5608</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,013</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>17.98%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Edward D. Jones &amp; Co.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>201 Progress Pkwy</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Maryland Heights, MO 63043-3009</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>789</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14.01%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Steven D. Arizaga SEP IRA Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>6734 Mission St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Yuma, AZ 85365-8898</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>362</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.43%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Marcos Silva</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>12162 NW 75th Pl.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Parkland, FL 33076-4500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>351</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.22%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Marilyn L. Hauf</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>381 Rushing Creek CT</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Henderson, NV 89014-4512</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>339</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.02%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hampton</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>717 17th St. Ste. 1300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3304</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>116</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.07%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Frontier Trust Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Tierra Media Inc. 401k</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>PO Box 10758</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Fargo, ND 58106-0758</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>83</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.76%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>FIIOC FBO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Farmers Insurance Co.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>100 Magellan Way</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Covington, KY 41015-1987</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>93</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.46%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109-2199</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,144</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>79.71%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>14,216</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13.17%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Ravi Akhoury</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>6 Pine Valley Way</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Florham Park, NJ 07932-2700</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>6,443</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.97%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y****</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company, LLC &#8212;</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>The Putnam Retirement Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>39,600</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>36.70%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y***</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Global Sector Fund &#8212;</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Global Technology Fund A shares</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>12,731</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11.80%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y***</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Global Sector Fund &#8212;</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Global Technology Fund Y shares</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>21,342</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>19.78%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Global Telecommunications Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>58,891</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.90%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109-2199</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>216,403</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>25.35%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>94,124</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11.03%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>9,473</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>24.76%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Betsy H. Dexheimer IRA Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>19 Woodrow Rd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Batavia, NY 14020-1201</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,571</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.72%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>USAA Investment Management Company</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9800 Fredericksburg Rd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Antonio, TX 78288-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,080</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.44%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Centre Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121-1968</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,658</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.42%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,124</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.17%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Raymond James</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>880 Carillon Pkwy</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Petersburg, FL 33716-1100</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>16,089</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>25.64%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, Mo 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>14,235</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>22.68%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washing Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,985</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.35%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Craig Stastny</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1184 Adler Ln</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Carol Stream, IL 60188-1332</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>522</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>16.08%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>WTRISC as TTEE FBO United Talent Agency</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>PO Box 52129</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Phoenix, AZ 85072-2129</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>228</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.03%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Ameritrade, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>PO Box 2226</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Omaha, NE 68103-2226</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>206</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.35%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=1 face=sans-serif>K-24</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

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   <TD width="79%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Global Telecommunications Fund (cont.)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109-2199</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,171</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>36.07%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Victoria E. Cravens/Walter B. Nash IRA Plan</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>5203 Paseo Ricoso</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Camarillo, CA 93102-5326</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>321</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.90%</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Teri M. LePage IRA Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>5 Andrew Lane</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Bear, DE 19701&#8212;1542</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>195</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.02%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Paul Lodge</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>13400 Burgundy Pl</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Caldwell, ID 83607-9690</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>543</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>16.71%</FONT>&nbsp;</TD></TR>

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   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>M Squared Strategies, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>717 17th St, Ste. 1300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3304</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,735</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.71%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Frontier Trust Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Envelope Freedom Holdings, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>PO Box 10758</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Fargo, ND 58106-0758</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,761</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13.86%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Frontier Trust Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Respiratory &amp; Sleep Disorder Specialists</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>PO Box 10758</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Fargo, ND 58106-0758</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,106</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>25.63%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Frontier Trust Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>FBO &#8212; RKT Savings &amp; Retirement Plan</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>PO Box 10758</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Fargo, ND 58106-0758</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,925</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14.68%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>DB Systems Corp Profit Sharing</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Frontier Trust Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>PO Box 10758</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Fargo, ND 58106-0758</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,920</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.64%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>FBO &#8212; Computerland Network Technologies</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St., Ste. 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,809</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.08%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109-2199</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,182</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.93%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>126,809</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>55.87%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y****</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company &#8212;</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>The Putnam Retirement Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>48,657</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>21.44%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Charles Schwab &amp; Co., Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>101 Montgomery St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Francisco, CA 94104-4151</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>13,576</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.98%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Global Utilities Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,297,967</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.68%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Edward D. Jones &amp; Co.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>201 Progress Pkwy</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Maryland Heights, MO 63043-3009</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,249,907</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.39%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>958,382</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.67%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>30,242</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.28%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Charles Schwab &amp; Co., Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>101 Montgomery St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Francisco, CA 94104-4151</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>27,701</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.75%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washing Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>17,709</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.25%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>45,728</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13.56%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr, E., FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-8484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>19,697</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.84%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Rosemary Newman</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>3278 W. Catalina Ln.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boise, ID 83705-4005</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,931</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.32%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Edward D. Jones &amp; Co.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>201 Progress Pkwy</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Maryland Heights, MO 63043-3009</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>12,720</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11.42%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,936</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.33%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr, E., FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-8484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>18,166</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14.68%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Frontier Trust Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Caring for Women 401K Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>PO Box 10758</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Fargo, ND 58106-0758</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>14,493</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11.71%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Frontier Trust Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Micro-Mode Product Inc. 401k Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>PO Box 10758</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Fargo, ND 58106-0758</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>12,111</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.79%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y****</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company &#8212;</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>The Putnam Retirement Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>145,861</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>45.87%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Merrill Lynch</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr., E., FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>64,659</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>20.34%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>17,467</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.49%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Growth Opportunities Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,327</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.95%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>836,386</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.64%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>For The Exclusive Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Of Our Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Mutual Funds Dept 4th Fl.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>769,422</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.19%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Charles Schwab &amp; Co. Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>101 Montgomery St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Francisco, CA 94104-4151</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>87,205</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.87%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Charles Schwab &amp; Co. Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>101 Montgomery St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Francisco, CA 94104-4151</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>41,479</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.31%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>77,030</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.85%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>69,685</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.91%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S For The Sole Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Of Its Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Fund Administration</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr., E., FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>67,154</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.59%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>41,300</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.28%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>K-25</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Growth Opportunities Fund (cont.)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>20,457</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.29%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Frontier Trust Company 10771</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>PO Box 10758</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Fargo, ND 58106-0758</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>46,229</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>43.84%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Counsel Trust DBA MATC FBO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>CCBG Architects Inc. 401K Profit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Sharing Plan &amp; Trust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1251 Waterfront Pl. Ste. 525</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pittsburg, PA 15222-4228</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>13,680</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12.97%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>9,686</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.19%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Capital Bank &amp; Trust Company TTEE</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>EVO 401K PSP</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>8515 E. Orchard Rd. 2T2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Greenwood Village, CO 80111-5002</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>7,243</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.87%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Stark Custom Doors 401K</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>717 17th St. Ste. 1300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3304</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,847</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.55%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R5</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109-2199</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>562</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>100.00%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R6</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109-2199</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>300,792</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>93.29</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R6</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Recordkeeper for various benefit plans</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>8515 E. Orchard Rd. 2T2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Greenwood Village, CO 80111-5002</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>21,055</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.53%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>The Putnam Retirement Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>8515 E. Orchard Rd. 2T2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Greenwood Village, CO 80111-5002</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>55,172</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.66%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>108,673</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>20.99%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Omnibus Customer Account</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Lindsay O&#8217;Toole</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Centre Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121-1968</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>53,942</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.42%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam High Yield Advantage Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>13,114,775</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14.33%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>UBS Wealth Management USA</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Omni Account M/F</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Department Manager</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1000 Harbor Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Weehawken, NJ 07086-6761</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>10,220,428</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11.17%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford Life Insurance Co.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>DC III Separate Acct. CL A</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: UIT Operations</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Griffin Rd. N</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Windsor, CT 06095-1512</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>9,533,204</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.42%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,693,156</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.13%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>565,758</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>20.19%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>365,363</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13.04%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S For The Sole Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Of Its Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Fund Administration</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr., E., FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>195,845</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.99%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>For The Exclusive Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Of Our Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Mutual Funds Dept 4th Fl.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>171,442</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.12%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Charles Schwab &amp; Co., Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>101 Montgomery St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Francisco, CA 94104-4151</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>145,054</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.18%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>UBS Wealth Management USA</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Omni Account M/F</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Department Manager</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1000 Harbor Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Weehawken, NJ 07086-6761</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>958,438</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>20.51%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>For The Exclusive Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Of Our Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Mutual Funds Dept 4th Fl.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>749,677</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>16.04%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S For The Sole Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Of Its Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Fund Administration</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr., E., FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>635,145</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13.59%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>340,631</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.29%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>311,050</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.65%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Mitsubishi UFJ Morgan Stanley</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Securities Co. Ltd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Structured Products Division</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>29-20, Mejirodai 3-Chome, Bunkyo-Ku</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Tokyo 112-8688, Japan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>18,098,538</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>94.42%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford Life Insurance Co.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Company DC III Separate Acct.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: UIT Operations</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Griffin Rd. N</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Windsor, CT 06095-1512</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,718,137</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>69.77%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R**</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Great-West Life &amp; Annuity</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Fascore LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>8515 E. Orchard Rd. 2T2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Greenwood, CO 80111-5002</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>889,558</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>22.83%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>7,343,358</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>20.40%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Charles Schwab &amp; Co. Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Special Custody A/C FBO Customers</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Mutual Funds</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>101 Montgomery St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Francisco, CA 94104-4151</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,957,796</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.22%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>For The Exclusive Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Of Our Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Mutual Funds Dept 4th Fl.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,185,322</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.07%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S For The Sole Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Of Its Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Fund Administration</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr., E., FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>15,640,809</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>43.46%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

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<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=1 face=sans-serif>K-26</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<HR align=center SIZE=2 width="100%" noShade>



<A name="page_172"></A><BR>

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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam High Yield Trust</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Edward D. Jones &amp; Co.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>12555 Manchester Rd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, MO 63131-3729</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>15,760,620</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11.37%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>10,606,716</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.65%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>7,723,295</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.57%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>For The Exclusive Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Of Our Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Mutual Funds Dept 4th Fl.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>9,859,453</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.11%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Centre Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121-1968</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>142,670</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.61%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>594,257</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>23.35%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>292,964</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11.51%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>For The Exclusive Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Of Our Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Mutual Funds Dept 4th Fl.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>162,290</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.38%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>894,783</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12.62%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>769,699</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.85%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>For The Exclusive Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Of Our Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Mutual Funds Dept 4th Fl.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>609,461</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.59%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S For The Sole Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Of Its Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Fund Administration</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr., E., FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>434,964</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.13%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>UBS Wealth Management USA</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Omni Account M/F</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Department Manager</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1000 Harbor Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Weehawken, NJ 07086-6761</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>382,390</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.39%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>DCGT as TTEE and/or CUST FBO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Principal Financial Group</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Qualified FIA Omnibus</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: NPIO Trade Desk</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>711 High St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Des Moines, IA 50392-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>205,608</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.35%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>State Street Bank TTEE Cust FBO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>ADP Access</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Lincoln St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02111-2901</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>551,299</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>35.71%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Great-West Life &amp; Annuity</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Fascore, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>8515 E. Orchard Rd, #2T2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Greenwood Village, CO 80111-5002</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>97,927</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.34%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R****</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company LLC &#8212;</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Employee Benefits Clients 401K</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>202,102</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13.09%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>9,142,491</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>32.82%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Tufts Assoc HMO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>705 Mount Auburn St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Watertown, MA 02472-1508</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,728,532</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>16.97%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Charles Schwab &amp; Co., Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>101 Montgomery St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Francisco, CA 94104-4151</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,761,675</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.32%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Network Health, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>705 Mount Auburn St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Watertown, MA 02472-1508</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,545,664</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.55%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Income Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One World Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>New York, NY 10281</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>9,455,375</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.74%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>7,124,647</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.59%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Merrill, Lynch, Pierce, Fenner &amp; Smith Inc.</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr E FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>6,569,994</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.08%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Edward D Jones &amp; Co.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>201 Progress Pkwy</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Maryland Heights, MO 63043-3009</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>6,195,051</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.73%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,513l214</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.10%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,164,860</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>23.31%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Merrill, Lynch, Pierce, Fenner &amp; Smith Inc.</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr. E FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>631,809</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12.65%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One World Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>New York, NY 10281</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>476,914</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.55%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>435,974</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.73%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Merrill, Lynch, Pierce, Fenner &amp; Smith Inc.</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Fund Administration</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr. E FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,300,374</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>22.55%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,647,732</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13.88%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,210,869</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11.59%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,564,279</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.20%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Raymond James</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Courtney Waller</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>880 Carillon Pkwy</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Petersburg, FL 33716-1100</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,030,642</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.40%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,180,945</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.19%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>UBS WM USA</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1000 Harbor Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Weehawken, NJ 07086-6761</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,057,816</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.55%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>K-27</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Income Fund (cont.)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Mizuho Securities Co., Ltd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Product Development Dept.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Operations &amp; Administration Office</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>JA Bldg. 1-3-1, Otemachi</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Chiyoda-Ku, Tokyo,</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>100-6825 Japan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>16,613,600</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>90.32%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Merrill, Lynch, Pierce, Fenner &amp; Smith Inc.</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Fund Administration</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr. E FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>94,602</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.90%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford Life Insurance</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: UIT Operations</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Griffin Rd N</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Windsor, CT 06095-1512</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>65,857</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.20%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R5</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,467</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>100.00%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R6</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>784,711</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>99.81%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Merrill, Lynch, Pierce, Fenner &amp; Smith Inc.</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Fund Administration</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr. E FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,991,684</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>19.72%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,819,128</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>18.87%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,648,312</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.14%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,094,948</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.35%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,344,233</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.64%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y**</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company, LLC &#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Recordkeeping for various</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>benefit plans</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,343,672</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.64%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Intermediate-Term Municipal Income Fund</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Putnam Investments Holdings, LLC</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>999,874</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>88.23%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Putnam Investments Holdings, LLC</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,001</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>100.00%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Putnam Investments Holdings, LLC</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,001</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>100.00%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Putnam Investments Holdings, LLC</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,003</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>100.00%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Jameson A. Baxter &amp; Reginald R. Baxter</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>626 Old Barn Rd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LK Barrington, IL 60010-6203</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,482</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>35.82%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>49 Union St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Manchester, MA 01944-1561</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,191</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>17.19%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Putnam Investments Holdings, LLC</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,005</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14.50%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Andra S. Bolotin &amp; Steven J. Bolotin</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>7C Donnell St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Cambridge, MA 02138</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,001</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14.44%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam International Capital Opportunities Fund</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,033,303</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12.52%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>For the Exclusive Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>of our Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>200 Liberty Street, 5th Fl.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One World Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>New York, NY 10281-5503</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,365,714</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.41%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Account for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,014,383</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.25%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Account for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>29,768</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.82%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>30,684</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.00%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Account for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>179,948</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>16.34%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>155,453</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14.11%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S for the Sole Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>of Its Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Fund Administration</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr. E FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>105,535</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.58%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>91,321</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.29%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>For the Exclusive Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>of our Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>200 Liberty Street, 5th Fl.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One World Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>New York, NY 10281-5503</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>74,808</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.79%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>For the Exclusive Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>of our Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>200 Liberty Street, 5th Fl.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One World Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>New York, NY 10281-5503</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>23,786</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11.13%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>16,034</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.50%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford Life Insurance Co.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>DC III Separate Acct R</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: UIT Operations</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Griffinn Rd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>N. Windsor, CT 06095-1512</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>242,366</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>21.87%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>State Street Bank</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Ttee Cust FBO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>ADP Access</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Lincoln St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02111-2901</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>218,282</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>19.70%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R****</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Great West Life &amp;</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Annuity-Fascore, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>233,435</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>21.06%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Account for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>363,599</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.57%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Charles Schwab &amp; Co Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Clearing Account for the Exclusive</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Benefit of Their Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>101 Montgomery St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Francisco, CA 94104-4151</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>284,647</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.28%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=1 face=sans-serif>K-28</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=4 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam International Capital Opportunities Fund (cont.)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>212,881`</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.19%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y****</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company, LLC &#8212;</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>The Putnam Retirement Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>439,187</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12.77%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y****</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company, LLC &#8212;</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Recordkeeping for various</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>benefit plans</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>347,011</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.09%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam International Equity Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,463,800</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.01%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,893,663</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.52%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,511,650</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.53%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr., E., FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,976,645</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.14%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>84,716</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.97%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr.,E., FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>406,208</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>15.24%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>350,163</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13.13%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>309,608</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11.61%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>219,487</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.23%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>UBS WM USA</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1000 Harbor Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Weehawken, NJ 07086-6761</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>186,927</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.01%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>183,266</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.87%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr., E., FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>81,910</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.29%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>58,041</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.29%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>42,561</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.35%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Mercer Trust Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>CKS Packaging, Inc. 401K Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Investors Way</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Norwood, MA 02062-1599</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>39,771</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.00%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company Trustee</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Federal Steel &amp; Erection Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>717 17th St., Ste. 1300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3304</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>13,301</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.52%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Reliance Trust Company FBO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>American Dawn</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>PO Box 48529</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Atlanta, GA 30362-1529</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>12,471</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.92%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R5</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>590</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>100.00%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R6</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company, LLC &#8212;</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>The Putnam Retirement Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>8515 E. Orchard St., #2T2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Greenwood Village, CO 80111-5002</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>670,745</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>99.91%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Bank FBO &#8212; Tetra Tech Inc.</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1525 West WT Harris Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Charlotte, NC 28288&#8212;1076</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>903,574</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>34.95%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company, LLC &#8212;</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Recordkeeping for various</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>benefit plans</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>8515 E. Orchard St., #2T2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Greenwood Village, CO 80111-5002</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>593,149</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>22.94%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Account for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>390,605</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>15.11%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Merrill Lynch</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr., E., FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>135,306</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.23%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam International Growth Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,218,375</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.14%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,144,340</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.71%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S For The Sole Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Of Its Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Fund Administration</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr., E., FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>954,968</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.60%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>For The Exclusive Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Of Our Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Mutual Funds Dept 4th Fl.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>921,699</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.40%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>27,483</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.78%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>28,888</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.08%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S For The Sole Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Of Its Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Fund Administration</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr., E., FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>65,813</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12.89%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>42,288</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.28%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>42,986</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.42%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>39,912</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.82%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>For The Exclusive Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Of Our Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Mutual Funds Dept 4th Fl.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>32,070</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.28%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>K-29</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<!--$$/page=--><A name="page_175"></A><BR>

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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam International Growth Fund (cont.)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>29,894</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.04%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>20,991</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.64%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S For The Sole Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Of Its Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Fund Administration</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr., E., FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>23,162</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.23%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Edward D. Jones &amp; Co.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Mutual Fund Shareholder</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Accounting</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>201 Progress Pkwy</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Maryland Hts, MO 63043-3009</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>21,796</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.86%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Capital Bank &amp; Trust Co.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Geddes &amp; Co. Pension Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>8515 E. Orchard Rd. 2T2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Greenwood Vlg, CO 80111-5002</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>15,799</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11.75%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S For The Sole Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Of Its Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Fund Administration</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr., E., FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>14,585</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.85%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Miller Brothers Inc 401(K) Sav</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St., Ste. 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>10,099</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.51%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>DTI Integrated Business Solution</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St., Ste. 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>7,626</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.67%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>M&amp;M Pediatrics P.C.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>717 17th St. Ste. 1300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3304</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>9,086</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.76%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Merrill Lynch</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr. E. FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>154,601</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14.51%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y**</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company, LLC &#8212;</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>The Putnam Retirement Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>608,355</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>57.08%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam International Value Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Edward D. Jones &amp; Co.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Mutual Fund Shareholder</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Accounting</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>201 Progress Pkwy</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Maryland Hts., MO 63043-3009</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,759,187</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>16.50%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plz</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,210,818</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.24%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct For The</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit Of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>878,021</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.25%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Edward D. Jones &amp; Co.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Mutual Fund Shareholder</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Accounting</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>201 Progress Pkwy</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Maryland Hts., MO 63043-3009</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>74,879</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.42%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plz</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>37,813</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.26%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S for the Sole Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>of Its Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn. Fund Administration</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr. E FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>105,222</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12.51%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>67,937</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.08%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plz</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>52,127</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.20%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>for the Exclusive Benefit of Our Customers</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>200 Liberty Street, 5th Fl</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One World Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>New York, NY 10281-5503</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>45,903</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.46%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Edward D. Jones &amp; Co.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Mutual Fund Shareholder</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Accounting</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>201 Progress Pkwy</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Maryland Hts., MO 63043-3009</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>37,983</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11.99%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Centre Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego CA 92121-1968</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>17,416</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.50%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S for the Sole Benefit of</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Its Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn. Fund Administration</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr. E FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>23,155</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.95%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company Cust FBO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Merit Contracting Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St. Ste 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>17,713</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.61%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company, LLC &#8212;</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>The Putnam Retirement Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>8515 E Orchard Rd. 2T2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Greenwood Village, CO 80111-5002</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>351,523</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>51.94%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>53,912</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.97%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S for the Sole Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>of Its Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn. Fund Administration</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr. E FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>43,237</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.39%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Investors Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plz</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,373,865</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.02%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct For The</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,944,030</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.46%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>For the Exclusive Benefit of Our Customers</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>200 Liberty Street 5th Fl</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One World Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>New York, NY 10281</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,943,858</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.16%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plz</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>222,440</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11.00%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct For The</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>137,720</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.81%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>For the Exclusive Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>of Our Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>200 Liberty Street 5th Fl</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One World Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>New York, NY 10281</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>146,264</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.23%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

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<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=1 face=sans-serif>K-30</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<HR align=center SIZE=2 width="100%" noShade>



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<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Investors Fund (cont.)</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Merrill Lynch</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>For the Sole Benefit of its Customers</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn Fund Administration</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Drive, E FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>114,956</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.68%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>UBS WM USA</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Omni Account M/F</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Atn: Department Manager</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1000 Harbor Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Weehawken, NJ 07086-6761</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>112,977</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5/59%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M*</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>CKS Packaging Inc. 401K Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>178,472</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14.41%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>ING National Trust Agent</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Orange Way</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Windsor, CT 06095-4773</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>40,767</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>24.61%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford Life Insurance Co.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>DC III Separate Acct R</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn UIT Operations</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Griffin Rd N</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Windsor, CT 06095-1512</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>27,999</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>16.90%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Robert Sorrentino, DMD 401(K) P/S P</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St. Ste 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>10,782</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.51%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Frontier Trust Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>D. Burke Mechanical Corp 401k</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>PO Box 10758</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Fargo, ND 58106-0758</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>9,423</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.69%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R5</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>724</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>100.00%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

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</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R6</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>749,386</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>99.90%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Raymond James Omnibus for Mutual Funds</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>House Acct Firm 92500015</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Courtney Waller</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>880 Carillon Pkwy</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Petersburgh, Fl 33716-1100</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,038,284</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>37.25%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Low Volatility Equity Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Investment Holdings, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>296,000</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>75.08%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>61,170</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>15.52%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>RBD Capital Markets, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>510 Marquette Ave S</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Minneapolis, MN 55402-1110</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,805</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>36.58%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,157</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>20.74%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Investment Holdings, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,000</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.61%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Anthony J. Sciuto &amp; Marguerite A. Sciuto</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>234 Summer St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Haverhill, MA 01830-6318</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>966</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.29%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Centre Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121-1968</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>939</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.02%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>40,068</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>90.39%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Investment Holdings, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,000</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>50.64%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Kathie A. Rhorer &amp; Karen Hattabaugh</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>PO Box 1332</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Bedford, IN 47421-1332</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>975</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>49.36%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MCWOOD &amp; CO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>PO Box 29522</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Raleigh, NC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>27626-0522</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,020,162</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>43.31%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Bank NA FBO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>SGHS Operating Acct</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>PO Box 1533</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Minneapolis, MN 55480-1533</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>876,524</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>37.21%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>SEI PRIVATE TRCO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>C/O State Street Bank</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Freedom Valley Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Oaks, PA 19456-9989</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>348,524</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14.80%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Massachusetts Tax Exempt Income Fund</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>for the Exclusive Benefit of Our Customers</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Mutual Funds Dept 4th Fl</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,070,656.946</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13.79%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>UBS Wealth Management USA</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>0O0 11011 6100</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Omni Account M/F</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Department Manager</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1000 Harbor Blvd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Weehawken, NJ 07086-6761</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,598,544.322</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.80%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S for the Sole Benefit of its Customers</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr. E FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,547,210.620</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.63%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,322,115.630</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.87%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,844,035.347</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.25%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,668,139.292</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.65%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>RBC Capital Markets, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Mutual Fund Omnibus Processing</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Attn: Mutual Fund Ops Manager</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>510 Marquette Ave S</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Minneapolis, MN 55402-1110</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>66,184.324</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>17.28%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>41,309.616</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.79%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S for the Sole Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>of its Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr. E FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>32,520.179</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.49%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>for the Exclusive Benefit of Our Customers</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Mutual Funds Dept 4th Fl</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>23,695.017</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.19%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S for the Sole Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>of its Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr. E FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>946,373.843</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>25.08%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>for the Exclusive Benefit of</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Our Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Mutual Funds Dept 4th Fl</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>562,297.053</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14.90%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>349,374.179</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.26%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>K-31</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=4 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Massachusetts Tax Exempt Income Fund (cont.)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>285,148.865</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.56%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>for the Exclusive Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>of Our Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Mutual Funds Dept 4th Fl</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>112,432.204</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>30.97%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>SEI Private Trust Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>For the Benefit of Mellon Bank ID 225</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Freedom Valley Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Oaks, PA 19456-9989</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>79,742.765</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>21.97%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>55,332.307</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>15.24%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S for the Sole Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>of its Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr. E FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>32,052.241</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.83%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>for the Exclusive Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>of Our Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Mutual Funds Dept 4th Fl</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,304,422.368</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>50.24%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S for the Sole Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>of its Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr. E FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>427,495.621</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>16.47%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>166,882.455</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.43%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>145,595.866</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.61%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>134,770.869</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.19%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Charles Schwab &amp; Co. Inc</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Clearing Account for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Their Customers</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>101 Montgomery St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Francisco, CA 94104-4151</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>131,486.415</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.06%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Michigan Tax Exempt Income Fund</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Edward D Jones &amp; Co</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>For the Benefit of Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>12555 Manchester Rd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63131-3729</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,035,998.306</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13.53%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Raymond James &amp; Assoc Inc</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Courtney Waller</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>880 Carillon Pkwy</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Petersburg, FL 33716-1100</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>683,979.975</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.93%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>670,162.875</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.75%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>585,426.840</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.65%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S for the Sole Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>of its Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr. E FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>62,350.143</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>35.45%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>37,070.070</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>21.08%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Oppenheimer &amp; Co Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>FBO Harry Bush and Isabele Bush Co-Ttees</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Bush Family Rev Trust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>628 6th St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wyandotte, MI 48192-2636</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>9,636.089</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.48%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>55,740.808</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>27.28%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Raymond James &amp; Assoc Inc</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Courtney Waller</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>880 Carillon Pkwy</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Petersburg, FL 33716-1100</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>28,773.912</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14.08%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>19,713.197</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.65%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>UBS Wealth Management USA</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>0O0 11011 6100</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Omni Account M/F</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Department Manager</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1000 Harbor Blvd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Weehawken, NJ 07086-6761</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>15,419.586</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.55%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S for the Sole Benefit of</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>its Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr. E FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>13,483.684</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.60%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Edward D Jones &amp; Co</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>For the Benefit of Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>12555 Manchester Rd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63131-3729</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>8,900.081</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>39.57%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>7,914.347</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>35.18%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Betty Pobuda &amp; Robert E Pobuda</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>JTWROS</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>29642 Heritage Ln</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Paw Paw, MI 49079-8413</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,108.774</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.37%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,832.408</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.15%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Cetera Investment Svcs.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>(FBO)Raymond Brown 18830914</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>400 first Street So</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Suite 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>P.O. Box 283</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Cloud, MN 56302-0283</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,543.842</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.86%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>63,237.536</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>34.17%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S for the Sole Benefit of</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>its Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr. E FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>34,152.689</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>18.45%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>31,362.117</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>16.94%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>23,037.394</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12.45%</FONT>&nbsp;</TD></TR>

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<TR>

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   <TD noWrap align=right><FONT size=1 face=sans-serif>K-32</FONT>&nbsp;</TD></TR></TABLE></DIV>

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   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

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<TR vAlign=bottom>

   <TD width="79%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Michigan Tax Exempt Income Fund (cont.)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Omnibus Customer Account</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Lindsay O&#8217;Toole</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Centre Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121-1968</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>16,688.344</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.02%</FONT>&nbsp;</TD></TR>

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   <TD width="79%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Minnesota Tax Exempt Income Fund</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Edward D Jones &amp; Co</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>For the Benefit of Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>12555 Manchester Rd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63131-3729</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,361,325.681</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13.92%</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,000,246.242</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.23%</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Charles Schwab &amp; Co. Inc</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Clearing Account for the Exclusive</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Benefit of Their Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>101 Montgomery St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Francisco, CA 94104-4151</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>46,147.642</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>30.17%</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>36,134.413</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>23.62%</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>9,647.715</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.31%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Edward D Jones &amp; Co</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>For the Benefit of Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>12555 Manchester Rd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63131-3729</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>9,381.819</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.13%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>509,500.204</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>27.22%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>252,045.896</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13.47%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Stifel Nicolaus &amp; Co Inc</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Richard E &amp; Charlotte A Wuttke</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Charlotte A Wuttke, Bruce Wuttke</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>501 North Broadway</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, MO 63102-2188</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>10,528.849</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>17.35%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Ann P Gustin &amp; John M Gustin, Ttees</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Gustin Revocable Living Trust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>U/D/T 03/18/2003</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>3061 Woodlark Ln.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Eagan, MN 55121-1916</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>7,716.599</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12.71%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Scott K Biesanz Ttee</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Scott K Biesanz Rev Trust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>U/A Dtd 01/12/2005</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>724 Washington St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Winona, MN 55987-3350</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,756.232</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.48%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>for the Exclusive Benefit of</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Our Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Mutual Funds Dept 4th Fl</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,740.700</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.46%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,144.033</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.48%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Omnibus Customer Account</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Lindsay O&#8217;Toole</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Centre Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121-1968</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,740.401</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.81%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>David P Merten &amp; Kay M Merten JTWROS</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1364 Windsor Ln</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Grayslake, IL 60030-3759</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,022.657</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.63%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Edward D Jones &amp; Co</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>For the Benefit of Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>12555 Manchester Rd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63131-3729</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,666.060</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.04%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>62,875.586</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>35.75%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>57,976.179</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>32.96%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S for the Sole Benefit of</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>its Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr. E FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>29,481.753</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>16.76%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Omnibus Customer Account</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Lindsay O&#8217;Toole</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Centre Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121-1968</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>14,799.501</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.41%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Money Market Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A**</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Company, LLC FBO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>75,229,521.664</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.75%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market Street</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,024,548.465</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14.49%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market Street</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,904,618.312</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.29%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,756,196.650</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.72%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Charles Schwab &amp; Co. Inc</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Clearing Account for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Their Customers</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>101 Montgomery St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Francisco, CA 94104-4151</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,704,813.980</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.52%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>for the Exclusive Benefit of</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Our Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Mutual Funds Dept 4th Fl</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,601,957.400</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.13%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M*</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>CKS Packaging Inc. 401k Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,563,914.452</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12.18%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Frontier TRCO FBO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>End Clinic Inc</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>PO Box 10758</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Fargo, ND 58106</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,563,914.452</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12.18%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>T**</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company, LLC &#8212; Employee</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Benefits Clients 401(k)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>11,114,347.960</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>52.90%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>T**</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company, LLC &#8212; Great West</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>IRA Advantage</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,966,070.193</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14.12%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Money Market Liquidity Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>P</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Stable Value</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Intermediate Domestic</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Investment Grade Trust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>433,549,144.000</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>19.57%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>P</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Dynamic Asset</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Allocation Growth Fund</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>192,561,737.000</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.69%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>P</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Absolute</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Return Fund</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>188,743,108.080</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.52%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>P</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Stable Value</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Intermediate Domestic</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Investment Grade Trust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>181,072,521.000</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.17%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>P</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Capital</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Spectrum Fund</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>170,616,842.000</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.70%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>P</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Diversified</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Income Trust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>166,284,163.000</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.50%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>P</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Total Return Trust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>163,094,334.000</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.36%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>K-33</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<A name="page_179"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Money Market Liquidity Fund (cont.)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>P</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Dynamic Asset</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Allocation Balanced Fund</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>143,757,002.000</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.49%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>P</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam U.S. Government</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Income Trust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>140,001,624.000</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.32%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Multi-Cap Core Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>P.O. Box 2052</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07303-2052</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>175,712.493</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>23.70%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>122,545.423</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>16.53%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Lindsay O&#8217;Toole</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Center Drive</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>63,073.636</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.51%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Raymond James</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Courtney Waller</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>880 Carillon Parkway</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Petersburg, FL 33716-1100</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>46,968.118</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.33%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>42,113.321</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.68%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>P.O. Box 2052</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07303-2052</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,412.625</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>17.18%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Raymond James</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Courtney Waller</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>880 Carillon Parkway</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Petersburg, FL 33716-1100</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,597.809</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11.42%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Lindsay O&#8217;Toole</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Center Drive</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,055.501</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.53%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Stifel, Nicolaus &amp; Co. Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Robert Miller IRA</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>501 N Broadway FL 8</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis MO 63102-2188</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,844.130</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.85%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Raymond James</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Courtney Waller</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>880 Carillon Parkway</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Petersburg, FL 33716-1100</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>22,610.868</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>21.91%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>P.O. Box 2052</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07303-2052</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>18,257.636</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>17.69%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Lindsay O&#8217;Toole</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Center Drive</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>13,088.015</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12.68%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Ronald Hoffman</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>7643 Circulo Sequoia</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Carlsbad CA 92009-8472</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>6,631.300</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.43%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Goldstein &amp; Bachman PA</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>A/C Howard A. Bachman</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9 Walnut Ln.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Manalapan, NJ 07726-4655</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,901.370</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.72%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Michael E. Griest</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>418 Depew St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Peekskill, NY 10566-4606</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,417.434</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>26.38%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,125.611</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>20.95%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Douglas Holland</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2470 Lowell Mill Road</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Kenley, NC 27542-8354</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>862.129</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>16.05%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Bethany Jean Zare</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1190 E. Saint James Street</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Jose, CA 95116-1126</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>591.466</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11.01%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Sara Mathews</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>10882 Wengate Ln.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Blue Ash, OH 45241-2937</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>426.808</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.94%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Rachel Mathews</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>770 Sanctuary Cove Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>West Palm Beach, FL 33410-4521</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>339.996</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.33%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,128.321</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>100.00%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>P.O. Box 2052</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07303-2052</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>129,350.785</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>41.72%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y**</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>60,057.843</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>19.37%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Raymond James</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Courtney Waller</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>880 Carillon Parkway</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Petersburg, FL 33716-1100</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>41,762.702</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13.47%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Gerard &amp; Gail Sullivan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>22 Whitehall CIR</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Beverly MA 01915-2437</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>29,188.922</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.41%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Multi-Cap Growth Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,157,928.575</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.70%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,828,001.858</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.00%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,502,911.532</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.31%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>68,496.012</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.67%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>60,964.956</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.83%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>53,550.841</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.00%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>48,569.056</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.44%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr. E. FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>45,788.696</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.13%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M*</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>CKS Packaging, Inc. 401k Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>71,929.672</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.78%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Capital Bank and Trust Co TTEE</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Mossberg Corp Employee Savings Plan</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>8515 E. Orchard Rd, #2T2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Greenwood Village,</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>CO 80111-5002</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>18,634.957</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>15.56%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Capital Bank and Trust Co.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Alcan Rolled Products/Ravenswood LLC</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Salaried DCP 401k</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>c/o Plan Premier Fascorp</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>8515 E. Orchard Rd, #2T2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Greenwood Village, CO 80111-5002</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>14,222.659</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11.88%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Capital Bank and Trust Co.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>HK Research Corp PSP</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>8515 E. Orchard Rd, #2T2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Greenwood Village, CO 80111-5002</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>13,347.920</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11.15%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Reliance Trust Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>FBO &#8212; American Dawn</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>PO Box 48529</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Atlanta, GA 30362-1529</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>9,382.806</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.84%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford Life Insurance Co.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Griffin Rd N</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Windsor, CT 06095-1512</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>7,707.163</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.44%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>ING National Trust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>FBO ING</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Orange Way</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Windsor, CT 06095-4773</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>6,773.180</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.66%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=1 face=sans-serif>K-34</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<TR>

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   <TD width="54%"></TD>

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<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

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   <TD width="79%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Multi-Cap Growth Fund (cont.)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y**</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company, LLC &#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>The Putnam Retirement Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>576,808.783</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>27.70%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

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<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y**</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company, LLC &#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Recordkeeping for various</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>benefit plans</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>559,605.721</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>26.87%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y*</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Marsh &amp; McLennan Supplemental</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Retirement Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>451,633.305</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>21.69%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Multi-Cap Value Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plz</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,264,626.059</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.53%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Edward Jones &amp; Co for the benefit of customers</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>12555 Manchester Rd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63131-3729</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,092,195.203</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.50%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>970,020.579</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.78%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>31,561.937</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.40%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>173,605.408</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>15.93%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>90,743.829</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.33%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plz</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>57,839.874</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.31%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M*</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>PECO Employees 401k plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>21,608.867</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.25%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford Life Insurance Co</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn Unit Operations</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Griffin Rd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Windsor CT 06095-1512</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>189,857.143</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>31.75%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y**</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company, LLC &#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>The Putnam Retirement Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>540,347.542</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>49.66%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="89%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct for the Exclusive Benefit of Customer</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>80,306.691</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.38%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Lindsay O&#8217;Toole</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Center Drive</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>65,551.359</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.02%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam New Jersey Tax Exempt Income Fund</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>for the Exclusive Benefit of</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Our Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Mutual Funds Dept 4th Fl</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,252,215.820</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>16.42%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,971,032.042</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>15.00%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,753,846.554</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.85%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S for the Sole Benefit of</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>its Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr. E FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,512,545.066</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.64%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,378,822.223</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.96%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Charles Schwab &amp; Co. Inc</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Clearing Account for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Their Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>101 Montgomery St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Francisco, CA 94104-4151</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,080,115.605</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.45%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>326,930.915</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>52.83%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>76,263,195</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12.32%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S for the Sole Benefit of</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>its Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr. E FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>55,271.649</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.93%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>for the Exclusive Benefit of</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Our Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Mutual Funds Dept 4th Fl</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>45,152.198</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.30%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>940,412.559</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>33.38%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Charles Schwab &amp; Co. Inc</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Clearing Account for the Exclusive</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Benefit of Their Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>101 Montgomery St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Francisco, CA 94104-4151</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>390,281.552</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13.85%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S for the Sole Benefit of</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>its Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Fund Administration</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr. E FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>311,069.610</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11.04%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>229,662.814</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.15%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Raymond James &amp; Assoc Inc</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Courtney Waller</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>880 Carillon Pkwy</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Petersburg, FL 33716-1100</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>202,935.978</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.20%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>for the Exclusive Benefit of</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Our Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Mutual Funds Dept 4th Fl</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>184,757.092</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.56%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>176,770.361</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.27%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>208,280.551</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>63.02%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>for the Exclusive Benefit of</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Our Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Mutual Funds Dept 4th Fl</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>23,989.793</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.26%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Leonard Cavaliere &amp; Joseph Cavaliere JTWROS</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>21 King George Rd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Warren, NJ 07059-7014</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>17,428.799</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.27%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

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<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>K-35</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<HR align=center SIZE=2 width="100%" noShade>



<A name="page_181"></A><BR>

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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

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<TR vAlign=bottom>

   <TD width="99%" colSpan=4 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam New Jersey Tax Exempt Income Fund (cont.)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S for the Sole Benefit of</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>its Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Fund Administration</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr. E FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,107,478.830</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>59.47%</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>429,308.030</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>23.05%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>245,453.642</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13.18%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam New York Tax Exempt Income Fund</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>16,652,125.786</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13.80%</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Merrill, Lynch, Pierce, Fenner &amp; Smith</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>For the Sole Benefit of its Customers</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Fund Administration</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Drive East FL 3</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>12,872,804.221</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.67%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>8,145,012.600</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.75%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct for the Exclusive</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Benefit of the Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>7,487,717.612</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.20%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>437,472.157</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>27.93%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>For the Exclusive Benefit of Our Customers</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Attn: Mutual Funds Dept. 4th Fl</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>188,140.281</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12.01%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct for the Exclusive</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Benefit of the Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>186,556.515</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11.91%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Merrill, Lynch, Pierce, Fenner &amp; Smith</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>For the Sole Benefit of its Customers</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Fund Administration</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Drive East FL 3</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>178,189.824</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11.38%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,231,206.045</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>30.49%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Charles Schwab &amp; Co Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Clearing Account for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Their Customers</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>101 Montgomery Street</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Francisco, CA 94104-4151</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>968,888.129</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13.24%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Merrill, Lynch, Pierce, Fenner &amp; Smith</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>For the Sole Benefit of its Customers</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Fund Administration</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Drive East FL 3</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>902,415.109</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12.33%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Lindsay O&#8217;Toole</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Center Drive</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>598,025.317</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.17%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of the Customer</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>414,788.375</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.67%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>For the Exclusive Benefit of</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Our Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Mutual Funds Dept. 4th Fl</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>384,460.763</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.25%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>50,754.681</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>29.18%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Edward D. Jones &amp; Co.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Attn: Mutual Fund Shareholder Accounting</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>201 Progress Pkwy</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Maryland Heights,</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MO 63043-3009</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>39,703.013</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>22.83%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Paula Detiberiis &amp; Lorraine Detiberiis JTWROS</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Multiple Beneficiaries</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>16136 91st St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Howard Beach, NY 11414-3424</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>25,749.705</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14.80%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Elizabeth Frasca</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>15 Kaldenberg Pl., Apt 1</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Tarrytown, NY 10591-7662</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>19,056.237</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.96%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Diane M. Mullen</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Dennis M. Mullen JTWROS</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2684 New Scotland Rd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Voorheesville, NY 12186-5021</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>8,753.150</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.03%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Merrill, Lynch, Pierce, Fenner &amp; Smith</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>For the Sole Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>of its Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Fund Administration</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Drive East FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>773,456.038</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>32.23%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of the Customer</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>568,269.387</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>23.68%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>372,191.815</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>15.51%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>For the Exclusive Benefit of Our Customers</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Mutual Funds Dept. 4th Fl</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>206,129.888</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.59%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>John A Hill</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>33 Avon Rd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Bronxville, NY 10708-1601</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>186,515.222</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.77%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Ohio Tax Exempt Income Fund</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Edward D Jones &amp; Co</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>For the Benefit of Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>12555 Manchester Rd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63131-3729</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,567,419.684</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11.22%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,260,447.996</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.02%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,205,187.279</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.63%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=1 face=sans-serif>K-36</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Ohio Tax Exempt Income Fund (cont.)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>UBS Wealth Management USA</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>0O0 11011 6100</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Omni Account M/F</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Department Manager</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1000 Harbor Blvd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Weehawken, NJ 07086-6761</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,114,312.180</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.98%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>917,754.559</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.57%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>for the Exclusive Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>of Our Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Mutual Funds Dept 4th Fl</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>759,757.839</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.44%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>91,231.337</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>42.52%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>14,339.129</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.68%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Omnibus Customer Account</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Lindsay O&#8217;Toole</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Centre Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121-1968</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>11,285.250</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.26%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>376,378.412</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>27.43%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>UBS Wealth Management USA</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Department Manager</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1000 Harbor Blvd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Weehawken, NJ 07086-6761</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>226,992.809</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>16.54%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>108,373.553</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.90%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S for the Sole Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>of its Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Fund Administration</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr. E FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>85,796.613</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.25%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Charles Schwab &amp; Co. Inc</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Clearing Account for the Exclusive</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Benefit of Their Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>101 Montgomery St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Francisco, CA 94104-4151</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>71,411.429</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.20%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>26,488.048</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>45.75%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pamela R LaulessTOD</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2664 Alexandria Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Lima, OH 45805-2678</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>8,895.488</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>15.36%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Albert A Myers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>TOD Thelma A Myers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Subject To State TOD Rules</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>6314 S Funk Rd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Shreve, OH 44676-9716</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,580.307</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.64%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Patricia J White</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Dalmas L White JTWROS</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2076 US 68 South, Lot 36</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wilmington, OH 45177-9785</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,563.754</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.61%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>SEI Private Trust Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>c/o First Merit ID 682</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Freedom Valley Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Oaks, PA 19456-9989</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>248,408.810</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>36.95%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S for the Sole Benefit of</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>its Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Fund Administration</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr. E FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>137,090.557</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>20.39%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>128,482.304</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>19.11%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>114,201.583</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>16.98%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Pennsylvania Tax Exempt Income Fund</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>for the Exclusive Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>of Our Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Mutual Funds Dept 4th Fl</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,819,269.697</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>25.47%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,701,687.341</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.99%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct for the Exclusive</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,613,740.197</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.53%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>988,354.101</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.22%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>for the Exclusive Benefit of</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Our Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Mutual Funds Dept 4th Fl</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>179,666.543</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>27.49%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct for the Exclusive</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>152,656.863</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>23.35%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>36,245.212</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.54%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>525,425.356</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>17.02%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>for the Exclusive Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>of Our Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Mutual Funds Dept 4th Fl</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>510,327.540</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>16.53%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Lindsay O&#8217;Toole</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Centre Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121-1968</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>433,633.937</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14.05%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>271,494.335</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.79%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Charles Schwab &amp; Co. Inc</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Clearing Account for the Exclusive</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Benefit of Their Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>101 Montgomery St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Francisco, CA 94104-4151</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>184,814.212</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.99%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>K-37</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="99%" colSpan=4 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Pennsylvania Tax Exempt Income Fund (cont.)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>159,097.714</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.15%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>John J Handley &amp; Joyce A Handley</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Ten In Comm</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>495 Lake Louise Rd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Dallas, PA 18612-6063</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>125,952.679</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>27.65%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>73,991.511</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>16.24%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Lindsay O&#8217;Toole</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Centre Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121-1968</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>27,130.126</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.95%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="89%" colSpan=3 noWrap align=left><FONT size=1 face=sans-serif>Michael Steinkirchner &amp; Maury Steinkirchner JTWROS</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>445 Turtle Ln</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Langhorne, PA 19047-3161</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>23,834.657</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.23%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>125,952.679</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>27.65%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>RBC Capital Markets, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Mutual Fund Ops Manager</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>510 Marquette Ave S</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Minneapolis, MN 55402-1110</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>73,991.511</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>16.24%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Lindsay O&#8217;Toole</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Centre Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121-1968</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>27,130.126</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.95%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>23,834.657</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.23%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>125,952.679</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>27.65%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>for the Exclusive Benefit of</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Our Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Mutual Funds Dept 4th Fl</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>73,991.511</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>16.24%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Research Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>674,834.844</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.96%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>633,875.714</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.54%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>28,931.446</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.62%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>95,872.292</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>15.05%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>42,899.973</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.74%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S for the Sole Benefit of its Customers</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Fund Administration</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr. E FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>32,118.547</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.04%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct for the Exclusive</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>15,292.646</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.62%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company Cust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Atlantic Technical Services</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St., Ste. 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,702.008</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>27.18%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company Cust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Federal Steel &amp; Erection Company</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St., Ste. 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,299.183</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13.07%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company Cust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Tua Sales Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St., Ste. 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,137.267</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11.44%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company Cust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wyde Corp</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St., Ste. 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,101.625</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11.08%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company Cust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pinemore Camp Association</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St., Ste. 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>650.433</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.54%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company Cust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Valley Adjusting Service Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St., Ste. 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>633.005</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.37%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y**</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company, LLC &#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>The Putnam Retirement Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>246,986.366</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>44.98%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>191,230.000</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>34.83%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam RetirementReady 2055 Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jason Kalish</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>118 Grove Street Apt 4</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Stamford, CT 06901</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>16,294.592</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>34.63%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A**</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company,</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Recordkeeper for various</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>benefit plans</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>9,072.392</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>19.28%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Ryan Bagley</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>205 Pinehurst Ave #2A</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>New York, NY 10033</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,361.488</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11.39%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A*</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Western Federal Credit Union</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,519.687</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.48%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Sarah Murphy</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>29 Alton Ave</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Cumberland, RI 02864</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,159.821</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>47.49%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,127.889</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>46.18%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Systematic Asian Leadership</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>A/C Nathan Clifton</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>PO Box 38405</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Charlotte, NC 28272</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,708.259</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>25.18%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,135.445</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>16.74%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Dennis Mos &amp; Denise Mos Comm PROP</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2912 Field Ct</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92110</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,033.734</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>15.24%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Leroy Cusd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>A/C Elizabeth Conn</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>207 Marsh Hawk Dr</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Le Ray, IL 61752</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>944.863</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13.93%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Shannon McLoughlin Daley</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>106 Glen Ave</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Millburn, NJ 07041</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>668.211</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.85%</FONT>&nbsp;</TD></TR>

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<TR>

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   <TD noWrap align=right><FONT size=1 face=sans-serif>K-38</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

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   <TD width="79%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam RetirementReady 2055 Fund (cont.)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,132.237</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>45.26%</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Keansburg Board of Education</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>A/C Uriel Morfin</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>50 Manito Road</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Manasquan, NJ 08736</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>648.552</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>25.93%</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Nicholas Lelgie</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>650 Carlisle Ave</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hamilton, OH 45013</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>647.455</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>25.88%</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R**</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>The Putnam Retirement Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,332.399</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>74.56%</FONT>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,139.925</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>15.94%</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>ING National Trust FBO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Orange Way</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Windsor, CT 06095</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>679.162</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.50%</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y**</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Company, LLC FBO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>36,345.494</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>66.04%</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y*</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>UGL Services UNICCO Operations</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>9,509.640</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>17.28%</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y**</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>The Putnam Retirement Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>7,174.738</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13.04%</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

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   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam RetirementReady 2050 Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A**</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company, Recordkeeper</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>for various benefit plans</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>88,126.573</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>32.70%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

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</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A*</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Western Federal Credit Union</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>16,396.658</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.08%</FONT>&nbsp;</TD></TR>

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</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Eugene Blake</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>8 Spruce Cir</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Andover, MA 01810</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>16,237.721</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.02%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company Cust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Norman&#8217;s Wright/Airelink Mech EQ</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St., Ste. 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>14,940.254</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.54%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>FBO its customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,566.266</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>23.83%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Samantha Singh</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>5838 Pala Mesa Drive</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Jose, CA 95123</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,589.631</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.62%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Vineet Arora</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>5605 S. Woodlawn Ave</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Chicago, IL 60637</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>988.897</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.61%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Deborah Nevin</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>3409 Malito Dr</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Bonia, CA 91902</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,376.630</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>15.22%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>First Nations Community</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>A/C Jessica Tsabetsave</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>5712 Potentilla CT NW</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Albuquerque, NM 87210</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,090.189</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13.38%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Ian Sacco</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>3650 Eugene Place</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92116</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,166.149</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.47%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>First Nations Community</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>A/C Diane Mccurg</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>225 Charter House</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Williamsburg, VA 23188</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>999.727</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.40%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Georgia Phares</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>6385 Ebb Tide Way</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Carlsbad, CA 92011</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>950.719</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.09%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>First Nations Community</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>A/C Mary Flynn</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>8608 Tia Christina Dr NW</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Albuquerque, NM 87114</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>780.232</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.00%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>670.412</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>34.96%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Keansburg Board of Education</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>A/C James Schumacher</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>67 Tall Timber Road</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Middletown, NJ 07748</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>377.227</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>19.67%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M*</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>PECO Employees 401(K) Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>304.337</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>15.87%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Phoenix Data Systems Inc</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>A/C A/C Brandon Wayne</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1605 Bawtree Street</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>W. Bloomfield, MI 48324</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>207.939</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.84%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Keansburg Board of Education</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>A/C Jason Wombough</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>93 Seabreeze Way</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Keansburg, NJ 07734</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>122.967</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.41%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Michelle Voight Shisler</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>507 Lead Street</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Kingman, AZ 86401</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>106.238</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.54%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Sq.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109-2106</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>96.591</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.04%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R**</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>The Putnam Retirement Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>54,914.609</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>35.14%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company Cust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wyde Corp.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St., Ste. 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>21,457.640</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13.73%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>ING National Trust FBO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Orange Way</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Windsor, CT 06095</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>9,575.798</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.13%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company Cust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>FBO Rincon Band of Luiseno Indians</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St., Ste. 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>8,392.580</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.37%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y**</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>The Putnam Retirement Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>203,014.373</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>77.82%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y*</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>UGL Services UNICCO Operations</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>32,775.382</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12.56%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam RetirementReady 2045 Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A**</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company, Recordkeeper</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>for various benefit plans</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>130,843.194</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>30.01%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Ameritrade Inc FBO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>PO Box 2226</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Omaha, NE 68102-2226</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>31,436.752</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.21%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A*</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Livewire Mobile Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>22,072.016</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.06%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Taj Sabih</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>528 Timber Way</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Lewisville, TX 75067</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,422.112</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.79%</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

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<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Lindsay O&#8217;Toole</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Centre Drive</FONT>&nbsp;</TD>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121-1968</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,318.431</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.15%</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Cassandra Juneau</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>305 Melodywood Drive</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Friendswood, TX 77545</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>969.857</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.00%</FONT>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Katie Darling</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>777 E. Sandhill CT</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Lehi, Utah 84043</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>948.121</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.86%</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>James Coleman</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>A/C Megan Reisenauer</FONT>&nbsp;</TD>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2420 Marie Road</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Turlock, CA 95380</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>893.583</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.53%</FONT>&nbsp;</TD></TR>

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   <HR SIZE=1 noShade>

</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Abraham Schoenfeld</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4 Green Hill Lane</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Spring Valley, NY 10977</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,089.036</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>18.74%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Lisa Mapes</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>96 River View Rd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Sugar Run, PA 18846</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,242.684</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13.61%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Kidspeak Speech &amp; Language Services</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>A/C Rachel Crowley</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>6807 Old Forge Drive</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Charlotte, NC 28226</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,871.850</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11.36%</FONT>&nbsp;</TD></TR>

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<TR>

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<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>K-39</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

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   <TD width="79%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam RetirementReady 2045 Fund (cont.)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>David Braham</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9200 Walsall CV</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Austin, TX 78749</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,380.228</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.37%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Phoenix Data Systems Inc</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>A/C Aaron M. Peters</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2660 Sterling River Drive</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Fowlerville, MI 48836</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>389.306</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>30.12%</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Renee Judson</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>3004 N. Harrison St</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wilmington, DE 19802</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>293.101</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>22.68%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denise Lee Burgess</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>3014 W. William Cannon Drive;</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Apt 522</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Austin, Texas 78745</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>184.508</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14.28%</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>P.O. Box 2052</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07303-2052</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>115.999</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.97%</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Phoenix Data Systems Inc</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>A/C Courtney Widzinski</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2061 Hollywood Ave</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Grosse Point, MI 48236</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>112.750</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.72%</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Sq.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109-2106</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>69.373</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.37%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R**</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company, Recordkeeper</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>for various benefit plans</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>51,344.693</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>36.94%</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company Cust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>FBO Rincon Band of Luiseno Indians</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St., Ste. 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>13,110.257</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.43%</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

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<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company Cust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>FBO C&amp;C Web International, Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St., Ste. 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>10,204.716</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.34%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company Cust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wyde Corp</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St., Ste. 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>9,197.198</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.62%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y**</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company, LLC &#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>The Putnam Retirement Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>195,438.885</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>79.82%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y*</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>UGL Services UNICCO Operations</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>29,743.096</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12.15%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam RetirementReady 2040 Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A**</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Great West Trust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Company, LLC FBO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>142,683.124</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>24.39%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A*</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Western Federal Credit Union</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>42,114.549</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.20%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Lindsay O&#8217;Toole</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Centre Drive</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121-1968</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>12,178.321</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>28.92%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>FBO its customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington BLVD</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,597.813</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.92%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>P.O. Box 2052</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07303-2052</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,036.735</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.59%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Anne Bonczek</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>81 Redfield Street</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Tunkhannock, PA 18657</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,489.172</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12.07%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Edward Jones &amp; Co.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>12555 Manchester Road</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63131</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,562.698</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.58%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jennifer Sackett</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>PO Box 514</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wyallsing, PA 18853</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,499.825</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.27%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Joshua Parkhurst</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1586 Steam Mill Hollow Rd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Laceyville, PA 18623</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,412.998</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.85%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

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<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jeffrey Carver</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>225 Glen Road</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Camp Hill, PA 17011</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,267.082</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.14%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Diabetes Management &amp; Supplies</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>c/o Terry Miller</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4913 Steele Street</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Metairie, LA 70006</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,032.754</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.01%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Keansburg Board of Education</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>A/C Dana Florio</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>71 Galloping Drive</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Belford, NJ 07718</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>701.372</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>24.12%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Phoenix Data Systems</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>A/C Sushma Krishnaswamy</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>398 Daylily Dr</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Rochester Hills, MI 48307</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>561.796</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>19.32%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Simi Valley Unified School District</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>A/C Karen Linn</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>6043 Mescallero Pl</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Simi Valley, CA 93063</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>365.344</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12.56%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

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</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Township High School District 211</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>A/C Anthony Tosh</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>849 W Saint John Pl</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Palatine, IL 60067</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>312.335</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.74%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Keansburg Board of Education</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>A/C Theresa Konor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2 Addison Road</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Howell, NJ 07731</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>255.785</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.80%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Keansburg Board of Education</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>A/C Tara Kukulski</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>434 Middlewood Road</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Middletown, NJ 07748</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>181.798</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.25%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Mary Lowell</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>3451 N Apache St</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Kingman, AZ 86401</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>152.939</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.26%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R**</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company, Recordkeeper</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>for various benefit plans</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>54,715.621</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>30.41%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company Cust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>FBO Rincon Band of Luiseno Indians</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St., Ste. 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>12,056.373</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.70%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company Cust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>IHS Pharmacy</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St., Ste. 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>11,029.558</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.13%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y**</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company, LLC &#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>The Putnam Retirement Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>216,863.078</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>74.78%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y*</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>UGL Services UNICCO Operations</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>43,718.980</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>15.07%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam RetirementReady 2035 Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A**</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Great West Trust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Company, LLC FBO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>122,624.934</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>16.11%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>FBO its customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>106,540.895</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14.00%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A*</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>IBEW Local 40</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>49,380.111</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.49%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A*</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Livewire Mobile Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>39,883.551</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.24%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>P.O. Box 2052</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07303-2052</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>6,918.411</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13.15%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Alessandra Nardi</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2028 Parker Street</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Berkeley, CA 94704</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,693.308</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.02%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Lindsay O&#8217;Toole</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Centre Drive</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121-1968</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,620.081</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.88%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Patrick Keenan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>785 Keller Pkwy</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Paul, MN 55117</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,679.715</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.09%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

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<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=1 face=sans-serif>K-40</FONT>&nbsp;</TD></TR></TABLE></DIV>

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   <TD width="54%"></TD>

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<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

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   <TD width="79%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam RetirementReady 2035 Fund (cont.)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company Cust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Gartner Anesthesia PLLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St., Ste. 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,982.664</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>21.00%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

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</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Merritt Swartley</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>3684 N Sawgrass Way</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boise, ID 83704</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,286.067</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.03%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Dushore Grocery Inc</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>A/C Justin Haas</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>15768 SR 87</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Dushore, PA 18604</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,517.957</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.33%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Dushore Grocery Inc</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>A/C Kristin Haas</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>15768 SR 87</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Dushore, PA 18604</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,516.786</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.32%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Timothy McDonough</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>26 Green Street</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Rockland, MA 02370</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,895.811</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>42.37%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Fairfield Public Schools</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>A/C Steven Blumenthal</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>49 Winchester Ave</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>North Haven, CT 06473</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,444.637</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>39.13%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Sq.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109-2106</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,227.724</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.82%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R**</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company,</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Recordkeeper for various</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>benefit plans</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>69,502.290</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>29.79%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company Cust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>HIS Pharmacy</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St., Ste. 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>24,209.986</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.38%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company Cust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Fish Two Fish Inc Employees</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St., Ste. 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>15,477.330</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.63%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company Cust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>United Smiles PC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St., Ste. 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>15,126.077</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.48%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y**</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company, LLC &#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>The Putnam Retirement Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>370,491.849</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>72.50%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y*</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>UGL Services</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>UNICCO Operations</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>113,233.490</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>22.16%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam RetirementReady 2030 Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A**</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company,</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Recordkeeper for various</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>benefit plans</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>195,808.348</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>18.82%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>FBO its customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington BLVD</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>79,212.666</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.61%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>P.O. Box 2052</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07303-2052</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>11,348.164</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>16.86%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>FBO its customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington BLVD</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,902.063</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.77%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Michael Flaherty</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>6103 Gulick Rd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Naples, NY 14512</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,657.946</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.92%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jesse Allen</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>3 Parkwood CT</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Streamwood, IL 60107-2244</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,673.343</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.46%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Roseman Dental</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>A/C Peter Rosenman</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>328 Greenbank Rd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Bryn Mawr, PA 19010-1619</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>7,308.334</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>16.72%</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

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   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Beavercreek City Schools</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>A/C Staci Auer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4286 Bristol DR</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Beavercreek, OH 45440</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,723.720</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.81%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Beavercreek City Schools</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>A/C Nicola T. Moorehead</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2389 Brown Bark Drive</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Beavercreek, OH 45440</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,626.977</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.30%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>CVS Thoracic &amp; Cardiovascular</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>A/C John Limoli</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>11743 W 27th Drive</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Lakewood, CO 80215</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,623.858</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.29%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Melissa McGinness</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Beneficiary of John McClary</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1586 Midvale Ave</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Los Angeles, CA 90024</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,679.177</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.13%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Beavercreek City Schools</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>A/C Tammy Horney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>7700 Tanyard Rd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Yellow Spgs, OH 45387</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,189.888</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.01%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Keansburg Board of Education</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>A/C Catherine Callaghan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>PO Box 547</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Red Bank, NJ 07701</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,235.512</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>20.84%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>FBO its customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington BLVD</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,218.189</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>20.55%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>David Pinckley</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2622 Toyon Way</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Yuba City, CA 95993</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>715.235</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12.07%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Barbara Boyd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4060 Vitobello CT</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Kingman AZ 86401</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>524.786</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.85%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Steven Arizaga</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>For Kennedy Arizaga</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>6734 E. Mission Street</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Yuma, AZ 85365</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>386.144</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.51%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Christopher Lynch</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>451 Broadway</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Lynn, MA 01904</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>376.013</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.34%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>STEP</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>A/C Folly Nelson</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>PO Box 121</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Grass Range, MT 59032</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>309.234</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.22%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R**</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company,</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Recordkeeper for various</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>benefit plans</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>123,637.421</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>34.17%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>ING National Trust FBO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Orange Way</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Windsor, CY 06095</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>41,352.521</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11.43%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company Cust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Midwest Maintenance Co Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St., Ste. 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>20,692.667</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.72%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y**</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company, LLC &#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>The Putnam Retirement Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>423,602.284</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>71.09%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y*</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>UGL Services UNICCO Operations</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>88,918.483</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14.92%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam RetirementReady 2025 Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A**</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company,</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Recordkeeper for various</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>benefit plans</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>301,059.352</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>23.53%</FONT>&nbsp;</TD></TR>

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   <HR SIZE=1 noShade>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>FBO its customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington BLVD</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>134,258.843</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.49%</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>FBO its customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington BLVD</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>7,891.382</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14.17%</FONT>&nbsp;</TD></TR>

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<TR>

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<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>K-41</FONT>&nbsp;</TD></TR></TABLE></DIV>

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   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

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   <TD width="79%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam RetirementReady 2025 Fund (cont.)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Memorial Medical Center (IL)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>A/C Kathy S. Lee</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2500 E. Lake Shore Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Springfield, IL 62712-5500</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,178.830</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.30%</FONT>&nbsp;</TD></TR>

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   <HR SIZE=1 noShade>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Frontier TRCO FBO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Debra Sutton P.A. 401(k) plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>PO Box 10758</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Fargo, ND 58106</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,428.822</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.29%</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>North Dakota State University</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>A/C Charlene D. Goodyear</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2218 7th Street N</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Fargo, ND 58102</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,382.254</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.10%</FONT>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Beavercreek City Schools</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>A/C Carol M. Wade</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>3544 Knollwood Dr</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Beavercreek, OK 45432-2318</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,319.281</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.96%</FONT>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Roseman Dental</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>A/C Judith Vivian</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1075 Balsam Way</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Blue Bell, PA 19422</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,902.262</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.09%</FONT>&nbsp;</TD></TR>

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</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,855.682</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.99%</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Lindsay O&#8217;Toole</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Centre Drive</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121-1968</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,589.786</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.43%</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>H. Felde Tool &amp; Machine Co.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>A/C Edgar Soler</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>608 Prince Street</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pekin, IL 615540</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,529.281</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.31%</FONT>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>David Sayers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>39 Commonwealth Avenue</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Haverhill, MA 01830</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,757.891</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>31.15%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>FBO its customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,477.148</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>20.53%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Betsy McCarthy</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>112 Roth St</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Houston, PA 15842</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,130.566</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.37%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Betsy McCarthy</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Benefit of Zigmund Roskowski</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>112 Roth St</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Houston, PA 15842</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,067.452</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.85%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

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</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Herman Zeller</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1941 Pamela Street</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Oxnard, PA 93036</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>689.377</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.71%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R**</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company,</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Recordkeeper for various</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>benefit plans</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>96,193.633</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>35.68%</FONT>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company Cust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Journey Communications</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St., Ste. 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>27,589.119</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.23%</FONT>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company Cust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Escoe Companies</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St., Ste. 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3304</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>19,537.174</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.25%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y**</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company, LLC &#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>The Putnam Retirement Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>389,080.271</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>61.10%</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y*</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>UGL Services</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>UNICCO Operations</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>184,829.240</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>29.02%</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam RetirementReady 2020 Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A**</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Great West Trust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Company, LLC FBO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>245,308.890</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>18.57%</FONT>&nbsp;</TD></TR>

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</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>FBO its customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington BLVD</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>73,860.103</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.59%</FONT>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jewish Senior Life</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>A/C Daniel Katz</FONT>&nbsp;</TD>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>438 Sundance Trl</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Webster, NY 14580</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>6,250.103</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.42%</FONT>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Johnson City School District</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>A/C Cathy M. Botts</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>109 Chestnut Ridge Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jonesborough, TN 37659-7457</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,095.772</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.86%</FONT>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Connetquot School of Islip</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>A/C Jane E. Murphy</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>12 Franklin Road</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Oakdale, NY 11769-2223</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,784.226</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.44%</FONT>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Lindsay O&#8217;Toole</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Centre Drive</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121-1968</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,596.438</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.19%</FONT>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Guita Ghaditi, MD</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>795 Rosewood Lane</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>York, PA 17403-5917</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,179.925</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.63%</FONT>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct For the Exclusive</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Benefit of its Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>8,797.992</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12.93%</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

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</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Beavercreek City Schools</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>A/C Mary K. Hunsaker</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1837 Andrea Circle</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Beavercreek, OH 45434</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>6,654.582</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.78%</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

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</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Fairfield Board OF Education</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>A/C Eileen Frankel</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9 Katy Lane</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Norwalk, CT 06851</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,337.145</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.37%</FONT>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Mark Hall</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>5121 N Bank Road</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Crescent City, CA 955231</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,074.055</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.99%</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Bridgeport CT Board OF Education</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>A/C Gidalia Olivera</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>29 Nature Lane</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Shelton, CT 06484-4220</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,785.659</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.56%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Beavercreek City Schools</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>A/C Sharon Geise</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>542 Colonial Drive</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Beavercreek OH 45434</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,562.733</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.24%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Ouachita Parish School District</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>A/C Eddie E. Mahoney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>101 N. Willow BND</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Monroe, LA 71203-9615</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,176.603</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>38.17%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Barbara Schenck</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>705 E Drake Rd; Apt 50</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Fort Collins, CO 80525</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>524.564</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.30%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Albert Barker</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>PO Box 703</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Bordertown, NJ 08505</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,494.628</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>17.96%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Frederick Watkins</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>91 Bellhaven Chase CT</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Mableton, GA 30126-5959</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>501.654</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.03%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>California State University Fullerton</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>A/C Brett Fisher</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1548 E. Brookdale Pl</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Fullerton, CA 92831</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>478.003</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.74%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R**</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company, Recordkeeper</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>for various benefit plans</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>157,432.851</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>56.40%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y**</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company, LLC &#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>The Putnam Retirement Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>175,099.488</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>47.45%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y*</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>UGL Services UNICCO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Operations</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>140,758.397</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>38.14%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam RetirementReady 2015 Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A**</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company, LLC &#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Recordkeeper for various plans</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>178,667.001</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>18.39%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=1 face=sans-serif>K-42</FONT>&nbsp;</TD></TR></TABLE></DIV>

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   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

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<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam RetirementReady 2015 Fund (cont.)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Lindsay O&#8217;Toole</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Centre Drive</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, Ca 92121-1358</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>14,054.419</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>31.11%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>UMB Bank na c/f</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>FBO Marcia Kaminker</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>81 Davidson S Mill Rd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>N. Brunswick, NJ 08902</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>7,440.268</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>16.47%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>FBO Customer Accounts</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>saint louis, mo 63103</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,134.566</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.94%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Sahodree Thakurdin</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>17 Big Horn Drive</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Palm Coast, FL 32137-3719</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,722.021</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.03%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Anne Albone</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>112 Bear Creek Path</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Ormond Beach, FL 32174-8790</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,412.244</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.34%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Beavercreek City Schools</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>A/C Erin E. Klingler</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1646 Turner Rd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Xena, OH 45385</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,713.087</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>15.62%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,384.104</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14.23%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wright State University</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>A/C John L. Bale</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>10223 Simms Station Road</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Dayton, OH 45458-9528</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,941.171</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12.37%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Judy Smith</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>57 Mill Street</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>East Haven, CT 06512</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,827.164</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.68%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Beavercreek City Schools</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>A/C Caye Black</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2011 Wentworth Village Drive</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Bellbrook, OH 45385</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,618.117</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.80%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Beavercreek City Schools</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>A/C Pandora Boos</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>221 Wistowa TRL</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Beavercreek, OH 454310-2015</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,312.100</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.52%</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Joyce Webb Shanower &amp; Alisa Sedacca</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Bene of Frank Shanower SEP IRA</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>6365 Brookline CT</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Cumming, GA 30040</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,732.363</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>20.22%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Steven Arizaga</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>6734 E. Mission Street</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Yuma, AZ 85365</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,290.659</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>15.07%</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

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</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jack Hallack</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>10120 Arrowhead Dr. Apt 7</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32257</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>755.647</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.82%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Carbondale Elem School District No 956</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>A/C Margaret L. Mayberry</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>7843 Giant City Road</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>PO Box 2941</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Carbondale, IL 62902</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>750.088</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.76%</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Robin Bodkins</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>PO Box 1148</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Kingman, AZ 86402</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>742.911</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.67%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Herman Zeller</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1941 Pamela Street</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Oxnard, CA 93036</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>639.385</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.46%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Peter Shkrutz</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Birch Street</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Milltown, NJ 08850</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>498.189</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.82%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pamela Shinogle</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>3533 S. Bear Creek Road</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Kaw City OK 74641-9613</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>449.744</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.25%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R**</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Great West Trust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Company, LLC FBO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>68,746.102</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>38.07%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

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<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

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   <TD width="54%"></TD>

   <TD width="15%"></TD>

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<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company Cust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Silver Lake Construction Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St., Ste. 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>30,797.118</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>17.06%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>ING National Trust FBO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Orange Way</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Windsor, CT 06095</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>10,195.605</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.65%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company Cust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jack Ouio CPA</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St., Ste. 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>9,432.394</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.22%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y*</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>UGL Services</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>UNICCO Operations</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>132,119.440</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>53.99%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y**</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company, LLC &#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>The Putnam Retirement Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>84,586.100</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>34.56%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Retirement Income Fund Lifestyle 1</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A**</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company, LLC &#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Recordkeeping for various</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>benefit plans</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>74,467.168</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.59%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A*</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>IBEW Local 40 NECA 401K Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>57,852.643</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.68%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>FBO its customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>46,481.508</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.36%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Dunkelberg McLinley Folkers Walk</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>A/C Michelle Grimm</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>3019 360th St</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Osage, IA 50461</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,482.247</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>24.30%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07303</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,974.561</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>19.33%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Victor Matheiu</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1133 N Grand St</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>West Suffield, CT 06093</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,359.130</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13.30%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hua Hsing Wei</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9146 Emperor Ave</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Gabriel, CA 91775</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>897.493</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.78%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Mabel Adams</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2012 N. 24th St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boise, ID 83702-0205</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>891.923</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.73%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Lindsay O&#8217;Toole</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Centre Drive</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121-1358</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>6,979.686</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>17.68%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Otto Eachus</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4805 Mason Dr</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boswell, NM 882011</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,113.559</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.42%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Joseph Skinner</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>10824 Via Cascabel</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92124</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,658.052</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.73%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego Unified School Dist.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>A/C Veronica Bowen</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>12031 Obispo Rd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92128</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,463.130</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.24%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07303</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,460.894</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.23%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jan Richards</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1100 De Bremond Drive</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Roswell, NM 88201-1110</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,070.512</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.25%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Gene Friel</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>3094 Ridge Rd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>South Park, PA 15129-9334</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>12,995.860</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>68.36%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07303</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,329.790</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12.25%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R**</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company,</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Recordkeeper for various</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>benefit plans</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>22,149.892</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>36.52%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

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<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>K-43</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

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<TR>

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   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

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   <TD width="79%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Retirement Income Fund Lifestyle 1 (cont.)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company Cust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>CVC Environmental Inc</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St., Ste. 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>10,430.457</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>17.20%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company Cust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Midtown Motors Inc</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St., Ste. 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,165.256</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.52%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company Cust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Bio-Serv Inc. Profit Sharing Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St., Ste. 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,586.813</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.91%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company Cust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Midwest Political Science ASSOCIATION</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St., Ste. 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,428.410</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.65%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y*</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>UGL Services UNICCO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Operations</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>370,238.770</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>85.73%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y**</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company, LLC &#8212;</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>The Putnam Retirement Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>52,966.562</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12.21%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Retirement Income Fund Lifestyle 2</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Sq.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109-2106</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>950,984.817</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>84.73%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Sq.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109-2106</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>10,000.000</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>59.59%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>UMB Bank NA C/F</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pen Argyl School District 403B</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>FBO Andrea A. Poloni</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>114 &#189; George Street</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pen Argyl, PA 18072-1736</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,633.902</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>27.61%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>U.S. Bancorp Investments Inc</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>FBO 230964231</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>60 Livingston Ave</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Paul, MN 55107-2292</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,085.753</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12.43%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Sq.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109-2106</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>10,000.000</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>43.12%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Ameritrade Inc FBO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>PO Box 2226</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Omaha, NE 68103</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,863.813</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>20.97%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Duane &amp; Vicky Madsen</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>c/o Stacey Westbrook</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1137 212th Street</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>New Richmond, WI 54017</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,331.088</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>18.67%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>James H. Hamlin</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Roth IRA Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1588 Turnberry CT</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Beaumont, CA 92223-8541</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,294.729</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.89%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Sq.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109-2106</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>10,003.077</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>81.57%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Janice E. Barnhart</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>174 Barnhart Road</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Julian, PA 16844-9305</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,260.341</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>18.43%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Sq.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109-2106</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>10,003.077</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>100.00%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Sq.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109-2106</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>10,019.754</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>69.64%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>George Putnam, III</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,613.384</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11.21%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Robert Patterson</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,074.479</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.47%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Retirement Income Fund Lifestyle 3</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>65,606.621</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.25%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>For the Exclusive Benefit of Our Customers</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Mutual Funds Dept. 4th Fl</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>62,497.179</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.96%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Omnibus Customer Account</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Lindsay O&#8217;Toole</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Centre Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121-1968</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>56,475.537</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.38%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>13,842.656</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>18.19%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>11,915.183</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>15.66%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>For the Exclusive Benefit of Our Customers</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Mutual Funds Dept. 4th Fl</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>7,709.611</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.13%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Merrill Lynch</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>For the Sole Benefit of its Customers</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Fund Administration</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Drive, E FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,478.406</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.89%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Erminia White&amp; Kathleen A Abruzzo JTWROS</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9005 84th St</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Woodhaven, NY 11421-2418</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,135.291</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.44%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>53,920.113</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>20.03%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Omnibus Customer Account</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Lindsay O&#8217;Toole</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Centre Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121-1968</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>37,337.961</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13.87%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>For the Exclusive Benefit of Our Customers</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Mutual Funds Dept. 4th Fl</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>23,123.911</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.59%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Raymond James</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>House Account Firm 92500015</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Courtney Waller</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>880 Carillon Pkwy</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Petersburg, FL 33716-1100</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>16,594.017</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.16%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Rosa L Cornelius</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>IRA Rollover Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1949 Baja Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Los Fresnos, TX 78566-4222</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>17,944.315</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>36.90%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Edward D Jones &amp; Co</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Attn: Mutual Fund Shareholder Accounting</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>201 Progress Pkwy</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Maryland Hts., MO 63043-3009</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>16,956.927</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>34.87%</FONT>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Omnibus Customer Account</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Lindsay O&#8217;Toole</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Centre Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121-1968</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>12,354.966</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>25.41%</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>227.286</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>63.32%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>131.634</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>36.68%</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>John A Hill</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>33 Avon Rd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Bronxville, NY 10708-1601</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>33,749.973</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>32.93%</FONT>&nbsp;</TD></TR>

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<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=1 face=sans-serif>K-44</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<A name="page_190"></A><BR>

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   <TD width="54%"></TD>

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<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

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   <TD width="79%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Retirement Income Fund Lifestyle 3 (cont.)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Merrill Lynch</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>For the Sole Benefit of its Customers</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Fund Administration</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Drive, E FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>14,766.451</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14.41%</FONT>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y**</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company, LLC</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>The Putnam Retirement Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>12,696.169</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12.39%</FONT>&nbsp;</TD></TR>

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   <HR SIZE=1 noShade>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y**</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Dudley R Davidson Jr. IRA Plan</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4004 Loon Lake Ct.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Linden, MI 48451-9456</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>8,844.458</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.63%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Frances M Davidson IRA Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4004 Loon Lake Ct.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Linden, MI 48451-9456</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>8,337.614</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.13%</FONT>&nbsp;</TD></TR>

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</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Jameson A Baxter &amp; Reginald R Baxter JTWROS</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>626 Old Barn Rd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Lk Barrington, IL 60010-6203</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>6,947.077</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.78%</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

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   <TD width="79%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Short Duration Income Fund</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>UBS Wealth Management USA</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>0O0 11011 6100</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Omni Account M/F</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Department Manager</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1000 Harbor Blvd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Weehawken, NJ 07086-6761</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>73,069,383.375</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>66.40%</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

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</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>13,891,609.866</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12.62%</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

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</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Janney Montgomery Scott, LLC</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>A/C Robert James Steele</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1801 Market Street</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Philadelphia, PA 19103</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,760.475</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12.13%</FONT>&nbsp;</TD></TR>

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   <TD width="99%" colSpan=4>

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</TD></TR>

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   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Terese Schroeder</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>12285 165th Ave SE</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Becker, MN 55308</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,143.921</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.73%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Omnibus Customer Account</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Lindsay O&#8217;Toole</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Centre Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121-1968</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,959.137</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.34%</FONT>&nbsp;</TD></TR>

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<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>For the Exclusive Benefit of our Customers</FONT>&nbsp;</TD>

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   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

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<TR vAlign=bottom>

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   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Attn: Mutual Funds Dept. 4th fl</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,463.132</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.19%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

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</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Dennis &amp; Donna Bouser</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>25 Towhee Dr</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Palmerton, PA 18071</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,458.086</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.18%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>196,573.287</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>26.78%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>UBS Wealth Management USA</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>0O0 11011 6100</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Omni Account M/F</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Department Manager</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1000 Harbor Blvd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Weehawken, NJ 07086-6761</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>130,863.615</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>17.83%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>104,888.560</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14.29%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Omnibus Customer Account</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Lindsay O&#8217;Toole</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Centre Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121-1968</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>60,272.475</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.21%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Raymond James</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Courtney Waller</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>880 Carillon Parkway</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Petersburg, FL 33716</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>58,443.925</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.96%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>UBS Wealth Management USA</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>0O0 11011 6100</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Omni Account M/F</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Department Manager</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1000 Harbor Blvd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Weehawken, NJ 07086-6761</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>48,829.874</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>44.04%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>26,442.901</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>23.85%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Timothy &amp; Candice McDermitt</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2651 Terrace Dr</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Honolulu, HI 96822</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>10,360.759</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.34%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Anne Marie &amp; Denis Quagliariello</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2309 Poplar Rd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Havertown, PA 19083</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,940.840</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.36%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>57,932.976</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>46.94%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Frontier TRCO FBO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Dr. Michael Schwartz PS Plan 59</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>PO Box 11758</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Fargo, ND 58106</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>26,445.519</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>21.43%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Frontier TRCO FBO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Central Texas Hospitalists</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>PO Box 11758</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Fargo, ND 58106</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>18,383.581</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14.90%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>10,027.572</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.13%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R5</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,006.041</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>100.00%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R6**</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Company, LLC FBO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>34,688.276</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>97.18%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>7,335,479.158</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>44.87%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,890,941.385</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11.57%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Raymond James</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Courtney Waller</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>880 Carillon Parkway</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Petersburg, FL 33716</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,860,827.674</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11.38%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>For the Exclusive Benefit</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>of our Customers</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Mutual Funds Dept. 4th fl</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,608,458.568</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.84%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Omnibus Customer Account</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Lindsay O&#8217;Toole</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Centre Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121-1968</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>7,335,479.158</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>44.87%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Short Term Investment Fund</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>P</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Dynamic Asset</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Allocation Growth Fund</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>194,542,261.000</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.26%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>P</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Dynamic Asset</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Allocation Balanced Fund</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>155,981,585.000</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.42%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>P</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Equity Income Fund</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>153,820,761.000</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.32%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>P</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>The Putnam Fund for</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Growth and Income</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>149,478,409.000</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.11%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>P</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Capital</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Spectrum Fund</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>124,952,457.000</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.95%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>P</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>The George Putnam of Boston</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>(d/b/a George Putnam</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Balanced Fund)</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>118,844,257.000</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.66%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>P</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam Equity</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Spectrum Fund</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>112,189,643.000</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.34%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>K-45</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



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<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Short-Term Municipal Income Fund</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>997,130.114</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>71.97%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Barbara Goldstein</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>20 James Rd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harrison. NY 10528</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>104,943.930</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.57%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Charles Schwab &amp; CO Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>101 Montgomery Street</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Francisco, CA 94104-4154</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>80,187.360</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.79%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,730.270</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>60.72%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,000.360</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>35.10%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>16,594.168</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>64.53%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Omnibus Customer Account</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Lindsay O&#8217;Toole</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Centre Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121-1968</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>7,566.762</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>29.42%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Diane &amp; Dennis Mullen</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2684 New Scotland Rd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Voorheesville, NY 12186</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>6,012.024</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>85.73%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,000.958</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14.27%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>For the Exclusive Benefit of our Customers</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Mutual Funds Dept. 4th fl</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>62,200.839</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>85.83%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Small Cap Growth Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>226,474.093</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.16%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Merrill, Lynch, Pierce, Fenner &amp; Smith Inc.</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr E FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>6,627.147</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>18.36%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Lindsay O&#8217;Toole</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Ctr. Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121-1968</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,797.297</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.75%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Service, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>200 Liberty Street, 5th Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One World Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>New York, NY 10281</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>28,989.008</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11.00%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>24,348.893</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.24%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>21,418.489</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.13%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market Street</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>18,851.113</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.16%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Merrill, Lynch, Pierce, Fenner &amp; Smith Inc.</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr E FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>18,332.596</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.96%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Lindsay O&#8217;Toole</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Ctr. Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121-1968</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>14,669.367</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.57%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Service, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington BLVD.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, New Jersey</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>6,421.392</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13.74%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>PAI Trust Company, INC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1300 Enterprise Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>De Pere, WI 54115-4934</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,136.496</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.71%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Steve Beckley</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2032 Why Worry Ln.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Eugene OR 97405-7025</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,639.816</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.65%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,587.710</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.54%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company Cust. FBO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Spine &amp; Brain Neurosurgery Center</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>717 17th St. STE. 1300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3304</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,490.397</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.33%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Nationwide Trust Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>PO Box 182029</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Columbus, OH 43218-2029</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,351.328</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.03%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford Securities Distribution</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn UIT Operations</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>PO Box 2999</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford, CT 06104</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>147,591.269</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>36.05%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Capital Bank and Trust Company</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>8515 E Orchard Road, #2T2</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Greenwood Village, CO 80111</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>66,160.192</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>16.16%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford Life Insurance CO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Griffin Road N</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Windsor, CT 06095-1512</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>60,301.975</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14.73%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Lindsay O&#8217;Toole</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Ctr. Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121-1968</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>24,112.442</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.56%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y**</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>The Putnam Retirement Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>288,569.822</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>66.50%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Small Cap Value Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>871,053.488</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.11%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Service, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>200 Liberty Street, 5th Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One World Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>New York, NY 10281</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>648,016.092</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.03%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>589,341.590</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.48%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Lindsay O&#8217;Toole</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Ctr. Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121-1968</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>124,303.048</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12.73%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Special Custody Acct for the</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Exclusive Benefit of Customer</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>96,168.979</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.85%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>92,089.267</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.43%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>MLPF&amp;S for the Sole Benefit of its Customers</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr. E FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>82,021.671</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.40%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Mark Torbeck</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>IRA Rollover Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>5765 Birchmont Place Dr</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63129-2987</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,915.237</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.66%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company Cust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Gregory Kuo DDS Pension Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th Stte 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, Co 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,915.193</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13.79%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company Cust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>CMS Watch</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St., Ste. 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,122.644</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11.56%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

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   <TD noWrap align=right><FONT size=1 face=sans-serif>K-46</FONT>&nbsp;</TD></TR></TABLE></DIV>

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   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Small Cap Value Fund (cont.)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company Cust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Block Business Systems Inc</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St., Ste. 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,119.125</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.75%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company Cust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Covalent Systems Group</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St., Ste. 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,471.113</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.93%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>MG Trust Company Cust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Lakeshore Interactive LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>700 17th St., Ste. 300</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Denver, CO 80202-3531</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,258.734</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.34%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Lindsay O&#8217;Toole</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Ctr. Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121-1968</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,659,442.419</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>71.55%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y**</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company, LLC</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>The Putnam Retirement Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>884,907.423</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>17.30%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Strategic Volatility Equity Fund</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>296,000.000</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>96.23%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,000.000</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>50.17%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Mary Stowell</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>28 Timmerman Ave</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St Johnsville, NY 13452</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>679.612</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>34.09%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Lindsay O&#8217;Toole</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Ctr. Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121-1968</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>216.591</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.87%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,000.000</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>43.93%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Ying Fu</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1028 Vista Pointe Circle</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Ramon, CA 94582</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>719.080</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>31.59%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jackie Conely-Sheller</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>310 S. Clinton St</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Stockbridge, MI 49285</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>449.106</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>19.73%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,000.000</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>100.00%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Lindsay O&#8217;Toole</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Ctr. Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121-1968</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>35,121.146</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>39.24%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y**</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company, LLC</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>The Putnam Retirement Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>19,270.910</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>21.53%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>James Fetch</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>44 Prince Street</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Apt 505</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02113</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>14,821.600</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>16.56%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Robert Schoen</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>11 Beech Rd.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Brookline MA 02446</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,354.589</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.98%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jameson &amp; Reginald Baxter</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>626 Old Barn Rd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LK Barrington, IL 60010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,812.320</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.38%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Tax Exempt Income Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Edward D. Jones &amp; Co.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>201 Progress Pkwy.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Maryland Heights, MO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>63043-3009</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>16,272,715.611</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14.27%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market Street</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>11,619,829.038</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.19%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Merrill, Lynch, Pierce, Fenner &amp; Smith Inc.</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr E FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>7,579,843.732</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.65%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Service, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>200 Liberty Street, 5th Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One World Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>New York, NY 10281</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>6,580,183.779</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.77%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>6,556,237.718</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.75%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market Street</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>315,591.036</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>29.35%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Merrill, Lynch, Pierce, Fenner &amp; Smith Inc.</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr E FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>165,095.547</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>15.36%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>200 Liberty Street, 5th Fl.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One World Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>New York, NY 10281-5503</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>131,505.405</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12.23%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>P.O. Box 2052</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07303-2052</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>129,862.779</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12.08%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Merrill, Lynch, Pierce, Fenner &amp; Smith Inc.</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr E FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>878,083.883</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>20.31%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market Street</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>464,161.459</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.74%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>P.O. Box 2052</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07303-2052</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>450,810.609</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.43%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Raymond James</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Courtney Waller</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>880 Carillon Parkway</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Petersburg, FL 33716</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>364,622.575</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.43%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>200 Liberty Street, 5th Fl.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One World Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>New York, NY 10281-5503</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>307,664.641</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.12%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Lindsay O&#8217;Toole</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Ctr. Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121-1968</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>253,315.776</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.86%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Edward D. Jones &amp; Co.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>201 Progress Pkwy.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Maryland Heights, MO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>63043-3009</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>166,029.463</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>21.56%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>P.O. Box 2052</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07303-2052</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>139,204.698</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>18.08%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market Street</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>106,722.495</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13.86%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Merrill, Lynch, Pierce, Fenner &amp; Smith Inc.</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Dr E FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>823,413.799</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>25.61%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>200 Liberty Street, 5th Fl.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One World Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>New York, NY 10281-5503</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>784,677.704</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>24.40%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>586,763.439</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>18.25%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market Street</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103-2523</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>537,445.646</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>16.71%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Lindsay O&#8217;Toole</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Ctr. Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121-1968</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>161,438.687</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.02%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>K-47</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<A name="page_193"></A><BR>

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<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Tax Exempt Money Market Fund</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>John Hill</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>33 Avon Rd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Bronxville, NY 10708</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,041,168.870</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.14%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Tax-Free High Yield Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market Street</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>7,680,735.530</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11.14%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Edward D. Jones &amp; Co.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>201 Progress Parkway</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Maryland, Heights, MO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>63043-3009</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>6,909,262.961</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.02%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>P.O. Box 2052</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07303-2052</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,685,071.748</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.79%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Merrill, Lynch, Pierce Fenner &amp; Smith</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Drive E. Floor 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,646,531.870</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.74%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,044,835.281</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.87%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>200 Liberty Street, 5th Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One World Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>New York, NY 10281-5503</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,044,558.173</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.86%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market Street</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>295,740.609</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>27.60%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>P.O. Box 2052</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07303-2052</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>167,948.348</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>15.68%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Merrill, Lynch, Pierce Fenner &amp; Smith</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Drive E. Floor 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>134,472.527</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12.55%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>200 Liberty Street, 5th Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One World Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>New York, NY 10281-5503</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>104,580.139</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.76%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Charles Schwab &amp; CO Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>101 Montgomery Street</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Francisco, CA 94104-4154</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>62,838.938</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.87%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Merrill, Lynch, Pierce Fenner &amp; Smith</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Drive E. Floor 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,708,627.169</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>32.11%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market Street</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>688,636.396</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>12.94%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>P.O. Box 2052</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07303-2052</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>444,441.927</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.35%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>UBS WM USA</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Department Manager</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1000 Harbor Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Weehawken, NJ 07086</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>337,519.688</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.34%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>314,776.257</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.92%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>200 Liberty Street, 5th Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One World Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>New York, NY 10281-5503</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>279,756.995</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.26%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Edward D. Jones &amp; CO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>201 Progress Parkway</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Maryland Heights, MO 63043</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>114,261.093</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>16.07%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>43,955.783</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.18%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>P.O. Box 2052</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07303-2052</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>41,778.539</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.88%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>200 Liberty Street, 5th Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One World Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>New York, NY 10281-5503</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>38,480.104</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.41%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Merrill, Lynch, Pierce Fenner &amp; Smith</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Drive E. Floor 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,577,968.587</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>34.05%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>P.O. Box 2052</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07303-2052</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>696,308.272</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>15.03%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market Street</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>419,347.657</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.05%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>LPL Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Omnibus Customer Account</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Lindsay O&#8217;Toole</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>9785 Towne Centre Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Diego, CA 92121-1968</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>410,246.109</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.85%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>409,376.605</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.83%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>200 Liberty Street, 5th Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One World Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>New York, NY 10281-5503</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>367,603.032</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.93%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Charles Schwab &amp; CO Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>101 Montgomery Street</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Francisco, CA 94104-4154</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>292,222.885</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.31%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam U.S. Government Income Trust</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,129,202.334</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.93%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Merrill, Lynch, Pierce, Fenner &amp; Smith</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Drive E, Floor 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,010,652.704</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.77%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market Street</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,036,040.640</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.45%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market Street</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>563,111.795</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>27.03%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>437,426.710</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>21.00%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Merrill, Lynch, Pierce, Fenner &amp; Smith</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Drive E, Floor 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, Florida 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>107,190.475</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.15%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market Street</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,344,168.845</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>17.80%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Merrill, Lynch, Pierce, Fenner &amp; Smith</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Drive E, Floor 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, Florida 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>898,447.469</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11.90%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>873,885.435</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11.57%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>653,496.625</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.65%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>649,765.856</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.60%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Raymond James</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Courtney Waller</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>880 Carillon Parkway</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Petersburg, FL 33716</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>401,971.961</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.32%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Mitsubishi UFJ Morgan Stanley</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Securities CO LTD</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>29-20 Mejiroda 3-Chome, Bunkyo-ku</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Tokyo 112-8688 Japan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>849,830.000</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>59.37%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=1 face=sans-serif>K-48</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<A name="page_194"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam U.S. Government Income Trust (cont.)</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>89,102.719</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.22%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>79,819.313</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.58%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Merrill, Lynch, Pierce, Fenner &amp; Smith</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Drive E, Floor 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, Florida 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>685,429.350</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>27.03%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>State Street Bank and Trust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Lincoln Street</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02111</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>440,359.645</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>17.37%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Merrill, Lynch, Pierce, Fenner &amp; Smith</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Drive E, Floor 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, Florida 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>692,073.061</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>16.90%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market Street</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>413,100.558</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.09%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>395,374.105</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.65%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y**</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Company, LLC FBO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>374,776.747</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.15%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>372,789.470</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.10%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>329,711.841</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.05%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y**</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company, LLC</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>The Putnam Retirement Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>285,656.782</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.97%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Charles Schwab &amp; Co. Inc.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>101 Montgomery St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>San Francisco, CA 94104-4151</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>225,869.713</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.52%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Voyager Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>7,732,263.511</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.70%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market Street</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>6,363,745.375</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.51%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>6,357,318.661</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.51%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>A</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Merrill Lynch Pierce Fenner &amp; Smith</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Drive E FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>6,279,527.352</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.44%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>301,338.120</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.62%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Merrill Lynch Pierce Fenner &amp; Smith</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Drive E FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>280,516.452</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.17%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>B</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market Street</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>248,141.243</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.45%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Merrill Lynch Pierce Fenner &amp; Smith</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Drive E FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,456,743.545</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>25.73%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>592,250.954</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.46%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>UBS WM USA</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1000 Harbor Blvd</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Weehawken, NJ 07086</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>521,496.416</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.21%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399-0001</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>493,426.657</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.72%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market Street</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>408,238.569</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.21%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>C</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Raymond James</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: Courtney Waller</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>880 Carillon Parkway</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>St. Petersburg, FL 33716</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>331,852.809</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.86%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>M*</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>CKS Packaging Inc. 401(k) Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>90,645.411</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.08%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Merrill Lynch Pierce Fenner &amp; Smith</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Drive E FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>90,645.411</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.08%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford Securities Distribution</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Attn: UIT Operations</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>PO Box 2999</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford, CT 06104</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>90,645.411</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.08%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R5</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>463.415</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>100.00%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>R6**</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company, LLC</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>The Putnam Retirement Plan</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,094,609.072</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>99.96%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Merrill Lynch Pierce Fenner &amp; Smith</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>4800 Deer Lake Drive E FL 3</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jacksonville, FL 32246-6484</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,574,633.571</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14.99%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wells Fargo Advisors</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2801 Market Street</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Saint Louis, MO 63103</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>789,789.025</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.52%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y**</FONT>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Great-West Trust Company, LLC</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>FBO</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>703,460.282</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.70%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Morgan Stanley Smith Barney</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Harborside Financial Center</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Plaza 2, 3rd Floor</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07311</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>614,141.920</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.85%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Pershing, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>1 Pershing Plaza</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07399</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>596,853.031</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.68%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>Y</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>National Financial Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>499 Washington St.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jersey City, NJ 07310-2010</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>563,251.672</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.36%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam VT Absolute Return Absolute 500 Fund</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IA</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Putnam, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Boston, MA </FONT><FONT size=1 face=sans-serif>02109<SUB> </SUB></FONT><FONT size=1 face=sans-serif><SUP>+</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,000.000</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>100.00%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Sun Life Assurance</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Company of </FONT><FONT size=1 face=sans-serif>Canada<SUB> </SUB></FONT><FONT size=1 face=sans-serif><SUP>(19) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,646,826.282</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>93.75%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam VT American Government Income Fund</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IA</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford Life &amp; </FONT><FONT size=1 face=sans-serif>Annuity<SUB> </SUB></FONT><FONT size=1 face=sans-serif><SUP>(7) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,287,848.407</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>54.41%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IA</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford </FONT><FONT size=1 face=sans-serif>Life<SUB> </SUB></FONT><FONT size=1 face=sans-serif><SUP>(8) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,545,767.647</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>42.13%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Allstate Life</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Insurance </FONT><FONT size=1 face=sans-serif>Company<SUB> </SUB></FONT><FONT size=1 face=sans-serif><SUP>(1) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,363,475.952</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>68.44%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford Life &amp; </FONT><FONT size=1 face=sans-serif>Annuity<SUB> </SUB></FONT><FONT size=1 face=sans-serif><SUP>(7)</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>520,693.896</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>15.08%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford </FONT><FONT size=1 face=sans-serif>Life<SUB> </SUB></FONT><FONT size=1 face=sans-serif><SUP>(8)</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>227,941.058</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.60%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam VT Capital Opportunities Fund</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IA</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford Life &amp; </FONT><FONT size=1 face=sans-serif>Annuity<SUB> </SUB></FONT><FONT size=1 face=sans-serif><SUP>(7) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>426,431.496</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>52.45%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IA</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford Life Insurance </FONT><FONT size=1 face=sans-serif>Co.<SUB> </SUB></FONT><SUP><FONT size=1 face=sans-serif>(9) </FONT><FONT size=1 face=sans-serif>+</FONT></SUP>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;<SUP><FONT size=1 face=sans-serif></FONT></SUP><FONT size=1 face=sans-serif>386,628.381</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>47.55%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford Life &amp; </FONT><FONT size=1 face=sans-serif>Annuity<SUB> </SUB></FONT><FONT size=1 face=sans-serif><SUP>(7) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>352,030.375</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>44.95%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Allstate Life Insurance</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Company<SUB> </SUB></FONT><FONT size=1 face=sans-serif><SUP>(1) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>227,481.392</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>29.05%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford Life &amp; </FONT><FONT size=1 face=sans-serif>Annuity<SUB> </SUB></FONT><FONT size=1 face=sans-serif><SUP>(7)</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>108,717.979</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13.88%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford Life Insurance </FONT><FONT size=1 face=sans-serif>Co. </FONT><FONT size=1 face=sans-serif><SUP>(9)</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>41,562.964</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.31%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam VT Diversified Income Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IA</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford Life &amp; </FONT><FONT size=1 face=sans-serif>Annuity<SUB> </SUB></FONT><FONT size=1 face=sans-serif><SUP>(7) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>8,077,716.046</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>48.11%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IA</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford </FONT><FONT size=1 face=sans-serif>Life<SUB> </SUB></FONT><FONT size=1 face=sans-serif><SUP>(8) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>7,527,831.425</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>44.84%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford Life &amp; </FONT><FONT size=1 face=sans-serif>Annuity<SUB> </SUB></FONT><FONT size=1 face=sans-serif><SUP>(7) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>17,764,370.459</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>52.65%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford </FONT><FONT size=1 face=sans-serif>Life<SUB> </SUB></FONT><FONT size=1 face=sans-serif><SUP>(8)</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>8,156,812.386</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>24.18%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Allstate Life</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Insurance </FONT><FONT size=1 face=sans-serif>Company<SUB> </SUB></FONT><FONT size=1 face=sans-serif><SUP>(1)</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,810,466.263</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>11.29%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>K-49</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<A name="page_195"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam VT Equity Income Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IA</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford Life &amp; </FONT><FONT size=1 face=sans-serif>Annuity </FONT><FONT size=1 face=sans-serif><SUP>(7) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>6,201,831.022</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>60.11%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IA</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford Life Insurance </FONT><FONT size=1 face=sans-serif>Co </FONT><SUP><FONT size=1 face=sans-serif>(9) </FONT><FONT size=1 face=sans-serif>+</FONT></SUP>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,394,037.629</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>32.90%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Allstate Life</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Insurance </FONT><FONT size=1 face=sans-serif>Company </FONT><FONT size=1 face=sans-serif><SUP>(1) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,233,875.931</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>32.51%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford Life &amp; </FONT><FONT size=1 face=sans-serif>Annuity </FONT><FONT size=1 face=sans-serif><SUP>(7)</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,911,727.294</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14.68%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Guardian Insurance &amp;</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Annuity Co. </FONT><FONT size=1 face=sans-serif>Inc. </FONT><FONT size=1 face=sans-serif><SUP>(6)</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,732,644.963</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13.31%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Metlife Investors </FONT><FONT size=1 face=sans-serif>VA </FONT><FONT size=1 face=sans-serif><SUP>(13)</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,382,190.320</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.61%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford Life Insurance </FONT><FONT size=1 face=sans-serif>Co </FONT><FONT size=1 face=sans-serif><SUP>(9)</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>713,274.482</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.48%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam VT George Putnam Balanced Fund</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IA</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford Life &amp; </FONT><FONT size=1 face=sans-serif>Annuity </FONT><FONT size=1 face=sans-serif><SUP>(7) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,466,396.350</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>58.50%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IA</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford </FONT><FONT size=1 face=sans-serif>Life </FONT><FONT size=1 face=sans-serif><SUP>(8) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,477,536.017</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>37.21%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Allstate Life</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Insurance </FONT><FONT size=1 face=sans-serif>Company </FONT><FONT size=1 face=sans-serif><SUP>(1) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>6,701,596.281</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>69.92%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford Life &amp; </FONT><FONT size=1 face=sans-serif>Annuity </FONT><FONT size=1 face=sans-serif><SUP>(7)</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,612,412.818</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>16.82%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford </FONT><FONT size=1 face=sans-serif>Life </FONT><FONT size=1 face=sans-serif><SUP>(8)</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>586,969.275</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.12%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Allstate Life of </FONT><FONT size=1 face=sans-serif>NY </FONT><FONT size=1 face=sans-serif><SUP>(2)</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>568,405.559</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.93%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam VT Global Asset Allocation Fund</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IA</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford Life &amp; </FONT><FONT size=1 face=sans-serif>Annuity </FONT><FONT size=1 face=sans-serif><SUP>(7) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,670,768.317</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>47.44%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IA</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford </FONT><FONT size=1 face=sans-serif>Life </FONT><FONT size=1 face=sans-serif><SUP>(8) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,348,955.793</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>43.28%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Allstate Life</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Insurance </FONT><FONT size=1 face=sans-serif>Company </FONT><FONT size=1 face=sans-serif><SUP>(1) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,370,798.170</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>41.26%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford Life &amp; </FONT><FONT size=1 face=sans-serif>Annuity </FONT><FONT size=1 face=sans-serif><SUP>(7) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,206,973.284</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>36.33%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford </FONT><FONT size=1 face=sans-serif>Life </FONT><FONT size=1 face=sans-serif><SUP>(8)</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>525,958.264</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>15.83%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Allstate Life of </FONT><FONT size=1 face=sans-serif>NY </FONT><FONT size=1 face=sans-serif><SUP>(2)</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>212,853.174</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.41%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam VT Global Equity Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IA</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford Life &amp; </FONT><FONT size=1 face=sans-serif>Annuity </FONT><FONT size=1 face=sans-serif><SUP>(7) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>6,844,491.527</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>51.02%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IA</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford </FONT><FONT size=1 face=sans-serif>Life </FONT><FONT size=1 face=sans-serif><SUP>(8) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,827,992.036</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>43.45%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IA</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford Life Insurance </FONT><FONT size=1 face=sans-serif>Co </FONT><FONT size=1 face=sans-serif><SUP>(9)</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>690,062.616</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.14%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Allstate Life</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Insurance </FONT><FONT size=1 face=sans-serif>Company </FONT><FONT size=1 face=sans-serif><SUP>(1) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,242,502.736</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>74.29%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Allstate Life of </FONT><FONT size=1 face=sans-serif>NY </FONT><FONT size=1 face=sans-serif><SUP>(2)</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>129,255.283</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.73%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Retirement Builder Variable</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Annuity </FONT><FONT size=1 face=sans-serif>Account </FONT><FONT size=1 face=sans-serif><SUP>(16)</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>112,615.395</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.73%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford Life &amp; </FONT><FONT size=1 face=sans-serif>Annuity </FONT><FONT size=1 face=sans-serif><SUP>(7)</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>89,019.165</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.32%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam VT Global Health Care Fund</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IA</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford Life &amp; </FONT><FONT size=1 face=sans-serif>Annuity </FONT><FONT size=1 face=sans-serif><SUP>(7) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,497,633.605</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>48.27%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IA</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford </FONT><FONT size=1 face=sans-serif>Life </FONT><FONT size=1 face=sans-serif><SUP>(8) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,389,413.524</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>44.78%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Riversource Life</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Insurance </FONT><FONT size=1 face=sans-serif>Company </FONT><FONT size=1 face=sans-serif><SUP>(17) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,973,363.327</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>36.78%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Allstate Life</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Insurance </FONT><FONT size=1 face=sans-serif>Company </FONT><FONT size=1 face=sans-serif><SUP>(1) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,746,665.134</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>32.56%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Lincoln National </FONT><FONT size=1 face=sans-serif>Variable </FONT><FONT size=1 face=sans-serif><SUP>(12)</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>585,137.867</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.91%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam VT Global Utilities Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IA</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford </FONT><FONT size=1 face=sans-serif>Life </FONT><FONT size=1 face=sans-serif><SUP>(8) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,621,415.391</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>52.63%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IA</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford Life &amp; </FONT><FONT size=1 face=sans-serif>Annuity </FONT><FONT size=1 face=sans-serif><SUP>(7) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,987,281.380</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>43.41%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Allstate Life</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Insurance </FONT><FONT size=1 face=sans-serif>Company </FONT><FONT size=1 face=sans-serif><SUP>(1) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>911,633.574</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>78.05%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Allstate Life of </FONT><FONT size=1 face=sans-serif>NY </FONT><FONT size=1 face=sans-serif><SUP>(2)</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>107,476.132</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.20%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford Life &amp; </FONT><FONT size=1 face=sans-serif>Annuity </FONT><FONT size=1 face=sans-serif><SUP>(7)</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>101,813.427</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>8.72%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam VT Growth and Income Fund Putnam</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IA</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford </FONT><FONT size=1 face=sans-serif>Life </FONT><FONT size=1 face=sans-serif><SUP>(8) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>23,107,111.460</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>48.44%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IA</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford Life &amp; </FONT><FONT size=1 face=sans-serif>Annuity </FONT><FONT size=1 face=sans-serif><SUP>(7) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>20,759,820.549</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>43.52%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Allstate Life</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Insurance </FONT><FONT size=1 face=sans-serif>Company </FONT><FONT size=1 face=sans-serif><SUP>(1) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>6,418,062.436</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>60.81%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford Life &amp; </FONT><FONT size=1 face=sans-serif>Annuity </FONT><FONT size=1 face=sans-serif><SUP>(7)</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,019,646.146</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.66%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Allstate Life of </FONT><FONT size=1 face=sans-serif>NY </FONT><FONT size=1 face=sans-serif><SUP>(2)</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>575,463.636</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.45%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford </FONT><FONT size=1 face=sans-serif>Life </FONT><FONT size=1 face=sans-serif><SUP>(8)</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>538,550.054</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.10%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam VT Growth Opportunities Fund</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IA</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford Life &amp; </FONT><FONT size=1 face=sans-serif>Annuity </FONT><FONT size=1 face=sans-serif><SUP>(7) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>986,178.172</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>55.72%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IA</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford </FONT><FONT size=1 face=sans-serif>Life </FONT><FONT size=1 face=sans-serif><SUP>(8) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>750,034.766</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>42.38%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Allstate Life</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Insurance </FONT><FONT size=1 face=sans-serif>Company </FONT><FONT size=1 face=sans-serif><SUP>(1) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,323,153.968</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>73.97%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford Life &amp; </FONT><FONT size=1 face=sans-serif>Annuity </FONT><FONT size=1 face=sans-serif><SUP>(7)</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>127,093.241</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.11%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Allstate Life of </FONT><FONT size=1 face=sans-serif>NY </FONT><FONT size=1 face=sans-serif><SUP>(2)</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>122,817.343</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>6.87%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford </FONT><FONT size=1 face=sans-serif>Life </FONT><FONT size=1 face=sans-serif><SUP>(8)</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>103,696.017</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.80%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Retirement Builder Variable</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Annuity </FONT><FONT size=1 face=sans-serif>Account </FONT><FONT size=1 face=sans-serif><SUP>(16)</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>100,317.322</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.61%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam VT High Yield Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IA</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>CMFG </FONT><FONT size=1 face=sans-serif>GROUP </FONT><FONT size=1 face=sans-serif><SUP>(5) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>16,203,993.350</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>39.65%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IA</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford Life &amp; </FONT><FONT size=1 face=sans-serif>Annuity </FONT><FONT size=1 face=sans-serif><SUP>(7) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>12,555,176.623</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>30.72%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IA</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford </FONT><FONT size=1 face=sans-serif>Life </FONT><FONT size=1 face=sans-serif><SUP>(8)</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>9,300,268.117</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>22.76%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Allstate Life</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Insurance </FONT><FONT size=1 face=sans-serif>Company </FONT><FONT size=1 face=sans-serif><SUP>(1) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,888,223.698</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>39.86%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Jefferson National </FONT><FONT size=1 face=sans-serif>Life </FONT><FONT size=1 face=sans-serif><SUP>(11)</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,929,157.074</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13.06%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford Life &amp; </FONT><FONT size=1 face=sans-serif>Annuity </FONT><FONT size=1 face=sans-serif><SUP>(7)</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,689,129.723</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>18.20%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Riversource Life</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Insurance </FONT><FONT size=1 face=sans-serif>Company </FONT><FONT size=1 face=sans-serif><SUP>(17)</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,353,734.683</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.16%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Security Benefit </FONT><FONT size=1 face=sans-serif>Life </FONT><FONT size=1 face=sans-serif><SUP>(18)</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,097,287.994</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.43%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam VT Income Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IA</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford </FONT><FONT size=1 face=sans-serif>Life </FONT><FONT size=1 face=sans-serif><SUP>(8) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>8,328,784.414</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>47.45%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IA</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford Life &amp; </FONT><FONT size=1 face=sans-serif>Annuity </FONT><FONT size=1 face=sans-serif><SUP>(7) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>7,620,425.868</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>43.42%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Allstate Life</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Insurance </FONT><FONT size=1 face=sans-serif>Company </FONT><FONT size=1 face=sans-serif><SUP>(1) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>7,106,652.836</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>64.97%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Allstate Life of </FONT><FONT size=1 face=sans-serif>NY </FONT><FONT size=1 face=sans-serif><SUP>(2)</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,100,183.570</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.06%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford Life &amp; </FONT><FONT size=1 face=sans-serif>Annuity </FONT><FONT size=1 face=sans-serif><SUP>(7)</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,878,412.015</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>17.17%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford </FONT><FONT size=1 face=sans-serif>Life </FONT><FONT size=1 face=sans-serif><SUP>(8)</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>638,007.709</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.83%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam VT International Equity Fund</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IA</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford Life &amp; </FONT><FONT size=1 face=sans-serif>Annuity </FONT><FONT size=1 face=sans-serif><SUP>(7) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,556,753.736</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>56.56%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IA</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford </FONT><FONT size=1 face=sans-serif>Life </FONT><FONT size=1 face=sans-serif><SUP>(8) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,874,501.696</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>29.26%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IA</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford Life Insurance </FONT><FONT size=1 face=sans-serif>Co </FONT><FONT size=1 face=sans-serif><SUP>(9)</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>902,392.446</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.19%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Allstate Life</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Insurance </FONT><FONT size=1 face=sans-serif>Company </FONT><FONT size=1 face=sans-serif><SUP>(1) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,601,232.836</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>27.51%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford Life &amp; </FONT><FONT size=1 face=sans-serif>Annuity </FONT><FONT size=1 face=sans-serif><SUP>(7) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,238,855.615</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>25.73%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford </FONT><FONT size=1 face=sans-serif>Life </FONT><FONT size=1 face=sans-serif><SUP>(8)</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,945,355.225</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>14.47%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Riversource Life</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Insurance </FONT><FONT size=1 face=sans-serif>Company </FONT><FONT size=1 face=sans-serif><SUP>(17)</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,887,381.565</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.27%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Allstate Northbrook </FONT><FONT size=1 face=sans-serif>Life </FONT><FONT size=1 face=sans-serif><SUP>(3)</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,581,007.098</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.77%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam VT International Growth Fund</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IA</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford Life &amp; </FONT><FONT size=1 face=sans-serif>Annuity </FONT><FONT size=1 face=sans-serif><SUP>(7) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,077,561.858</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>51.56%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IA</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford </FONT><FONT size=1 face=sans-serif>Life </FONT><FONT size=1 face=sans-serif><SUP>(8) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>905,692.065</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>43.33%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Allstate Life</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Insurance </FONT><FONT size=1 face=sans-serif>Company </FONT><FONT size=1 face=sans-serif><SUP>(1) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>758,019.924</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>80.38%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford Life &amp; </FONT><FONT size=1 face=sans-serif>Annuity </FONT><FONT size=1 face=sans-serif><SUP>(7)</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>68,706.421</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.29%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Allstate Life of </FONT><FONT size=1 face=sans-serif>NY </FONT><FONT size=1 face=sans-serif><SUP>(2)</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>56,176.353</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.96%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam VT International Value Fund</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IA</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford Life &amp; </FONT><FONT size=1 face=sans-serif>Annuity </FONT><FONT size=1 face=sans-serif><SUP>(7) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,956,291.498</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>56.44%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IA</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford </FONT><FONT size=1 face=sans-serif>Life </FONT><FONT size=1 face=sans-serif><SUP>(8) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,488,245.494</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>35.50%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford Life &amp; </FONT><FONT size=1 face=sans-serif>Annuity </FONT><FONT size=1 face=sans-serif><SUP>(7) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,021,130.912</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>38.31%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Allstate Life</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Insurance </FONT><FONT size=1 face=sans-serif>Company </FONT><FONT size=1 face=sans-serif><SUP>(1) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,531,364.377</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>29.02%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford </FONT><FONT size=1 face=sans-serif>Life </FONT><FONT size=1 face=sans-serif><SUP>(8)</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>552,453.826</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.47%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>AM Gen Signature II </FONT><FONT size=1 face=sans-serif>A </FONT><FONT size=1 face=sans-serif><SUP>(4)</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>484,924.338</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.19%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Lincoln Benefit Life </FONT><FONT size=1 face=sans-serif>Co </FONT><FONT size=1 face=sans-serif><SUP>(12)</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>285,758.568</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.42%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=right><FONT size=1 face=sans-serif>K-50</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<A name="page_196"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Class</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam VT Investors Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IA</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford </FONT><FONT size=1 face=sans-serif>Life </FONT><FONT size=1 face=sans-serif><SUP>(8) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,906,842.748</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>49.41%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IA</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford Life &amp; </FONT><FONT size=1 face=sans-serif>Annuity </FONT><FONT size=1 face=sans-serif><SUP>(7) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,780,014.700</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>47.25%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Allstate Life</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Insurance </FONT><FONT size=1 face=sans-serif>Company </FONT><FONT size=1 face=sans-serif><SUP>(1) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,927,184.805</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>43.83%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford Life &amp; </FONT><FONT size=1 face=sans-serif>Annuity </FONT><FONT size=1 face=sans-serif><SUP>(7) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,851,632.554</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>31.82%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford </FONT><FONT size=1 face=sans-serif>Life </FONT><FONT size=1 face=sans-serif><SUP>(8)</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,772,606.268</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>19.78%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam VT Money Market Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IA</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford Life &amp; </FONT><FONT size=1 face=sans-serif>Annuity </FONT><FONT size=1 face=sans-serif><SUP>(7) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>44,375,063.828</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>49.17%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IA</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford </FONT><FONT size=1 face=sans-serif>Life </FONT><FONT size=1 face=sans-serif><SUP>(8) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>39,787,607.000</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>44.09%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Allstate Life</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Insurance </FONT><FONT size=1 face=sans-serif>Company </FONT><FONT size=1 face=sans-serif><SUP>(1) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>67,604,960.530</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>71.80%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Allstate Life of </FONT><FONT size=1 face=sans-serif>NY </FONT><FONT size=1 face=sans-serif><SUP>(2)</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>15,582,292.760</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>16.55%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Retirement Builder Variable</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Annuity </FONT><FONT size=1 face=sans-serif>Account </FONT><FONT size=1 face=sans-serif><SUP>(16)</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,718,649.130</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.01%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam VT Multi-Cap Growth Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IA</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford Life &amp; </FONT><FONT size=1 face=sans-serif>Annuity </FONT><FONT size=1 face=sans-serif><SUP>(7) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>6,246,292.172</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>31.20%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IA</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford </FONT><FONT size=1 face=sans-serif>Life </FONT><FONT size=1 face=sans-serif><SUP>(8) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,908,400.218</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>29.51%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IA</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Riversource Life</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Insurance </FONT><FONT size=1 face=sans-serif>Company </FONT><FONT size=1 face=sans-serif><SUP>(17) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>5,464,332.800</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>27.29%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Allstate Life</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Insurance </FONT><FONT size=1 face=sans-serif>Company </FONT><FONT size=1 face=sans-serif><SUP>(1) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,905,237.479</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>44.80%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Riversource Life</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Insurance </FONT><FONT size=1 face=sans-serif>Company </FONT><FONT size=1 face=sans-serif><SUP>(17)</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,241,807.755</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>19.15%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford Life &amp; </FONT><FONT size=1 face=sans-serif>Annuity </FONT><FONT size=1 face=sans-serif><SUP>(7)</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,073,722.554</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>16.56%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford </FONT><FONT size=1 face=sans-serif>Life </FONT><FONT size=1 face=sans-serif><SUP>(8)</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>363,865.400</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.61%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam VT Multi-Cap Value Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IA</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford Life &amp; </FONT><FONT size=1 face=sans-serif>Annuity </FONT><FONT size=1 face=sans-serif><SUP>(7) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>820,383.222</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>52.06%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IA</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford Life Insurance </FONT><FONT size=1 face=sans-serif>Co </FONT><FONT size=1 face=sans-serif><SUP>(9) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right>&nbsp;<FONT size=1 face=sans-serif>755,560.732</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>47.94%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Allstate Life</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Insurance </FONT><FONT size=1 face=sans-serif>Company </FONT><FONT size=1 face=sans-serif><SUP>(1) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>412,282.333</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>59.51%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford Life &amp; </FONT><FONT size=1 face=sans-serif>Annuity </FONT><FONT size=1 face=sans-serif><SUP>(7)</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>162,857.529</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>23.51%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford Life Insurance </FONT><FONT size=1 face=sans-serif>Co </FONT><FONT size=1 face=sans-serif><SUP>(9)</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>75,722.189</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.93%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam VT Research Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IA</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford Life &amp; </FONT><FONT size=1 face=sans-serif>Annuity </FONT><FONT size=1 face=sans-serif><SUP>(7) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>720,143.567</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>49.39%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IA</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford </FONT><FONT size=1 face=sans-serif>Life </FONT><FONT size=1 face=sans-serif><SUP>(8) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>699,697.767</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>47.99%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Allstate Life</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Insurance </FONT><FONT size=1 face=sans-serif>Company </FONT><FONT size=1 face=sans-serif><SUP>(1) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,539,850.944</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>81.86%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford Life &amp; </FONT><FONT size=1 face=sans-serif>Annuity </FONT><FONT size=1 face=sans-serif><SUP>(7)</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>140,327.561</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.46%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Allstate Life of </FONT><FONT size=1 face=sans-serif>NY </FONT><FONT size=1 face=sans-serif><SUP>(2)</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>111,215.461</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.91%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam VT Small Cap Value Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IA</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford Life &amp; </FONT><FONT size=1 face=sans-serif>Annuity </FONT><FONT size=1 face=sans-serif><SUP>(7) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,761,895.874</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>50.32%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IA</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford </FONT><FONT size=1 face=sans-serif>Life </FONT><FONT size=1 face=sans-serif><SUP>(8) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,666,546.658</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>47.59%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford Life &amp; </FONT><FONT size=1 face=sans-serif>Annuity </FONT><FONT size=1 face=sans-serif><SUP>(7) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>3,279,499.501</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>42.28%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford </FONT><FONT size=1 face=sans-serif>Life </FONT><FONT size=1 face=sans-serif><SUP>(8)</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,633,186.909</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>21.06%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Allstate Life</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Insurance </FONT><FONT size=1 face=sans-serif>Company </FONT><FONT size=1 face=sans-serif><SUP>(1)</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,584,926.560</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>20.43%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Northbrook Life</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Insurance </FONT><FONT size=1 face=sans-serif>Company </FONT><FONT size=1 face=sans-serif><SUP>(14)</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>836,000.352</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.78%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam VT Voyager Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IA</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford </FONT><FONT size=1 face=sans-serif>Life </FONT><FONT size=1 face=sans-serif><SUP>(8) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>6,696,376.538</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>46.76%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IA</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford Life &amp; </FONT><FONT size=1 face=sans-serif>Annuity </FONT><FONT size=1 face=sans-serif><SUP>(7) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>6,715,517.616</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>46.90%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Allstate Life</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Insurance </FONT><FONT size=1 face=sans-serif>Company </FONT><FONT size=1 face=sans-serif><SUP>(1) +</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>2,196,166.243</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>48.89%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford Life &amp; </FONT><FONT size=1 face=sans-serif>Annuity </FONT><FONT size=1 face=sans-serif><SUP>(7)</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>604,207.509</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>13.45%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Principal Financial</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Group </FONT><FONT size=1 face=sans-serif>PFLX </FONT><FONT size=1 face=sans-serif><SUP>(15)</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>422,582.657</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.41%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Hartford </FONT><FONT size=1 face=sans-serif>Life </FONT><FONT size=1 face=sans-serif><SUP>(3)</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>245,464.364</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.46%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><FONT size=1 face=sans-serif>IB</FONT>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Allstate Northbrook </FONT><FONT size=1 face=sans-serif>Life </FONT><FONT size=1 face=sans-serif><SUP>(3)</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>238,133.941</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>5.30%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=1 face=sans-serif>* The address for the name listed is: c/o Mercer Trust Company, as trustee or </FONT><FONT size=1 face=sans-serif>agent, Investors Way, Norwood, MA 02062<BR></FONT><BR><FONT size=1 face=sans-serif>** The address for the name listed is: c/o Great-West Trust Company, LLC, as </FONT><FONT size=1 face=sans-serif>trustee or agent, 8515 E. Orchard Road Greenwood Village, CO 80111-5002<BR></FONT><BR><FONT size=1 face=sans-serif>*** The address for the name listed is: c/o Putnam Investments, One Post Office </FONT><FONT size=1 face=sans-serif>Square, Boston, MA 02109<BR></FONT><BR><FONT size=1 face=sans-serif>**** The address for the name listed above is: c/o Orchard Trust Company, LLC, as </FONT><FONT size=1 face=sans-serif>trustee or agent, 8515 E. Orchard Road, Greenwood Village, CO 80111-5002<BR></FONT><BR><FONT size=1 face=sans-serif>+ Shareholder may be deemed to control the indicated fund<BR></FONT><BR><FONT size=1 face=sans-serif>The addresses for the shareholders listed above are:<BR></FONT><BR><FONT size=1 face=sans-serif>(1) Retirement Builder Variable Annuity Account, 4333 Edgewood Rd NE, </FONT><FONT size=1 face=sans-serif>Cedar Rapids IA 52499-0001<BR></FONT><BR><FONT size=1 face=sans-serif>(2) Allstate Life Insurance Co., 3100 Sanders Road, Northbrook, IL 60062<BR></FONT><BR><FONT size=1 face=sans-serif>(3) Allstate Life of New York, 3100 Sanders Road, Northbrook, IL 60062<BR></FONT><BR><FONT size=1 face=sans-serif>(4) Allstate Northbrook Life, 3100 Sanders Road, Northbrook, IL 60062<BR></FONT><BR><FONT size=1 face=sans-serif>(5) Am Gen Signature II A, 2727 Allen PKWY, Suite A, Houston, Texas 77019-2116<BR></FONT><BR><FONT size=1 face=sans-serif>(6) CMFG Group, 2000 Heritage Way, Waverly, IA 50677<BR></FONT><BR><FONT size=1 face=sans-serif>(7) Guardian Insurance &amp; Annuity, 3900 Burgess Pl, Bethlehem PA 18017<BR></FONT><BR><FONT size=1 face=sans-serif>(8) Hartford Life &amp; Annuity, 1 Griffin Rd. N., Windsor, CT 06095<BR></FONT><BR><FONT size=1 face=sans-serif>(9) Hartford Life, 1 Griffin Rd. N., Windsor, CT 06095<BR></FONT><BR><FONT size=1 face=sans-serif>(10) Hartford Life Insurance Co., 1 Griffin Rd. N., Windsor, CT 06095<BR></FONT><BR><FONT size=1 face=sans-serif>(11) Horace Mann Life Insurance Company, 1 Horace Mann Plz, Springfield, Il 62715<BR></FONT><BR><FONT size=1 face=sans-serif>(12) Lincoln Benefit Life, C/O Allstate Financial, 544 Lakeview Pkwy, Vernon Hills, </FONT><FONT size=1 face=sans-serif>IL 60061<BR></FONT><BR><FONT size=1 face=sans-serif>(13) Lincoln National Variable, Universal Life, 1300 S. Clinton St., Fort Wayne, </FONT><FONT size=1 face=sans-serif>IN 46802<BR></FONT><BR><FONT size=1 face=sans-serif>(14) MetLife Investors VA/VL Acct 1, 501 Boylston St., Boston, MA 02116<BR></FONT><BR><FONT size=1 face=sans-serif>(15) Northbrook Life Insurance, 3100 Sanders Rd Ste K4A, Northbrook IL 60062<BR></FONT><BR><FONT size=1 face=sans-serif>(16) Principal Financial Group PFLX, 711 High St, Des Moines, IA 50392<BR></FONT><BR><FONT size=1 face=sans-serif>(17) Riversource Life Insurance Company, 70100 Ameriprise Financial Center, </FONT><FONT size=1 face=sans-serif>Minneapolis, MN 55474<BR></FONT><BR><FONT size=1 face=sans-serif>(18) Sun Life Assurance Company of Canada (US),1 Sun Life Executive Park </FONT><FONT size=1 face=sans-serif>SC3241, Wellesley Hills, MA 02481<BR></FONT><BR><FONT size=1 face=sans-serif>(19) Jefferson National Life, 10350 Ormsby Park Pl, Ste 600, </FONT><FONT size=1 face=sans-serif>Louisville KY 40223-6175<BR></FONT><BR><FONT size=1 face=sans-serif>(20) Security Benefit Life, Variable Annuity Account XIV, 1 Security Benefit Pl, </FONT><FONT size=1 face=sans-serif>Topeka KS 66636-1000</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=1 face=sans-serif>Additional ownership information for Putnam closed-end funds</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>In addition to the holdings information listed above, for the Putnam closed-end funds, as of September 30, 2013, to the knowledge of the funds, the following additional persons owned beneficially or of record more than 5% of the common and, where applicable, preferred shares of certain Putnam closed-end funds.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif>Fund</FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam High Income Securities Fund</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>CEDE &amp; Company*</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>20 Bowling Green</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>New York, NY 10004-1408</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>15,707,322</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>95.12%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>First Trust Portfolios L.P.**</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>First Trust Advisors L.P.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>The Charger Corporation</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>120 East Liberty Drive, Suite 400</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wheaton, IL 60187</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,684,710</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>10.20%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Guggenheim Capital, LLC***</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Guggenheim Partners, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>GP Holdco, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>GPFT Holdco, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>227 West Monroe Street</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Chicago, IL 60606</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Guggenheim Funds Services Holdings, LLC</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Guggenheim Funds Services, LLC</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Guggenheim Funds Distributors, LLC</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>2455 Corporate West Dr.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left>&nbsp;</TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Lisle, IL 60532</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,303,669</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>7.89%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left><FONT size=1 face=sans-serif>K-51</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>

<HR align=center SIZE=2 width="100%" noShade>



<A name="page_197"></A><BR>

<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<DIV align=left>

<TABLE style="WIDTH: 80%" border=0 cellSpacing=0>



<TR>

   <TD width="10%"></TD>

   <TD width="54%"></TD>

   <TD width="15%"></TD>

   <TD width="20%"></TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left><B><FONT size=1 face=sans-serif><B><FONT size=1 face=sans-serif>Class</FONT></B></FONT></B>&nbsp;</TD>

   <TD width="54%" noWrap align=left><B><FONT size=1 face=sans-serif>Shareholder Name and Address</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=right><B><FONT size=1 face=sans-serif>Holdings</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=right><B><FONT size=1 face=sans-serif>Percentage Owned</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Managed Municipal Income Trust</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left></TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>CEDE &amp; Company*</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left></TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>20 Bowling Green</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>53,885,264</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left></TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>New York, NY 10004-1408</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>common shares</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>93.71%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left></TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>First Trust Portfolios L.P.****</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left></TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>First Trust Advisors L.P.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left></TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>The Charger Corporation</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left></TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>120 East Liberty Drive, Suite 400 10,795,436</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left></TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wheaton, IL 60187</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>common shares</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>18.77%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left></TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Bank of America </FONT><FONT size=1 face=sans-serif>Corporation<SUB> </SUB></FONT><FONT size=1 face=sans-serif><SUP>#</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left></TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Bank of America, NA</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left></TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Bank of America Corporate Center</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left></TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>100 South Tryon Street</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left></TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Charlotte, NC 28255</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR>

   <TD width="10%"></TD>

   <TD width="89%" colSpan=3>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left></TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Blue Ridge Investments, L.L.</FONT><FONT size=1 face=sans-serif>C.<SUB> </SUB></FONT><FONT size=1 face=sans-serif><SUP>#</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left></TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>214 South Tryon Street</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>1,607</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left></TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Charlotte, NC 28255</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>preferred shares</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>72.22%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Master Intermediate Income Trust</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left></TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>CEDE &amp; Company*</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left></TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>20 Bowling Green</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left></TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>New York, NY 10004-1408</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>59,917,399</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>95.29%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left></TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>First Trust Portfolios L.</FONT><FONT size=1 face=sans-serif>P.<SUB> </SUB></FONT><FONT size=1 face=sans-serif><SUP>##</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left></TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>First Trust Advisors L.P.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left></TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>The Charger Corporation</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left></TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>120 East Liberty Drive, Suite 400 14,698,285</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left></TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wheaton, IL 60187</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>common shares</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>23.37%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="79%" colSpan=3 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Municipal Opportunities Trust</FONT></B>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left></TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>CEDE &amp; Company*</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left></TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>20 Bowling Green</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left></TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>New York, NY 10004-1408</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>40,550,875</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>96.52%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left></TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>First Trust Portfolios L.</FONT><FONT size=1 face=sans-serif>P. </FONT><FONT size=1 face=sans-serif><SUP>###</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left></TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>First Trust Advisors L.P.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left></TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>The Charger Corporation</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left></TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>120 East Liberty Drive, Suite 400 9,422,608</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left></TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wheaton, IL 60187</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>common shares</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>22.43%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left></TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Bank of America </FONT><FONT size=1 face=sans-serif>Corporation<SUB> </SUB></FONT><FONT size=1 face=sans-serif><SUP>####</SUP></FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left></TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Bank of America, NA</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left></TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Bank of America Corporate Center</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left></TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>100 South Tryon Street</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>661</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left></TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Charlotte, NC 29255</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>preferred shares</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>9.24%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left></TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>Blue Ridge Investments, L.L.</FONT><FONT size=1 face=sans-serif>C.<SUB> </SUB></FONT><FONT size=1 face=sans-serif><SUP>####</SUP></FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left></TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>214 North Tryon Street</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>4,557</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left></TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Charlotte, NC 28255</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>preferred shares</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>63.70%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="64%" colSpan=2 noWrap align=left><B><FONT size=1 face=sans-serif>Putnam Premier Income Trust</FONT></B>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left></TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>CEDE &amp; Company*</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left></TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>20 Bowling Green</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left></TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>New York, NY 10004-1408</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>127,598,742</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>94.02%</FONT>&nbsp;</TD></TR>

<TR>

   <TD width="99%" colSpan=4>

   <HR SIZE=1 noShade>

</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left></TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>First Trust Portfolios L.</FONT><FONT size=1 face=sans-serif>P.<SUB> </SUB></FONT><FONT size=1 face=sans-serif><SUP>#####</SUP></FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left></TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>First Trust Advisors L.P.</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left></TD>

   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>The Charger Corporation</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=left>&nbsp;</TD>

   <TD width="20%" noWrap align=left>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="10%" noWrap align=left></TD>

   <TD width="69%" colSpan=2 noWrap align=left><FONT size=1 face=sans-serif>120 East Liberty Drive, Suite 400</FONT>&nbsp;</TD>

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   <TD width="54%" noWrap align=left><FONT size=1 face=sans-serif>Wheaton, IL 60187</FONT>&nbsp;</TD>

   <TD width="15%" noWrap align=right><FONT size=1 face=sans-serif>32,227,528</FONT>&nbsp;</TD>

   <TD width="20%" noWrap align=right><FONT size=1 face=sans-serif>23.75%</FONT>&nbsp;</TD></TR>

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<P style="MARGIN: 0px"><FONT size=1 face=sans-serif>* Believed to hold shares only as nominee.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>** First Trust Portfolios, L.P., First Trust Advisors L.P., and The Charger Corporation reported shared beneficial share ownership as of December 31, 2012 in a January 25, 2013 filing with the SEC on Schedule 13G. Some or all of this 10.20% position may already be reflected in Cede &amp; Company&#8217;s position in the fund.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>*** Guggenheim Capital, LLC, Guggenheim Partners, LLC, GP Holdco, LLC, GPFT Holdco, LLC, Guggenheim Funds Services Holdings, LLC, Guggenheim Funds Services, LLC, and Guggenheim Funds Distributors, LLC reported shared beneficial ownership as of December 31, 2012 in a February 14, 2013 filing with the SEC on Schedule 13G. Some or all of this 7.89% position may already be reflected in Cede &amp; Company&#8217;s position in the fund.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=1 face=sans-serif>**** First Trust Portfolios L.P., First Trust Advisors L.P., and The Charger Corporation reported shared beneficial share ownership as of December 31, 2012 in a January 9, 2013 filing with the SEC on Schedule 13G. Some or all of this 18.77% may already be reflected in Cede &amp; Company&#8217;s position in the fund.</FONT></P>

<P style="TEXT-ALIGN: left"><SUP><FONT size=1 face=sans-serif># </FONT></SUP><FONT size=1 face=sans-serif>Bank of America Corporation and Blue Ridge Investments, L.L.C. reported shared beneficial ownership as of January 1, 2011 in a January 11, 2011 filing with the SEC on Schedule 13D.</FONT></P>

<P style="TEXT-ALIGN: left"><SUP><FONT size=1 face=sans-serif>## </FONT></SUP><FONT size=1 face=sans-serif>First Trust Portfolios, L.P., First Trust Advisors L.P., and The Charger Corporation reported shared beneficial share ownership as of December 31, 2012 in a January 14, 2013 filing with the SEC on Schedule 13G. Some or all of this 23.37% position may already be reflected in Cede &amp; Company&#8217;s position in the fund.</FONT></P>

<P style="TEXT-ALIGN: left"><SUP><FONT size=1 face=sans-serif>### </FONT></SUP><FONT size=1 face=sans-serif>First Trust Portfolios, L.P., First Trust Advisors L.P., and The Charger Corporation reported shared beneficial share ownership as of December 31, 2012 in a January 10, 2013 filing with the SEC on Schedule 13G. Some or all of this 22.43% position may already be reflected in Cede &amp; Company&#8217;s position in the fund.</FONT></P>

<P style="TEXT-ALIGN: left"><SUP><FONT size=1 face=sans-serif>#### </FONT></SUP><FONT size=1 face=sans-serif>Bank of America Corporation and Blue Ridge Investments, L.L.C. reported shared beneficial ownership as of January 1, 2011 in a January 11, 2011 filing with the SEC on Schedule 13D.</FONT></P>

<P style="TEXT-ALIGN: left"><SUP><FONT size=1 face=sans-serif>##### </FONT></SUP><FONT size=1 face=sans-serif>First Trust Portfolios, L.P., First Trust Advisors L.P., and The Charger Corporation reported shared beneficial share ownership as of December 31, 2012 in a January 9, 2013 filing with the SEC on Schedule 13G. Some or all of this 23.75% position may already be reflected in Cede &amp; Company&#8217;s position in the fund.</FONT></P>

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<P style="TEXT-ALIGN: left"><B><FONT size=4 face=sans-serif>Appendix L &#8212; Form of Amended and Restated Declaration of Trust</FONT></B></P>

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   <TD align=center><B><FONT size=2 face=sans-serif>[INSERT NAME OF FUND]</FONT></B></TD></TR>

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   <TD align=center><B><FONT size=2 face=sans-serif>&nbsp;</FONT></B></TD></TR>

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   <TD noWrap align=center><B><FONT size=2 face=sans-serif>AMENDED AND RESTATED AGREEMENT</FONT></B>&nbsp;</TD></TR>

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   <TD align=center><B><FONT size=2 face=sans-serif>AND DECLARATION OF TRUST</FONT></B></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0px"><FONT size=2 face=sans-serif>This AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST made at Boston, Massachusetts, on this ____ day of _________, 2014, hereby amends and restates in its entirety the Agreement and Declaration of Trust dated _______________, as heretofore amended, by the Trustees hereunder and by the holders of shares of beneficial interest issued hereunder as hereinafter provided.</FONT></P>

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   <TD noWrap align=center><FONT size=2 face=sans-serif>WITNESSETH that</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="MARGIN: 0px"><FONT size=2 face=sans-serif>WHEREAS, this Trust has been formed to carry on the business of an investment company; and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>WHEREAS, the Trustees have agreed to manage all property coming into their hands as trustees of a Massachusetts voluntary association with transferable shares in accordance with the provisions hereinafter set forth;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>NOW, THEREFORE, the Trustees hereby declare that they will hold all cash, securities and other assets, which they may from time to time acquire in any manner as Trustees hereunder IN TRUST to manage and dispose of the same upon the following terms and conditions for the benefit of the holders from time to time of Shares in this Trust as hereinafter set forth.</FONT></P>

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   <TD align=center><FONT size=2 face=sans-serif>ARTICLE I</FONT></TD></TR>

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   <TD noWrap align=center><FONT size=2 face=sans-serif>Name and Definitions</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="MARGIN: 0px"><B><FONT size=2 face=sans-serif>Name</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Section 1. This Trust shall be known as &#8220;[insert name of fund]&#8221; and the Trustees shall conduct the business of the Trust under that name or any other name as they may from time to time&nbsp;determine.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Definitions</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Section 2. Whenever used herein, unless otherwise required by the context or specifically provided:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(a) The &#8220;Trust&#8221; refers to the Massachusetts business trust established by this Agreement and Declaration of Trust, as amended from time to time;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(b) &#8220;Trustees&#8221; refers to the Trustees of the Trust elected in accordance with Article IV;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(c) &#8220;Shares&#8221; means the equal proportionate transferable units of interest into which the beneficial interest in the Trust shall be divided from time to time or, if more than one series or class of Shares is authorized by the Trustees, the equal proportionate transferable units into which each series or class of Shares shall be divided from time to time;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(d)&#8220;Shareholder&#8221; means a record owner of Shares;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(e) The &#8220;1940 Act&#8221; refers to the Investment Company Act of 1940 and the Rules and Regulations thereunder, all as amended from time to time;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(f) The terms &#8220;Affiliated Person&#8221;, &#8220;Assignment&#8221;, &#8220;Commission&#8221;, &#8220;Interested Person&#8221;, &#8220;Principal Underwriter&#8221; and &#8220;Majority Shareholder Vote&#8221; (the 67% or 50% requirement of the third sentence of Section 2(a)(42) of the 1940 Act, whichever may be applicable) shall have the meanings given them in the 1940 Act (as modified by any applicable exemptive order issued thereunder by the Securities and Exchange Commission);</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(g) &#8220;Declaration of Trust&#8221; shall mean this Agreement and Declaration of Trust as amended or restated from time to time;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(h) &#8220;Bylaws&#8221; shall mean the Bylaws of the Trust as amended or restated from time to time;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(i) The term &#8220;series&#8221; or &#8220;series of Shares&#8221; refers to the one or more separate investment portfolios of the Trust into which the assets and liabilities of the Trust may be divided and the Shares of the Trust representing the beneficial interest of Shareholders in such respective portfolios; and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(j) The term &#8220;class&#8221; or &#8220;class of Shares&#8221; refers to the division of Shares representing any series into two or more classes as provided in Article III, Section 1 hereof.</FONT></P>

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   <TD align=center><FONT size=2 face=sans-serif>ARTICLE II</FONT></TD></TR>

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   <TD noWrap align=center><FONT size=2 face=sans-serif>Purpose of Trust</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0px"><FONT size=2 face=sans-serif>The purpose of the Trust is to provide investors a managed investment primarily in securities, debt instruments and other instruments and rights of a financial character.</FONT></P>

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   <TD noWrap align=center><FONT size=2 face=sans-serif>ARTICLE III</FONT>&nbsp;</TD></TR>

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   <TD align=center><FONT size=2 face=sans-serif>Shares</FONT></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><B><FONT size=2 face=sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0px"><B><FONT size=2 face=sans-serif>Division of Beneficial Interest</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Section 1. The number of Shares authorized shall be unlimited. The Shares of the Trust shall be issued in one or more series as the Trustees may, without shareholder approval, authorize. Each series shall be preferred over all other series in respect of the assets allocated to that series within the meaning of the 1940 Act and shall represent a separate investment portfolio of the Trust. The beneficial interest in each series shall at all times be divided into Shares, without par value unless otherwise determined by the Trustees, each of which shall, except as provided in the following sentence, represent an equal proportionate interest in the series with each other Share of the same series, none having priority or preference over another. The Trustees may, without Shareholder approval, divide the Shares of any series into two or more classes, Shares of each such class having such preferences and special or relative rights and privileges (including conversion rights, if any) as the Trustees may determine and as shall be set forth in the Bylaws. The Trustees may, without Shareholder approval, from time to time divide or</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>combine the Shares of any series or class into a greater or lesser number without thereby changing the proportionate beneficial interest in the series or class. The Trustees may also, without shareholder approval, from time to time combine the Shares or two or more classes of any series into a single class.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Ownership of Shares</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Section 2. The ownership of Shares shall be recorded on the books of the Trust or a transfer or similar agent. No certificates certifying the ownership of Shares shall be issued except as the Trustees may otherwise determine from time to time. The Trustees may make such rules as they consider appropriate for the issuance of Share certificates, the retirement of Share certificates, the transfer of Shares and similar matters. The record books of the Trust as kept by the Trust or any transfer or similar agent, as the case may be, shall be conclusive as to who are the Shareholders of each series and class and as to the number of Shares of each series and class held from time to time by each Shareholder.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Investment in the Trust</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Section 3. The Trustees shall accept investments in the Trust from such persons and on such terms and for such consideration, which may consist of cash or tangible or intangible property or a combination thereof, as they or the Bylaws from time to time authorize.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>All consideration received by the Trust for the issue or sale of Shares of each series, together with all income, earnings, profits, and proceeds thereof, including any proceeds derived from the sale, exchange or liquidation thereof, and any funds or payments derived from any reinvestment of such proceeds in whatever form the same may be, shall irrevocably belong to the series of Shares with respect to which the same were received by the Trust for all purposes, subject only to the rights of creditors, and shall be so handled upon the books of account of the Trust and are herein referred to as &#8220;assets of&#8221; such series.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>No Preemptive Rights</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Section 4. Shareholders shall have no preemptive or other right to subscribe to any additional Shares or other securities issued by the Trust.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Status of Shares and Limitation of Personal Liability</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Section 5. Shares shall be deemed to be personal property giving only the rights provided in this Declaration of Trust or the Bylaws. Every Shareholder by virtue of having become a Shareholder shall be held to have expressly assented and agreed to the terms of this Declaration of Trust and the Bylaws and to have become a party thereto. The death of a Shareholder during the continuance of the Trust shall not operate to terminate the same nor entitle the representative of any deceased Shareholder to an accounting or to take any action in court or elsewhere against the Trust or the Trustees, but only to the rights of said decedent under this Trust. Ownership of Shares shall not entitle the Shareholder to any title in or to the whole or any part of the Trust property or right to call for a partition or division of the </FONT><FONT size=2 face=sans-serif>same or for an accounting, nor shall the ownership of Shares constitute the Shareholders partners. Neither the Trust nor the Trustees, nor any officer, employee or agent of the Trust shall have any power to bind personally any Shareholder, nor except as specifically provided herein to call upon any Shareholder for the payment of any sum of money or assessment whatsoever other than such as the Shareholder may at any time personally agree to pay.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Derivative Actions</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Section 6. No Shareholder shall have the right to bring or maintain any court action, proceeding or claim on behalf of the Trust without first making demand on the Trustees requesting the Trustees to bring or maintain such action, proceeding or claim. Such demand shall be mailed to the Clerk of the Trust at the Trust&#8217;s principal office and shall set forth in reasonable detail the nature of the proposed court action, proceeding or claim and the essential facts relied upon by the Shareholder to support the allegations made in the demand. The Trustees may determine whether the bringing or maintenance of any such action, proceeding or claim is in the best interests of the Trust or, alternatively in their sole discretion, may submit the matter to a vote of the Shareholders of the Trust. Any such determination made by the Trustees in good faith shall be binding on all Shareholders.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Exclusive Selection of Forum for Certain Shareholder Actions</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Section 7. Any action brought by a Shareholder seeking to enforce any right or privilege of Shareholders under this Declaration of Trust, challenging the powers of the Trustees thereunder, alleging a breach of fiduciary duty by any Trustee or officer of the Trust or otherwise involving primarily the internal affairs of the Trust may be brought only in the courts of The Commonwealth of Massachusetts.</FONT></P>

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   <TD noWrap align=center><FONT size=2 face=sans-serif>The Trustees</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><B><FONT size=2 face=sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0px"><B><FONT size=2 face=sans-serif>Election</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Section 1. A Trustee may be elected either by the Trustees or by the Shareholders. The number of Trustees shall be fixed from time to time by the Trustees and, at or after the commencement of the business of the Trust, shall be not less than three. Each Trustee elected by the Trustees or the Shareholders shall serve until he or she retires, resigns, is removed or dies or until the next meeting of Shareholders called for the purpose of electing Trustees and until the election and qualification of his or her successor.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Removal</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Section 2. A Trustee may be removed (i) by vote of the holders of two-thirds of the outstanding Shares at a meeting called for the purpose or (ii) by vote of two-thirds of the Trustees.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Effect of Death, Resignation, etc. of a Trustee</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Section 3. The death, declination, resignation, retirement, removal or incapacity of the Trustees, or any one of them, shall not operate to annul the Trust or to revoke any existing agency created pursuant to the terms of this Declaration of Trust.</FONT></P>

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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Powers</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Section 4. Subject to the provisions of this Declaration of Trust, the business of the Trust shall be managed by the Trustees, and they shall have all powers necessary or convenient to carry out that responsibility. Without limiting the foregoing, the Trustees may adopt Bylaws not inconsistent with this Declaration of Trust providing for the conduct of the business of the Trust and may amend and repeal them to the extent that such Bylaws do not reserve that right to the Shareholders; they may fill vacancies in or add to their number, and may elect and remove such officers and appoint and terminate such agents as they consider appropriate; they may appoint from their own number, and terminate, any one or more committees consisting of two or more Trustees, including an executive committee which may, when the Trustees are not in session, exercise some or all of the power and authority of the Trustees as the Trustees may determine; they may employ one or more custodians of the assets of the Trust and may authorize such custodians to employ subcustodians and to deposit all or any part of such assets in a system or systems for the central handling of securities, retain a transfer agent or a Shareholder servicing agent, or both, provide for the distribution of Shares by the Trust, through one or more principal underwriters or otherwise, set record dates for the determination of Shareholders with respect to various matters, and in general delegate such authority as they consider desirable to any officer of the Trust, to any committee of the Trustees and to any agent or employee of the Trust or to any such custodian or underwriter.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Without limiting the foregoing, the Trustees shall have power and authority:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(a) To invest and reinvest cash, and to hold cash uninvested;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(b) To sell, exchange, lend, pledge, mortgage, hypothecate, write options on and lease any or all of the assets of the Trust;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(c) To vote or give assent, or exercise any rights of ownership, with respect to stock or other securities or property; and to execute and deliver proxies or powers of attorney to such person or persons as the Trustees shall deem proper, granting to such person or persons such power and discretion with relation to securities or property as the Trustees shall deem proper;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(d) To exercise powers and rights of subscription or otherwise which in any manner arise out of ownership of securities;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(e) To hold any security or property in a form not indicating any trust, whether in bearer, unregistered or other negotiable form, or in the name of the Trustees or of the Trust or in the name of a custodian, subcustodian or other depositary or a nominee or nominees or otherwise;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(f) Subject to the provisions of Article III, Section 3, to allocate assets, liabilities, income and expenses of the Trust to a particular series of Shares or to apportion the same among two or more series, provided that any liabilities or expenses incurred by or arising in connection with a particular series of Shares shall be </FONT><FONT size=2 face=sans-serif>payable solely out of the assets of that series; and to the extent necessary or appropriate to give effect to the preferences and special or relative rights and privileges of any classes of Shares, to allocate assets, liabilities, income and expenses of a series to a particular class of Shares of that series or to apportion the same among two or more classes of Shares of that series;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(g) To consent to or participate in any plan for the reorganization, consolidation or merger of any corporation or issuer, any security of which is or was held in the Trust; to consent to any contract, lease, mortgage, purchase or sale of property by such corporation or issuer, and to pay calls or subscriptions with respect to any security held in the Trust;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(h) To join other security holders in acting through a committee, depositary, voting trustee or otherwise, and in that connection to deposit any security with, or transfer any security to, any such committee, depositary or trustee, and to delegate to them such power and authority with relation to any security (whether or not so deposited or transferred) as the Trustees shall deem proper, and to agree to pay, and to pay, such portion of the expenses and compensation of such committee, depositary or trustee as the Trustees shall deem proper;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(i) To compromise, arbitrate or otherwise adjust claims in favor of or against the Trust or any matter in controversy, including but not limited to claims for taxes;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(j) To enter into joint ventures, general or limited partnerships and any other combinations or associations;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(k) To borrow funds;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(l) To endorse or guarantee the payment of any notes or other obligations of any person; to make contracts of guaranty or suretyship, or otherwise assume liability for payment thereof; and to mortgage and pledge the Trust property or any part thereof to secure any of or all such obligations;</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(m) To purchase and pay for entirely out of Trust property such insurance as they may deem necessary or appropriate for the conduct of the business, including without limitation, insurance policies insuring the assets of the Trust and payment of distributions and principal on its portfolio investments, and insurance policies insuring the Shareholders, Trustees, officers, employees, agents, investment advisers or managers, principal underwriters, or independent contractors of the Trust individually against all claims and liabilities of every nature arising by reason of holding, being or having held any such office or position, or by reason of any action alleged to have been taken or omitted by any such person as Shareholder, Trustee, officer, employee, agent, investment adviser or manager, principal underwriter, or independent contractor, including any action taken or omitted that may be determined to constitute negligence, whether or not the Trust would have the power to indemnify such person against such liability; and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(n) To pay pensions for faithful service, as deemed appropriate by the Trustees, and to adopt, establish and carry out pension,</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>profit-sharing, share bonus, share purchase, savings, thrift and other retirement, incentive and benefit plans, trusts and provisions, including the purchasing of life insurance and annuity contracts as a means of providing such retirement and other benefits, for any or all of the Trustees, officers, employees and agents of the Trust.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The Trustees shall not in any way be bound or limited by any present or future law or custom in regard to investments by trustees. Except as otherwise provided herein or from time to time in the Bylaws, any action to be taken by the Trustees may be taken by a majority of the Trustees present at a meeting of the Trustees (a quorum being present), within or without Massachusetts, including any meeting held by means of a conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other at the same time and participation by such means shall constitute presence in person at a meeting, or by written consents of a majority of the Trustees then in office.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Payment of Expenses by Trust</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Section 5. The Trustees are authorized to pay or to cause to be paid out of the assets of the Trust, all expenses, fees, charges, taxes and liabilities incurred or arising in connection with the Trust, or in connection with the management thereof, including, but not limited to, the Trustees&#8217; compensation and such expenses and charges for the services of the Trust&#8217;s officers, employees, investment adviser or manager, principal underwriter, auditor, counsel, custodian, transfer agent, Shareholder servicing agent, and such other agents or independent contractors and such other expenses and charges as the Trustees may deem necessary or proper to incur, provided, however, that all expenses, fees, charges, taxes and liabilities incurred by or arising in connection with a particular series of Shares shall be payable solely out of the assets of that series.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Ownership of Assets of the Trust</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Section 6. Title to all of the assets of each series of Shares and of the Trust shall at all times be considered as vested in the Trustees.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Advisory, Management and Distribution</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Section 7. Subject to a favorable Majority Shareholder Vote to the extent required by applicable law, the Trustees may, at any time and from time to time, contract for exclusive or nonexclusive advisory and/or management services with any corporation, trust, association or other organization (the &#8220;Manager&#8221;), every such contract to comply with such requirements and restrictions as may be set forth in the Bylaws; and any such contract may contain such other terms interpretive of or in addition to said requirements and restrictions as the Trustees may determine, including, without limitation, authority to determine from time to time what investments shall be purchased, held, sold or exchanged and what portion, if any, of the assets of the Trust shall be held uninvested and to make changes in the Trust&#8217;s investments. The Trustees may also, at any time and from time </FONT><FONT size=2 face=sans-serif>to time, contract with the Manager or any other corporation, trust, association or other organization, appointing it exclusive or nonexclusive distributor or principal underwriter for the Shares, every such contract to comply with such requirements and restrictions as may be set forth in the Bylaws; and any such contract may contain such other terms interpretive of or in addition to said requirements and restrictions as the Trustees may determine.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>The fact that:</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(i) any of the Shareholders, Trustees or officers of the Trust is a shareholder, director, officer, partner, trustee, employee, manager, adviser, principal underwriter or distributor or agent of or for any corporation, trust, association, or other organization, or of or for any parent or affiliate of any organization, with which an advisory or management contract, or principal underwriter&#8217;s or distributor&#8217;s contract, or transfer, Shareholder servicing or other agency contract may have been or may hereafter be made, or that any such organization, or any parent or affiliate thereof, is a Shareholder or has an interest in the Trust, or that</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>(ii) any corporation, trust, association or other organization with which an advisory or management contract or principal underwriter&#8217;s or distributor&#8217;s contract, or transfer, Shareholder servicing or other agency contract may have been or may hereafter be made also has an advisory or management contract, or transfer, Shareholder servicing or other agency contract with one or more other corporations, trusts, associations, or other organizations, or has other business or interests</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>shall not affect the validity of any such contract or disqualify any Shareholder, Trustee or officer of the Trust from voting upon or executing the same or create any liability or accountability to the Trust or its Shareholders.</FONT></P>

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   <TD noWrap align=center><FONT size=2 face=sans-serif>Shareholders&#8217; Voting Powers and Meetings</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="MARGIN: 0px"><B><FONT size=2 face=sans-serif>Voting Powers</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Section 1. Subject to the voting powers of one or more classes of Shares as set forth elsewhere in this Declaration of Trust or in the Bylaws, the Shareholders shall have power to vote only (i) for the election of Trustees as provided in Article IV, Section 1, (ii) for the removal of Trustees as provided in Article IV, Section 2, (iii) with respect to any Manager as provided in Article IV, Section 6, (iv) with respect to any termination of this Trust to the extent and as provided in Article IX, Section 4, (v) with respect to any amendment of this Declaration of Trust to the extent and as provided in Article IX, Section 8, and (vi) with respect to such additional matters relating to the Trust as may be required by this Declaration of Trust, the Bylaws or any registration of the Trust with the Securities and Exchange Commission (or any successor agency) or any state, or as the Trustees may consider necessary or desirable. Each whole Share shall be entitled to one vote as to any matter on which it is entitled to vote and each fractional Share shall be entitled to a proportionate fractional vote. On any</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>matter submitted to a vote of Shareholders, all Shares of the Trust then entitled to vote shall, except as otherwise provided in the Bylaws, be voted in the aggregate as a single class without regard to series or classes of shares, except (1) when required by the 1940 Act or when the Trustees shall have determined that the matter affects one or more series or classes of Shares materially differently, Shares shall be voted by individual series or class; and (2) when the Trustees have determined that the matter affects only the interests of one or more series or classes, only Shareholders of such series or classes shall be entitled to vote thereon. There shall be no cumulative voting in the election of Trustees. Shares may be voted in person or by proxy. A proxy with respect to Shares held in the name of two or more persons shall be valid if executed by any one of them unless at or prior to exercise of the proxy the Trust receives a specific written notice to the contrary from any one of them. A proxy purporting to be executed by or on behalf of a Shareholder shall be deemed valid unless challenged at or prior to its exercise and, in the case of a challenge by any person other than the Trust, the burden of proving invalidity shall rest on the challenger. Until Shares of any series or class are issued, the Trustees may exercise all rights of Shareholders and may take any action required by law, this Declaration of Trust or the Bylaws to be taken by Shareholders as to such series or class.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Voting Power and Meetings</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Section 2. Meetings of Shareholders of any or all series or classes may be called by the Trustees from time to time for the purpose of taking action upon any matter requiring the vote or authority of the Shareholders of such series or classes as herein provided or upon any other matter deemed by the Trustees to be necessary or desirable. Written notice of any meeting of Shareholders shall be given or caused to be given by the Trustees by mailing such notice at least seven days before such meeting, postage prepaid, stating the time, place and purpose of the meeting, to each Shareholder entitled to vote at such meeting at the Shareholder&#8217;s address as it appears on the records of the Trust. If the Trustees shall fail to call or give notice of any meeting of Shareholders for a period of 30 days after written application by Shareholders holding at least 10% of the then outstanding shares of all series and classes entitled to vote at such meeting requesting a meeting to be called for a purpose requiring action by the Shareholders as provided herein or in the Bylaws, then Shareholders holding at least 10% of the then outstanding Shares of all series and classes entitled to vote at such meeting may call and give notice of such meeting, and thereupon the meeting shall be held in the manner provided for herein in case of call thereof by the Trustees. Notice of a meeting need not be given to any Shareholder if a written waiver of notice, executed by him or her before or after the meeting, is filed with the records of the meeting, or to any Shareholder who attends the meeting without protesting prior thereto or at its commencement the lack of notice to him or her.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Quorum and Required Vote</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Section 3. Thirty percent of Shares entitled to vote on a particular matter shall be a quorum for the transaction of business on that matter at a Shareholders&#8217; meeting, except that where any provision of law or of this Declaration of Trust or the Bylaws requires that holders of any series or class shall vote as an individual series or class, then thirty percent of the aggregate number of Shares of that series or class entitled to vote shall be necessary to constitute a quorum for the transaction of business by that series or class. Any lesser number shall be sufficient for adjournments. Any adjourned session or sessions may be held, within a reasonable time after the date set for the original meeting, without the necessity of further notice. Except when a larger vote is required by any provision of law or of this Declaration of Trust or the Bylaws, a majority of the Shares voted shall decide any questions and a plurality shall elect a Trustee, provided that where any provision of law or of this Declaration of Trust or the Bylaws requires that the holders of any series or class shall vote as an individual series or class then a majority of the Shares of that series or class voted on the matter (or a plurality with respect to the election of a Trustee) shall decide that matter insofar as that series or class is concerned.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Action by Written Consent</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Section 4. Any action taken by Shareholders may be taken without a meeting if a majority of Shareholders entitled to vote on the matter (or such larger proportion thereof as shall be required by any express provision of this Declaration of Trust or the Bylaws) consent to the action in writing and such written consents are filed with the records of the meetings of Shareholders. Such consent shall be treated for all purposes as a vote taken at a meeting of Shareholders.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Additional Provisions</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Section 5. The Bylaws may include further provisions, not inconsistent with this Declaration of Trust, regarding Shareholders&#8217; voting powers, the conduct of meetings and related matters.</FONT></P>

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   <TD noWrap align=center><FONT size=2 face=sans-serif>Distributions, Redemptions and Repurchases</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><B><FONT size=2 face=sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0px"><B><FONT size=2 face=sans-serif>Distributions</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Section 1. The Trustees may each year, or more frequently if they so determine, distribute to the Shareholders of each series out of the assets of such series such amounts as the Trustees may determine. Any such distribution to the Shareholders of a particular series shall be made to said Shareholders pro rata in proportion to the number of Shares of such series held by each of them, except to the extent otherwise required or permitted by the preferences and special or relative rights and privileges of any classes of Shares of that Series, and any distribution to the Shareholders of a particular class of Shares shall be made to such Shareholders pro rata in proportion to the number of Shares of such class held by each of them. Such distributions shall be made in cash, Shares or other property, or a combination thereof, as determined by the Trustees. Any such distribution</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>paid in Shares will be paid at the net asset value thereof as determined in accordance with the Bylaws.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Redemptions and Repurchases</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Section 2. The Trust shall purchase such Shares as are offered by any Shareholder for redemption, upon the presentation of any certificate for the Shares to be purchased, a proper instrument of transfer and a request directed to the Trust or a person designated by the Trust that the Trust purchase such Shares, or in accordance with such other procedures for redemption as the Trustees may from time to time authorize; and the Trust will pay therefor the net asset value thereof, as next determined in accordance with the Bylaws, less any redemption charge fixed by the Trustees. Payment for said Shares shall be made by the Trust to the Shareholder within seven days after the date on which the request is made. The obligation set forth in this Section 2 is subject to the provision that in the event that at any time the New York Stock Exchange is closed for other than customary weekends or holidays, or, if permitted by rules of the Securities and Exchange Commission, during periods when trading on the Exchange is restricted or during any emergency which makes it impractical for the Trust to dispose of its investments or to determine fairly the value of its net assets, or during any other period permitted by order of the Securities and Exchange Commission for the protection of investors, such obligation may be suspended or postponed by the Trustees. The Trust may also purchase or repurchase Shares at a price not exceeding the net asset value of such Shares in effect when the purchase or repurchase or any contract to purchase or repurchase is made. Payment for any redemption, purchase or repurchase may be made in cash or, except to the extent prohibited by the laws of any jurisdiction in which Shares are registered for sale, in other property or any combination thereof. The composition of any such payment shall be determined by the Trust in its sole discretion, and the Trust shall have no obligation to effect a pro rata division of cash or other property in making any such payment. In no event shall the Trust be liable for any delay of any other person in transferring securities or other property selected for delivery as all or part of any such payment.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Redemption at the Option of the Trust</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Section 3. The Trust shall have the right at its option and at any time to redeem Shares of any Shareholder at the net asset value thereof as determined in accordance with the Bylaws: (i) if at such time such Shareholder owns fewer Shares than, or Shares having an aggregate net asset value of less than, an amount determined from time to time by the Trustees, in which case the Trust may redeem all Shares owned by such Shareholder or only so many of such Shares as may be required to compensate the Trust for any fee fixed from time to time by the Trustees for the maintenance of small accounts; (ii) to the extent that such Shareholder owns Shares of a particular series of Shares equal to or in excess of a percentage of the outstanding Shares of that series determined from time to time by the Trustees; (iii) to the extent that such Shareholder owns Shares of the </FONT><FONT size=2 face=sans-serif>Trust representing a percentage equal to or in excess of such percentage of the aggregate number of outstanding Shares of the Trust or the aggregate net asset value of the Trust determined from time to time by the Trustees; (iv) if such Shareholder fails to supply appropriate personal and tax identification information requested by the Trust; (v) if such Shareholder fails to meet or maintain the qualifications for ownership of a particular series or class; or (vi) if the Trustees determine for any other reason, in their sole discretion, that the ownership of Shares by a Shareholder is not in the best interests of the remaining Shareholders of the Trust or of the applicable series or class.</FONT></P>

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<P style="MARGIN: 0px"><B><FONT size=2 face=sans-serif>Compensation</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Section 1. The Trustees as such shall be entitled to reasonable compensation from the Trust; they may fix the amount of their compensation. Nothing herein shall in any way prevent the employment of any Trustee for advisory, management, legal, accounting, investment banking or other services and payment for the same by the Trust.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Limitation of Liability</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Section 2. A Trustee shall be liable for his or her own willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of the office of Trustee, and for nothing else. The Trustees shall not be responsible or liable in any event for any neglect or wrongdoing of any officer, agent, employee, manager or principal underwriter of the Trust, nor shall any Trustee be responsible for the act or omission of any other Trustee. The appointment, designation or identification of a Trustee as an officer of the Trustees or of any committee of the Trustees, or as an expert with respect to certain matters (including without limitation identification of a Trustee as an &#8220;audit committee financial expert&#8221;) shall not impose on that person any duty, obligation or liability that is greater than the duties, obligations and liabilities imposed on that person as a Trustee in the absence of such appointment, designation or identification, and no Trustee who has special skills or expertise or who is appointed, designated of identified as aforesaid, shall be held to a higher standard of care by virtue thereof or be limited in any way with respect to any right or privilege to which such person would otherwise be entitled as a Trustee hereunder, including without limitation the right of indemnification. Nothing herein contained shall protect any Trustee against any liability to which he or she would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office.</FONT></P>

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   <TD noWrap align=center><FONT size=2 face=sans-serif>Indemnification</FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px"><B><FONT size=2 face=sans-serif></FONT></B>&nbsp;</P>

<P style="MARGIN: 0px"><B><FONT size=2 face=sans-serif>Trustees, Officers, etc.</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Section 1. The Trust shall indemnify each of its Trustees and officers (including persons who serve at the Trust&#8217;s request as</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>directors, officers or trustees of another organization in which the Trust has any interest as a shareholder, creditor or otherwise) (hereinafter referred to as a &#8220;Covered Person&#8221;) against all liabilities and expenses, including but not limited to amounts paid in satisfaction of judgments, in compromise or as fines and penalties, and counsel fees reasonably incurred by any Covered Person in connection with the defense or disposition of any threatened, pending, or contemplated action, suit, or proceeding, whether civil, criminal, administrative, arbitrative, or investigative and whether formal or informal before any court or administrative or legislative or other body, in which such Covered Person may be or may have been involved as a party or otherwise or with which such Covered Person may be or may have been threatened, while in office or thereafter, by reason of being or having been such a Covered Person except with respect to any matter as to which such Covered Person shall have been finally adjudicated in any such action, suit or other proceeding (a) not to have acted in good faith, (b) not to have acted in the reasonable belief that such Covered Person&#8217;s action was in the best interests of the Trust or at least was not opposed to the best interests of the Trust, (c) in the case of a criminal proceeding, to have had reasonable cause to believe his or her action was unlawful or (d) to be liable to the Trust or its Shareholders by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such Covered Person&#8217;s office (each of such exceptions being referred to hereinafter as &#8220;Disabling Conduct&#8221;). Expenses, including counsel fees so incurred by any such Covered Person (but excluding amounts paid in satisfaction of judgments, in compromise or as fines or penalties), shall be paid from time to time by the Trust in advance of the final disposition of any such action, suit or proceeding upon receipt of an undertaking by or on behalf of such Covered Person to repay amounts so paid to the Trust if it is ultimately determined that indemnification of such expenses is not authorized under this Article, provided, however, that either (a) such Covered Person shall have provided appropriate security for such undertaking, (b) the Trust shall be insured against losses arising from any such advance payments or (c) either a majority of the disinterested Trustees acting on the matter (provided that a majority of the disinterested Trustees then in office act on the matter), or independent legal counsel in a written opinion, shall have determined, based upon a review of readily available facts (as opposed to a full trial type inquiry) that there is reason to believe that such Covered Person will be found entitled to indemnification under this Article. In making any such determination, the disinterested Trustees or such counsel, as the case may be, shall afford the Covered Person a rebuttable presumption that the Covered Person did not engage in Disabling Conduct.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Compromise Payment</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Section 2. As to any matter disposed of (whether by a compromise payment, pursuant to a consent decree or otherwise) without an adjudication by a court, or by any other body before which the action, suit, or proceeding was brought, that such Covered Person engaged in Disabling Conduct, indemnification shall be provided if (a) approved as in the best interests of the Trust, after notice that it involves such indemnification, by at least a majority of the disinterested Trustees acting on the matter (provided that a majority of the disinterested Trustees then in office act on the matter) upon a determination, based upon a review of readily available facts (as opposed to a full trial type inquiry) that such Covered Person did not engage in Disabling Conduct, or (b) there has been obtained an opinion in writing of independent legal counsel, based upon a review of readily available facts (as opposed to a full trial type inquiry) to the effect that such Covered Person did not engage in Disabling Conduct. Any approval pursuant to this Section shall not prevent the recovery from any Covered Person of any amount paid to such Covered Person in accordance with this Section as indemnification if such Covered Person is subsequently adjudicated by a court of competent jurisdiction not to have engaged in Disabling&nbsp;Conduct.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Right Not Exclusive</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Section 3. The right of indemnification hereby provided shall not be exclusive of or affect any other rights to which such Covered Person may be entitled. As used in this Article VIII, the term &#8220;Covered Person&#8221; shall include such person&#8217;s heirs, executors and administrators and a &#8220;disinterested Trustee&#8221; is a Trustee who is not an &#8220;interested person&#8221; of the Trust as defined in Section 2(a)(19) of the 1940 Act (or who has been exempted from being an &#8220;interested person&#8221; by any rule, regulation or order of the Securities and Exchange Commission) and against whom none of such actions, suits or other proceedings or another action, suit or other proceeding on the same or similar grounds is then or has been pending. Nothing contained in this Article shall affect any rights to indemnification to which personnel of the Trust, other than Trustees or officers, and other persons may be entitled by contract or otherwise under law, nor the power of the Trust to purchase and maintain liability insurance on behalf of any such person.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Shareholders</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Section 4. In case any Shareholder or former Shareholder shall be held to be personally liable solely by reason of his or her being or having been a Shareholder and not because of his or her acts or omissions or for some other reason, the Shareholder or former Shareholder (or his or her heirs, executors, administrators or other legal representative or in the case of a corporation or other entity, its corporate or other general successor) shall be entitled to be held harmless from and indemnified against all loss and expense arising from such liability, but only out of the assets of the particular series of Shares of which he or she is or was a Shareholder.</FONT></P>

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   <TD noWrap align=center><FONT size=2 face=sans-serif>Miscellaneous</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Trustees, Shareholders, etc. Not Personally Liable for Obligations of the Trust; Notice</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Section 1. All persons extending credit to, contracting with or having any claim against the Trust or a particular series of Shares shall look only to the assets of the Trust or the assets of that particular series of Shares for payment under such credit, contract or claim, and neither the Shareholders nor the Trustees, nor any of the Trust&#8217;s officers, employees or agents, whether past, present or future, shall be personally liable therefor.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Every note, bond, contract, instrument, certificate or undertaking and every other act or thing whatsoever executed or done by any Trustee, officer, employee or agent on behalf of the Trust or the Trustees or any of them in connection with the Trust shall be conclusively deemed to have been executed or done only in or with respect to such person&#8217;s capacity as a Trustee, officer, employee or agent, and such person shall not be personally liable thereon.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Every note, bond, contract, instrument, certificate or undertaking executed on behalf of the Trust by any Trustee, officer, employee or agent of the Trust shall give notice that this Declaration of Trust is on file with the Secretary of State of The Commonwealth of Massachusetts and shall recite that the same was executed by them on behalf of the Trust in their capacity as Trustees, officers, employees or agents of the Trust and not individually and that the obligations of such instrument are not binding upon any of them or the Shareholders individually but are binding only upon the assets and property of the Trust, and may contain such further recitals as the person so executing may deem appropriate, but any omission of such notice or recitals shall not operate to bind any such Trustee, officer, employee or agent or the Shareholders individually.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Trustees&#8217; Faith Actions Binding; Expert Advice; No Bond or Surety</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Section 2. The exercise by the Trustees of their powers and discretions hereunder shall be binding upon everyone interested. The Trustees may take advice of counsel or other experts with respect to the meaning and operation of this Declaration of Trust, and shall be under no liability for any act or omission taken in accordance with such advice or for failing to follow such advice. The Trustees shall not be required to give any bond as such, nor any surety if a bond is required.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Liability of Third Persons Dealing with Trustee</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Section 3. No person dealing with the Trustees shall be bound to make any inquiry concerning the validity of any transaction made or to be made by the Trustees or to see to the application of any payments made or property transferred to the Trust or upon its order.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Duration and Termination of Trust</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Section 4. Unless terminated as provided herein, the Trust and each series and class shall continue without limitation of time. </FONT><FONT size=2 face=sans-serif>The Trust or any series or class of any series may be terminated at any time (i) by the Trustees by written notice to the Shareholders of the Trust or to the Shareholders of the particular series or class, as the case may be, or (ii) by the affirmative vote of the lesser of (1) more than 50% of the outstanding Shares of each series or class entitled to vote, or (2) 67% or more of the Shares of each series or class entitled to vote and present at a meeting called for this purpose if more than 50% of the outstanding Shares of each series or class entitled to vote are present at the meeting in person or by proxy. Upon termination of the Trust or of any series or class, after paying or otherwise providing for all charges, taxes, expenses and liabilities, whether due or accrued or anticipated, of the Trust, or of the particular series or class, as may be determined by the Trustees, the Trust shall in accordance with such procedures as the Trustees consider appropriate reduce the remaining assets of the Trust, or of the particular series or classes, as the case may be, to distributable form in cash or shares or other property, or any combination thereof, and distribute the proceeds to the Shareholders of the Trust or of the particular series or class, ratably according to the number of Shares of such series or class held by the several Shareholders of such series or class on the date of termination, except to the extent otherwise required or permitted by the preferences and special or relative rights and privileges of any classes of Shares of that series or class.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Merger, Consolidation, Sale of Assets and Other Reorganizations</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Section 5. Except as otherwise required by applicable law, the Trustees may, without Shareholder approval, authorize the Trust or any series or class to merge, consolidate or reorganize with any other entity (including another series or class of the Trust), or to sell or exchange all or substantially all of the assets of the Trust or of any series or class, in each case upon such terms and for such consideration as they may determine to be in the best interests of the Trust or of the particular series or class. The authority provided by this Section shall be in addition to the powers granted to the Trustees under any other provision of this Declaration of Trust.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Filing and Copies, References, Headings</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Section 6. The original or a copy of this instrument and of each amendment hereto shall be kept at the office of the Trust where it may be inspected by any Shareholder. A copy of this instrument and of each amendment hereto shall be filed by the Trust with the Secretary of State of The Commonwealth of Massachusetts and with the Boston City Clerk, as well as any other governmental office where such filing may from time to time be required. Anyone dealing with the Trust may rely on a certificate by an officer of the Trust as to whether or not any such amendments have been made and as to any matters in connection with the Trust hereunder, and, with the same effect as if it were the original, may rely on a copy certified by an officer of the Trust to be a copy of this instrument or of any such amendments. In this instrument and in any such amendment, references to this</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>instrument and all expressions like &#8220;herein&#8221;, &#8220;hereof&#8217; and &#8220;hereunder&#8221; shall be deemed to refer to this instrument as amended or affected by any such amendments. Headings are placed herein for convenience of reference only and shall not be taken as a part hereof or control or affect the meaning, construction or effect of this instrument. This instrument may be executed in any number of counterparts each of which shall be deemed an original.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Applicable Law</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Section 7. This Declaration of Trust is made in The Commonwealth of Massachusetts, and it is created under and is to be governed by and construed and administered according to the laws of said Commonwealth. The Trust shall be of the type commonly called a Massachusetts business trust and, without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a trust.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face=sans-serif>Amendments</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>Section 8. This Declaration of Trust may be amended at any time by an instrument in writing signed by a majority of the then Trustees when authorized to do so by a vote of the Shareholders, provided that Shareholder authorization shall not be required in the case of any amendment (i) having the purpose of changing the name of the Trust or of supplying any omission, curing any ambiguity or curing, correcting or supplementing any defective or inconsistent provision contained herein or (ii) which is determined by the Trustees in their sole discretion not to have a material adverse effect on the Shareholders of any series or class of Shares.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face=sans-serif>IN WITNESS WHEREOF, the undersigned, being a majority of the Trustees of the Trust, hereunto set their hands and seals in the City of Boston, Massachusetts for themselves and their assigns, as of the day and year first above written.</FONT></P>

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   <TD noWrap align=left><FONT size=1 face=sans-serif>One Post Office Square</FONT>&nbsp;</TD>

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   <TD noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02109</FONT>&nbsp;</TD>

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   <TD noWrap align=left><FONT size=1 face=sans-serif>1-800-225-1581</FONT>&nbsp;</TD>

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   <TD noWrap align=left><FONT size=1 face=sans-serif>P.O. Box 8383</FONT>&nbsp;</TD>

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   <TD noWrap align=left><FONT size=1 face=sans-serif>Boston, MA 02266-8383</FONT>&nbsp;</TD>

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   <TD noWrap align=left><FONT size=1 face=sans-serif>putnam.com</FONT>&nbsp;</TD>

   <TD noWrap align=right><FONT size=1 face=sans-serif>284998 11/13</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=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 the meeting of shareholders of the Putnam funds. The meeting will take place on February 27, 2014, at 11:00 a.m., Boston time, and may be adjourned to later times or dates. </FONT><B><FONT face=serif size=2>Your vote is being solicited on behalf of the Trustees. </FONT></B><FONT face=serif size=2>When you complete and sign this proxy card, your shares will be voted on your behalf exactly as you have indicated on this card. </FONT><B><FONT face=serif size=2>If you simply sign this proxy card, and do not vote on a specific proposal, your shares will be automatically voted as the Trustees recommend. </FONT></B><FONT face=serif size=2>The proxies are also authorized to vote at their discretion on any other matter that arises at the meeting or any adjournment of the meeting.</FONT></P>
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   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam Absolute Return 100 Fund</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam Absolute Return 300 Fund</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam Absolute Return 500 Fund</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam Absolute Return 700 Fund</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam American Government Income Fund</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam AMT-Free Municipal Fund</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam Arizona Tax Exempt Income Fund</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam Asia Pacific Equity Fund</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam California Tax Exempt Income Fund</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam Capital Opportunities Fund</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam Capital Spectrum Fund</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam Convertible Securities Fund</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam Diversified Income Trust</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam Dynamic Asset Allocation Balanced Fund</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam Dynamic Asset Allocation Conservative Fund</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam Dynamic Asset Allocation Equity Fund</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam Dynamic Asset Allocation Growth Fund</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam Dynamic Risk Allocation Fund</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam Emerging Markets Equity Fund</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam Emerging Markets Income Fund</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam Equity Income Fund</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam Equity Spectrum Fund</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam Europe Equity Fund</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam Floating Rate Income Fund</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=serif size=2>THE TRUSTEES RECOMMEND A VOTE </FONT><B><U><FONT face=serif size=2>FOR </FONT></U></B><FONT face=serif size=2>ALL PROPOSALS AS DESCRIBED IN THE PROXY STATEMENT.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=serif size=2>Please vote by filling in the appropriate box below in blue or black ink as in this example: &#9632;</FONT></B></P>

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   <TD noWrap align=left width="30%" colSpan=2><B><FONT face=serif size=2>1. Approving a new management contract for your fund.</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="5%"><B><FONT face=serif size=2></FONT></B></TD>

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   <TD noWrap align=center width="5%"><FONT face=serif size=1><STRONG>FOR</STRONG></FONT></TD>

   <TD noWrap align=center width="5%"><B><FONT face=serif size=1>AGAINST </FONT></B></TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=1><STRONG>ABSTAIN</STRONG></FONT></TD>

   <TD noWrap align=center width="10%"><B><FONT face=serif size=1></FONT></B></TD>

   <TD noWrap align=center width="25%">&nbsp;</TD>

   <TD noWrap align=center width="5%"><B><FONT face=serif size=1>FOR</FONT></B>&nbsp;</TD>

   <TD noWrap align=center width="5%"><B><FONT face=serif size=1>AGAINST</FONT></B>&nbsp;</TD>

   <TD noWrap align=center width="5%"><B><FONT face=serif size=1>ABSTAIN</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="10%"><B><FONT face=serif size=1></FONT></B></TD></TR>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>01 Putnam Absolute Return 100 Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=left width="10%"></TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>02 Putnam Absolute Return 300 Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=left width="10%"></TD></TR>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>03 Putnam Absolute Return 500 Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=left width="10%"></TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>04 Putnam Absolute Return 700 Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=left width="10%"></TD></TR>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>05 Putnam American Government Income Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>06 Putnam AMT-Free Municipal Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>07 Putnam Arizona Tax Exempt Income Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>08 Putnam Asia Pacific Equity Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>09 Putnam California Tax Exempt Income Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=left width="10%"></TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>10 Putnam Capital Opportunities Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>11 Putnam Capital Spectrum Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>12 Putnam Convertible Securities Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>13 Putnam Diversified Income Trust</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>14 Putnam Dynamic Asset Allocation Balanced Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>17 Putnam Dynamic Asset Allocation Growth Fund</FONT>&nbsp;</TD>

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   <TD noWrap align=center width="5%">&#9633;</TD>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>20 Putnam Emerging Markets Income Fund</FONT>&nbsp;</TD>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>21 Putnam Equity Income Fund</FONT>&nbsp;</TD>

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   <TD noWrap align=center width="5%">&#9633;</TD>

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   <TD noWrap align=left width="24%" colSpan=2><B><FONT face=serif size=2>2.</FONT></B> <B><FONT face=serif size=2>Electing Trustees.</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD>

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   <TD noWrap align=left width="96%" colSpan=8><FONT face=serif size=2>To withhold authority to vote for any individual nominee(s), but to vote for all other nominees, mark the &#8220;FOR ALL EXCEPT&#8221; box and</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="48%" colSpan=4><FONT face=serif size=2>write the nominee number(s) on the line provided.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

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   <TD noWrap align=left width="4%"><FONT face=serif size=2>01.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=serif size=2>Liaquat Ahamed</FONT>&nbsp;</TD>

   <TD noWrap align=left width="4%"><FONT face=serif size=2>05.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=serif size=2>Charles B. Curtis</FONT>&nbsp;</TD>

   <TD noWrap align=left width="4%"><FONT face=serif size=2>09.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=serif size=2>Paul L. Joskow</FONT>&nbsp;</TD>

   <TD noWrap align=left width="4%"><FONT face=serif size=2>13.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=serif size=2>Robert L. Reynolds</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"><FONT face=serif size=2>02.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=serif size=2>Ravi Akhoury</FONT>&nbsp;</TD>

   <TD noWrap align=left width="4%"><FONT face=serif size=2>06.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=serif size=2>Robert J. Darretta</FONT>&nbsp;</TD>

   <TD noWrap align=left width="4%"><FONT face=serif size=2>10.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=serif size=2>Kenneth R. Leibler</FONT>&nbsp;</TD>

   <TD noWrap align=left width="4%"><FONT face=serif size=2>14.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=serif size=2>W. Thomas Stephens</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"><FONT face=serif size=2>03.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=serif size=2>Barbara M. Baumann</FONT>&nbsp;</TD>

   <TD noWrap align=left width="4%"><FONT face=serif size=2>07.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=serif size=2>Katinka Domotorffy</FONT>&nbsp;</TD>

   <TD noWrap align=left width="4%"><FONT face=serif size=2>11.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=serif size=2>Robert E. Patterson</FONT>&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

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   <TD noWrap align=left width="4%"><FONT face=serif size=2>04.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=serif size=2>Jameson A. Baxter</FONT>&nbsp;</TD>

   <TD noWrap align=left width="4%"><FONT face=serif size=2>08.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=serif size=2>John A. Hill</FONT>&nbsp;</TD>

   <TD noWrap align=left width="4%"><FONT face=serif size=2>12.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=serif size=2>George Putnam, III</FONT>&nbsp;</TD>

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</FONT></TD>

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   <TD noWrap align=center width="5%"><FONT face=serif size=1><STRONG>FOR</STRONG></FONT></TD>

   <TD noWrap align=center width="5%"><B><FONT face=serif size=1>WITHHOLD </FONT></B></TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=1><STRONG>FOR ALL</STRONG></FONT></TD>

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   <TD noWrap align=center width="5%"><B><FONT face=serif size=1>FOR </FONT></B></TD>

   <TD noWrap align=center width="5%"><B><FONT face=serif size=1>WITHHOLD </FONT></B></TD>

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   <TD noWrap align=center width="5%"><FONT face=serif size=1><STRONG>ALL</STRONG></FONT></TD>

   <TD noWrap align=center width="5%"><B><FONT face=serif size=1>ALL</FONT></B></TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=1><STRONG>EXCEPT</STRONG></FONT></TD>

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   <TD noWrap align=center width="5%"><FONT face=serif size=1><STRONG>ALL</STRONG></FONT></TD>

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EXCEPT</FONT></STRONG></TD>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>01 Putnam Absolute Return 100 Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



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   <TD noWrap align=left width="25%"><FONT face=serif size=1>02 Putnam Absolute Return 300 Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



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   <TD noWrap align=center width="5%">&#9633;</TD>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>03 Putnam Absolute Return 500 Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



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   <TD noWrap align=left width="25%"><FONT face=serif size=1>04 Putnam Absolute Return 700 Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

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<TR vAlign=bottom>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>05 Putnam American Government Income Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



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   <TD noWrap align=left width="25%"><FONT face=serif size=1>06 Putnam AMT-Free Municipal Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



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<TR vAlign=bottom>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>07 Putnam Arizona Tax Exempt Income Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



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   <TD noWrap align=left width="25%"><FONT face=serif size=1>08 Putnam Asia Pacific Equity Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

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<TR vAlign=bottom>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>09 Putnam California Tax Exempt Income Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



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   <TD noWrap align=left width="25%"><FONT face=serif size=1>10 Putnam Capital Opportunities Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



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   <TD noWrap align=left width="25%"><FONT face=serif size=1>11 Putnam Capital Spectrum Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



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   <TD noWrap align=left width="25%"><FONT face=serif size=1>12 Putnam Convertible Securities Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



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   <TD noWrap align=center width="5%">&#9633;</TD>

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<TR vAlign=bottom>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>13 Putnam Diversified Income Trust</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>14 Putnam Dynamic Asset Allocation Balanced Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>15 Putnam Dynamic Asset Allocation Conservative Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



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   <TD noWrap align=left width="25%"><FONT face=serif size=1>16 Putnam Dynamic Asset Allocation Equity Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

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<TR vAlign=bottom>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>17 Putnam Dynamic Asset Allocation Growth Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



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   <TD noWrap align=left width="25%"><FONT face=serif size=1>18 Putnam Dynamic Risk Allocation Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

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<TR vAlign=bottom>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>19 Putnam Emerging Markets Equity Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



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   <TD noWrap align=left width="25%"><FONT face=serif size=1>20 Putnam Emerging Markets Income Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



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   <TD noWrap align=left width="25%"><FONT face=serif size=1>21 Putnam Equity Income Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



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   <TD noWrap align=left width="25%"><FONT face=serif size=1>22 Putnam Equity Spectrum Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>23 Putnam Europe Equity Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



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   <TD noWrap align=left width="25%"><FONT face=serif size=1>24 Putnam Floating Rate Income Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

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<TR>

   <TD width="100%" colSpan=10>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="75%" colSpan=6><B><FONT face=serif size=2>3. Approving an Amended and Restated Declaration of Trust for your fund.</FONT></B>&nbsp;</TD>

   <TD noWrap align=center width="5%"><B><FONT face=serif size=2></FONT></B></TD>

   <TD noWrap align=center width="5%"></TD>

   <TD noWrap align=center width="5%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%"></TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=1><STRONG>FOR</STRONG></FONT></TD>

   <TD noWrap align=center width="5%"><B><FONT face=serif size=1>AGAINST </FONT></B></TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=1><STRONG>ABSTAIN</STRONG></FONT></TD>

   <TD noWrap align=center width="10%"></TD>

   <TD noWrap align=left width="25%"><B><FONT face=serif size=1></FONT></B></TD>

   <TD noWrap align=center width="5%"><STRONG><FONT face=serif size=1>
FOR</FONT></STRONG></TD>

   <TD noWrap align=center width="5%"><STRONG><FONT face=serif size=1>
AGAINST</FONT></STRONG></TD>

   <TD noWrap align=center width="5%"><STRONG><FONT face=serif size=1>
ABSTAIN</FONT></STRONG></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>01 Putnam Absolute Return 100 Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>02 Putnam Absolute Return 300 Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>03 Putnam Absolute Return 500 Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>04 Putnam Absolute Return 700 Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>05 Putnam American Government Income Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>06 Putnam AMT-Free Municipal Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>07 Putnam Arizona Tax Exempt Income Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>08 Putnam Asia Pacific Equity Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>09 Putnam California Tax Exempt Income Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>10 Putnam Capital Opportunities Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>11 Putnam Capital Spectrum Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>12 Putnam Convertible Securities Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>13 Putnam Diversified Income Trust</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>14 Putnam Dynamic Asset Allocation Balanced Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD></TR>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>15 Putnam Dynamic Asset Allocation Conservative Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>16 Putnam Dynamic Asset Allocation Equity Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD></TR>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>17 Putnam Dynamic Asset Allocation Growth Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>18 Putnam Dynamic Risk Allocation Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD></TR>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>19 Putnam Emerging Markets Equity Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>20 Putnam Emerging Markets Income Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD></TR>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>21 Putnam Equity Income Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>22 Putnam Equity Spectrum Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD></TR>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>23 Putnam Europe Equity Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>24 Putnam Floating Rate Income Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD></TR>

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   <TD width="100%" colSpan=10>&nbsp;</TD></TR>

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 <TD noWrap align=left width="90%" colSpan=9><B><FONT face=serif size=2>4. Approving an amendment to a fundamental investment restriction with respect to investments in commodities.</FONT></B>&nbsp;</TD>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1></FONT></TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=1><STRONG>FOR</STRONG></FONT></TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=1><STRONG>AGAINST</STRONG></FONT></TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=1><STRONG>ABSTAIN</STRONG></FONT></TD>

   <TD noWrap align=left width="10%"></TD>

   <TD noWrap align=left width="25%"></TD>

   <TD noWrap align=left width="5%"></TD>

   <TD noWrap align=left width="5%"></TD>

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   <TD noWrap align=left width="10%"></TD></TR>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>Putnam Dynamic Asset Allocation Conservative Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%">&nbsp;</TD>

   <TD noWrap align=left width="5%"></TD>

   <TD noWrap align=left width="5%"></TD>

   <TD noWrap align=left width="5%">&nbsp;</TD>

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<P style="TEXT-ALIGN: left"><B><FONT face=serif size=2>5. Approving an amendment to a fundamental investment policy regarding diversification of investments.</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=1>Not Applicable</FONT></P>

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   <TD align=center><B><FONT face=serif size=2>Important Notice Regarding the Availability of Proxy Materials</FONT></B></TD></TR>

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   <TD align=center><B><FONT face=serif size=2>for the Shareholder Meeting to be held on February 27, 2014.</FONT></B></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center><B><FONT face=serif size=2>The Proxy Statement for this meeting is available at </FONT></B><B><U><FONT face=serif size=2>www.proxy-direct.com/put-25215</FONT></U></B>&nbsp;</TD></TR></TABLE></DIV>

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   <TD align=center><B><FONT face=serif size=1>PUT25215_121013</FONT></B></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=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 the meeting of shareholders of the Putnam funds. The meeting will take place on February 27, 2014, at 11:00 a.m., Boston time, and may be adjourned to later times or dates. </FONT><B><FONT face=serif size=2>Your vote is being solicited on behalf of the Trustees. </FONT></B><FONT face=serif size=2>When you complete and sign this proxy card, your shares will be voted on your behalf exactly as you have indicated on this card. </FONT><B><FONT face=serif size=2>If you simply sign this proxy card, and do not vote on a specific proposal, your shares will be automatically voted as the Trustees recommend. </FONT></B><FONT face=serif size=2>The proxies are also authorized to vote at their discretion on any other matter that arises at the meeting or any adjournment of the meeting.</FONT></P>
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   <TD noWrap align=left width="33%"><U><FONT face=serif size=2>Funds</FONT></U>&nbsp;</TD>

   <TD noWrap align=left width="33%"><U><FONT face=serif size=2>Funds</FONT></U>&nbsp;</TD>

   <TD noWrap align=left width="33%"><U><FONT face=serif size=2>Funds</FONT></U>&nbsp;</TD></TR>

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   <TD noWrap align=left width="33%"><FONT face=serif size=2>The Putnam Fund for Growth and Income</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>George Putnam Balanced Fund</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam Global Consumer Fund</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam Global Dividend Fund</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam Global Energy Fund</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam Global Equity Fund</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam Global Financials Fund</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam Global Health Care Fund</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam Global Income Trust</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam Global Industrials Fund</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam Global Natural Resources Fund</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam Global Sector Fund</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam Global Technology Fund</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam Global Telecommunications Fund</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam Global Utilities Fund</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam Growth Opportunities Fund</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam High Income Securities Fund</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam High Yield Advantage Fund</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam High Yield Trust</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam Income Fund</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam Intermediate-Term Municipal Income Fund</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam International Capital Opportunities Fund</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam International Equity Fund</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam International Growth Fund</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=serif size=2>THE TRUSTEES RECOMMEND A VOTE </FONT><B><U><FONT face=serif size=2>FOR </FONT></U></B><FONT face=serif size=2>ALL PROPOSALS AS DESCRIBED IN THE PROXY STATEMENT.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=serif size=2>Please vote by filling in the appropriate box below in blue or black ink as in this example: &#9632;</FONT></B></P>

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   <TD width="5%"></TD>

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   <TD width="10%"></TD>

   <TD width="25%"></TD>

   <TD width="5%"></TD>

   <TD width="5%"></TD>

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   <TD noWrap align=left width="90%" colSpan=9><B><FONT face=serif size=2>1. Approving a new management contract for your fund.</FONT></B> <B><FONT face=serif size=2></FONT></B><B><FONT face=serif size=2></FONT></B><B><FONT face=serif size=2></FONT></B></TD>

   <TD noWrap align=left width="10%"></TD></TR>

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   <TD noWrap align=left width="25%"></TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=1><STRONG>FOR</STRONG></FONT></TD>

   <TD noWrap align=center width="5%"><B><FONT face=serif size=1>AGAINST </FONT></B></TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=1><STRONG>ABSTAIN</STRONG></FONT></TD>

   <TD noWrap align=right width="10%"><B><FONT face=serif size=1></FONT></B></TD>

   <TD noWrap align=left width="25%">&nbsp;</TD>

   <TD noWrap align=center width="5%"><B><FONT face=serif size=1>FOR</FONT></B></TD>

   <TD noWrap align=center width="5%"><B><FONT face=serif size=1>AGAINST</FONT></B></TD>

   <TD noWrap align=center width="5%"><B><FONT face=serif size=1>ABSTAIN</FONT></B></TD>

   <TD noWrap align=left width="10%"><B><FONT face=serif size=1></FONT></B></TD></TR>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>01 The Putnam Fund for Growth and Income</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=left width="10%"></TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>02 George Putnam Balanced Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=left width="10%"></TD></TR>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>03 Putnam Global Consumer Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=left width="10%"></TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>04 Putnam Global Dividend Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=left width="10%"></TD></TR>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>05 Putnam Global Energy Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=left width="10%"></TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>06 Putnam Global Equity Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=left width="10%"></TD></TR>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>07 Putnam Global Financials Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=left width="10%"></TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>08 Putnam Global Health Care Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

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   <TD noWrap align=center width="5%">&#9633;</TD>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>09 Putnam Global Income Trust</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=left width="10%"></TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>10 Putnam Global Industrials Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=left width="10%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>11 Putnam Global Natural Resources Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=left width="10%"></TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>12 Putnam Global Sector Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=left width="10%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>13 Putnam Global Technology Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>14 Putnam Global Telecommunications Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>15 Putnam Global Utilities Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>16 Putnam Growth Opportunities Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>17 Putnam High Income Securities Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>18 Putnam High Yield Advantage Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

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   <TD noWrap align=center width="5%">&#9633;</TD>

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<TR vAlign=bottom>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>19 Putnam High Yield Trust</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>20 Putnam Income Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>21 Putnam Intermediate-Term Municipal Income Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>22 Putnam International Capital Opportunities Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

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   <TD noWrap align=center width="5%">&#9633;</TD>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>23 Putnam International Equity Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>24 Putnam International Growth Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

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   <TD noWrap align=left width="24%" colSpan=2><B><FONT face=serif size=2>2.</FONT></B> <B><FONT face=serif size=2>Electing Trustees.</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD>

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   <TD noWrap align=left width="96%" colSpan=8><FONT face=serif size=2>To withhold authority to vote for any individual nominee(s), but to vote for all other nominees, mark the &#8220;FOR ALL EXCEPT&#8221; box and</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="48%" colSpan=4><FONT face=serif size=2>write the nominee number(s) on the line provided.</FONT>&nbsp;</TD>

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   <TD noWrap align=left width="4%"><FONT face=serif size=2>01.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=serif size=2>Liaquat Ahamed</FONT>&nbsp;</TD>

   <TD noWrap align=left width="4%"><FONT face=serif size=2>05.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=serif size=2>Charles B. Curtis</FONT>&nbsp;</TD>

   <TD noWrap align=left width="4%"><FONT face=serif size=2>09.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=serif size=2>Paul L. Joskow</FONT>&nbsp;</TD>

   <TD noWrap align=left width="4%"><FONT face=serif size=2>13.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=serif size=2>Robert L. Reynolds</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="4%"><FONT face=serif size=2>02.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=serif size=2>Ravi Akhoury</FONT>&nbsp;</TD>

   <TD noWrap align=left width="4%"><FONT face=serif size=2>06.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=serif size=2>Robert J. Darretta</FONT>&nbsp;</TD>

   <TD noWrap align=left width="4%"><FONT face=serif size=2>10.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=serif size=2>Kenneth R. Leibler</FONT>&nbsp;</TD>

   <TD noWrap align=left width="4%"><FONT face=serif size=2>14.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=serif size=2>W. Thomas Stephens</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="4%"><FONT face=serif size=2>03.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=serif size=2>Barbara M. Baumann</FONT>&nbsp;</TD>

   <TD noWrap align=left width="4%"><FONT face=serif size=2>07.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=serif size=2>Katinka Domotorffy</FONT>&nbsp;</TD>

   <TD noWrap align=left width="4%"><FONT face=serif size=2>11.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=serif size=2>Robert E. Patterson</FONT>&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD></TR>

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   <TD noWrap align=left width="4%"><FONT face=serif size=2>04.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=serif size=2>Jameson A. Baxter</FONT>&nbsp;</TD>

   <TD noWrap align=left width="4%"><FONT face=serif size=2>08.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=serif size=2>John A. Hill</FONT>&nbsp;</TD>

   <TD noWrap align=left width="4%"><FONT face=serif size=2>12.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=serif size=2>George Putnam, III</FONT>&nbsp;</TD>

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   <TD noWrap align=left width="20%">&nbsp;</TD></TR></TABLE></DIV>

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   <TD noWrap align=center width="75%" colSpan=9><FONT face=serif size=1><STRONG></STRONG></FONT><B><FONT face=serif size=1></FONT></B><FONT face=serif size=1><STRONG></STRONG></FONT></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%"></TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=1><STRONG>FOR</STRONG></FONT></TD>

   <TD noWrap align=center width="5%"><B><FONT face=serif size=1>WITHHOLD </FONT></B></TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=1><STRONG>FOR ALL</STRONG></FONT></TD>

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   <TD noWrap align=center width="5%"><B><FONT face=serif size=1>FOR</FONT></B></TD>

   <TD noWrap align=center width="5%"><B><FONT face=serif size=1>WITHHOLD </FONT></B></TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=1><STRONG>FOR ALL</STRONG></FONT></TD>

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   <TD noWrap align=center width="5%"><FONT face=serif size=1><STRONG>ALL</STRONG></FONT></TD>

   <TD noWrap align=center width="5%"><B><FONT face=serif size=1>ALL </FONT></B></TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=1><STRONG>EXCEPT</STRONG></FONT></TD>

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   <TD noWrap align=center width="5%"><FONT face=serif size=1><STRONG>ALL</STRONG></FONT></TD>

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EXCEPT</FONT></STRONG></TD>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>01 The Putnam Fund for Growth and Income</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



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   <TD noWrap align=left width="25%"><FONT face=serif size=1>02 George Putnam Balanced Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



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   <TD noWrap align=left width="25%"><FONT face=serif size=1>03 Putnam Global Consumer Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



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   <TD noWrap align=left width="25%"><FONT face=serif size=1>04 Putnam Global Dividend Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



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   <TD noWrap align=left width="25%"><FONT face=serif size=1>05 Putnam Global Energy Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>06 Putnam Global Equity Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="10%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>07 Putnam Global Financials Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>08 Putnam Global Health Care Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



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   <TD noWrap align=left width="25%"><FONT face=serif size=1>09 Putnam Global Income Trust</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>10 Putnam Global Industrials Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="10%">&nbsp;</TD></TR>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>11 Putnam Global Natural Resources Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



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   <TD noWrap align=left width="25%"><FONT face=serif size=1>12 Putnam Global Sector Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



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   <TD noWrap align=left width="25%"><FONT face=serif size=1>13 Putnam Global Technology Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



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   <TD noWrap align=left width="25%"><FONT face=serif size=1>14 Putnam Global Telecommunications Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



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   <TD noWrap align=left width="25%"><FONT face=serif size=1>15 Putnam Global Utilities Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



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   <TD noWrap align=left width="25%"><FONT face=serif size=1>16 Putnam Growth Opportunities Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>17 Putnam High Yield Advantage Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



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   <TD noWrap align=left width="25%"><FONT face=serif size=1>18 Putnam High Yield Trust</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



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   <TD noWrap align=left width="25%"><FONT face=serif size=1>19 Putnam Income Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



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   <TD noWrap align=left width="25%"><FONT face=serif size=1>20 Putnam Intermediate-Term Municipal Income Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



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   <TD noWrap align=left width="25%"><FONT face=serif size=1>21 Putnam International Capital Opportunities Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



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   <TD noWrap align=left width="25%"><FONT face=serif size=1>22 Putnam International Equity Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



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   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="10%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>23 Putnam International Growth Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%">&nbsp;</TD>

   <TD noWrap align=left width="25%" colSpan=4></TD></TR>

<TR>

   <TD width="100%" colSpan=10>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="75%" colSpan=6><B><FONT face=serif size=2>3. Approving an Amended and Restated Declaration of Trust for your fund.</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="5%"><B><FONT face=serif size=2></FONT></B></TD>

   <TD noWrap align=left width="5%"><B><FONT face=serif size=2></FONT></B></TD>

   <TD noWrap align=left width="5%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%"></TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=1><STRONG>FOR</STRONG></FONT></TD>

   <TD noWrap align=center width="5%"><B><FONT face=serif size=1>AGAINST </FONT></B></TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=1><STRONG>ABSTAIN</STRONG></FONT></TD>

   <TD noWrap align=right width="10%"></TD>

   <TD noWrap align=left width="25%"><B><FONT face=serif size=1></FONT></B></TD>

   <TD noWrap align=center width="5%">&nbsp;<STRONG><FONT face=serif size=1>
FOR</FONT></STRONG></TD>

   <TD noWrap align=center width="5%">&nbsp;<STRONG><FONT face=serif size=1>
AGAINST</FONT></STRONG></TD>

   <TD noWrap align=center width="5%">&nbsp;<STRONG><FONT face=serif size=1>
ABSTAIN</FONT></STRONG></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD></TR>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>01 The Putnam Fund for Growth and Income</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>02 George Putnam Balanced Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD></TR>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>03 Putnam Global Consumer Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>04 Putnam Global Dividend Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD></TR>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>05 Putnam Global Energy Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>06 Putnam Global Equity Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>07 Putnam Global Financials Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>08 Putnam Global Health Care Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>09 Putnam Global Income Trust</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>10 Putnam Global Industrials Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD></TR>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>11 Putnam Global Natural Resources Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>12 Putnam Global Sector Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD></TR>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>13 Putnam Global Technology Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>14 Putnam Global Telecommunications Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD></TR>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>15 Putnam Global Utilities Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>16 Putnam Growth Opportunities Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD></TR>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>17 Putnam High Yield Advantage Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>18 Putnam High Yield Trust</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD></TR>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>19 Putnam Income Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>20 Putnam Intermediate-Term Municipal Income Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD></TR>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>21 Putnam International Capital Opportunities Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>22 Putnam International Equity Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>23 Putnam International Growth Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%">&nbsp;</TD>

   <TD noWrap align=center width="5%"></TD>

   <TD noWrap align=center width="5%"></TD>

   <TD noWrap align=center width="5%"></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=10>&nbsp;</TD></TR>

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   <TD noWrap align=left width="90%" colSpan=9><B><FONT face=serif size=2>4. Approving an amendment to a fundamental investment restriction with respect to investments in commodities.</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=10>&nbsp;</TD></TR>

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   <TD noWrap align=left width="90%" colSpan=9><FONT face=serif size=1>Not Applicable</FONT> <FONT face=serif size=1></FONT><FONT face=serif size=1></FONT><FONT face=serif size=1></FONT></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=10>&nbsp;</TD></TR>

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   <TD noWrap align=left width="75%" colSpan=6><B><FONT face=serif size=2>5. Approving an amendment to a fundamental investment policy regarding diversification of investments.</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="5%"><B><FONT face=serif size=2></FONT></B></TD>

   <TD noWrap align=left width="5%"><B><FONT face=serif size=2></FONT></B></TD>

   <TD noWrap align=left width="5%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD></TR>

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   <TD noWrap align=left width="25%"><B><FONT face=serif size=1></FONT></B></TD>

   <TD noWrap align=center width="5%">&nbsp;<STRONG><FONT face=serif size=1>
FOR</FONT></STRONG></TD>

   <TD noWrap align=center width="5%">&nbsp;<STRONG><FONT face=serif size=1>
AGAINST</FONT></STRONG></TD>

   <TD noWrap align=center width="5%">&nbsp;<STRONG><FONT face=serif size=1>
ABSTAIN</FONT></STRONG></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=center width="25%"><B><FONT face=serif size=1></FONT></B></TD>

   <TD noWrap align=center width="5%"><STRONG><FONT face=serif size=1>
FOR&nbsp;</FONT></STRONG>&nbsp;</TD>

   <TD noWrap align=center width="5%"><STRONG><FONT face=serif size=1>
AGAINST&nbsp;</FONT></STRONG>&nbsp;</TD>

   <TD noWrap align=center width="5%"><STRONG><FONT face=serif size=1>
ABSTAIN</FONT></STRONG>&nbsp;&nbsp;</TD>

   <TD noWrap align=right width="10%">&nbsp;</TD></TR>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>01 Putnam Global Consumer Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>02 Putnam Global Financials Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD></TR></TABLE></DIV>

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   <TD align=center><B><FONT face=serif size=2>Important Notice Regarding the Availability of Proxy Materials</FONT></B></TD></TR>

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   <TD align=center><B><FONT face=serif size=2>for the Shareholder Meeting to be held on February 27, 2014.</FONT></B></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center><B><FONT face=serif size=2>The Proxy Statement for this meeting is available at </FONT></B><B><U><FONT face=serif size=2>www.proxy-direct.com/put-25215</FONT></U></B>&nbsp;</TD></TR></TABLE></DIV>

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   <TD align=center><B><FONT face=serif size=1>PUT25215_121013</FONT></B><FONT face=serif size=1></FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=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 the meeting of shareholders of the Putnam funds. The meeting will take place on February 27, 2014, at 11:00 a.m., Boston time, and may be adjourned to later times or dates. </FONT><B><FONT face=serif size=2>Your vote is being solicited on behalf of the Trustees. </FONT></B><FONT face=serif size=2>When you complete and sign this proxy card, your shares will be voted on your behalf exactly as you have indicated on this card. </FONT><B><FONT face=serif size=2>If you simply sign this proxy card, and do not vote on a specific proposal, your shares will be automatically voted as the Trustees recommend. </FONT></B><FONT face=serif size=2>The proxies are also authorized to vote at their discretion on any other matter that arises at the meeting or any adjournment of the meeting.</FONT></P>
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   <TD noWrap align=left width="33%"><U><FONT face=serif size=2>Funds</FONT></U>&nbsp;</TD>

   <TD noWrap align=left width="33%"><U><FONT face=serif size=2>Funds</FONT></U>&nbsp;</TD>

   <TD noWrap align=left width="33%"><U><FONT face=serif size=2>Funds</FONT></U>&nbsp;</TD></TR>

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   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam International Value Fund</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam Investors Fund</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam Low Volatility Equity Fund</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam Managed Municipal Income Trust</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam Massachusetts Tax Exempt Income Fund</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam Master Intermediate Income Trust</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam Michigan Tax Exempt Income Fund</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam Minnesota Tax Exempt Income Fund</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam Money Market Fund</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam Money Market Liquidity Fund</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam Multi-Cap Core Fund</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam Multi-Cap Growth Fund</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam Multi-Cap Value Fund</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam Municipal Opportunities Trust</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam New Jersey Tax Exempt Income Fund</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam New York Tax Exempt Income Fund</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam Ohio Tax Exempt Income Fund</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam Pennsylvania Tax Exempt Income Fund</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam Premier Income Trust</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam Research Fund</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam RetirementReady 2055 Fund</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam RetirementReady 2050 Fund</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam RetirementReady 2045 Fund</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam RetirementReady 2040 Fund</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=serif size=2>THE TRUSTEES RECOMMEND A VOTE </FONT><B><U><FONT face=serif size=2>FOR </FONT></U></B><FONT face=serif size=2>ALL PROPOSALS AS DESCRIBED IN THE PROXY STATEMENT.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=serif size=2>Please vote by filling in the appropriate box below in blue or black ink as in this example: &#9632;</FONT></B></P>

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   <TD width="25%"></TD>

   <TD width="5%"></TD>

   <TD width="5%"></TD>

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   <TD width="10%"></TD>

   <TD width="25%"></TD>

   <TD width="5%"></TD>

   <TD width="5%"></TD>

   <TD width="5%"></TD>

   <TD width="10%"></TD></TR>

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   <TD noWrap align=left width="90%" colSpan=9><B><FONT face=serif size=2>1. Approving a new management contract for your fund.</FONT></B></TD>

   <TD noWrap align=left width="10%"></TD></TR>

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   <TD noWrap align=center width="5%"><FONT face=serif size=1><STRONG>FOR</STRONG></FONT></TD>

   <TD noWrap align=center width="5%"><B><FONT face=serif size=1>AGAINST </FONT></B></TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=1><STRONG>ABSTAIN</STRONG></FONT></TD>

   <TD noWrap align=right width="10%"></TD>

   <TD noWrap align=left width="25%">&nbsp;</TD>

   <TD noWrap align=center width="5%"><B><FONT face=serif size=1>FOR</FONT></B></TD>

   <TD noWrap align=center width="5%"><B><FONT face=serif size=1>AGAINST</FONT></B></TD>

   <TD noWrap align=center width="5%"><B><FONT face=serif size=1>ABSTAIN</FONT></B></TD>

   <TD noWrap align=left width="10%"><B><FONT face=serif size=1></FONT></B></TD></TR>

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<TABLE style="WIDTH: 80%" cellSpacing=0 border=0>



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   <TD noWrap align=left width="24%" colSpan=2><B><FONT face=serif size=2>2.</FONT></B> <B><FONT face=serif size=2>Electing Trustees.</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD>

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   <TD noWrap align=left width="96%" colSpan=8><FONT face=serif size=2>To withhold authority to vote for any individual nominee(s), but to vote for all other nominees, mark the &#8220;FOR ALL EXCEPT&#8221; box and</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="48%" colSpan=4><FONT face=serif size=2>write the nominee number(s) on the line provided.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

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   <TD noWrap align=left width="4%"><FONT face=serif size=2>01.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=serif size=2>Liaquat Ahamed</FONT>&nbsp;</TD>

   <TD noWrap align=left width="4%"><FONT face=serif size=2>05.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=serif size=2>Charles B. Curtis</FONT>&nbsp;</TD>

   <TD noWrap align=left width="4%"><FONT face=serif size=2>09.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=serif size=2>Paul L. Joskow</FONT>&nbsp;</TD>

   <TD noWrap align=left width="4%"><FONT face=serif size=2>13.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=serif size=2>Robert L. Reynolds</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="4%"><FONT face=serif size=2>02.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=serif size=2>Ravi Akhoury</FONT>&nbsp;</TD>

   <TD noWrap align=left width="4%"><FONT face=serif size=2>06.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=serif size=2>Robert J. Darretta</FONT>&nbsp;</TD>

   <TD noWrap align=left width="4%"><FONT face=serif size=2>10.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=serif size=2>Kenneth R. Leibler</FONT>&nbsp;</TD>

   <TD noWrap align=left width="4%"><FONT face=serif size=2>14.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=serif size=2>W. Thomas Stephens</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="4%"><FONT face=serif size=2>03.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=serif size=2>Barbara M. Baumann</FONT>&nbsp;</TD>

   <TD noWrap align=left width="4%"><FONT face=serif size=2>07.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=serif size=2>Katinka Domotorffy</FONT>&nbsp;</TD>

   <TD noWrap align=left width="4%"><FONT face=serif size=2>11.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=serif size=2>Robert E. Patterson</FONT>&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD></TR>

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   <TD noWrap align=left width="4%"><FONT face=serif size=2>04.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=serif size=2>Jameson A. Baxter</FONT>&nbsp;</TD>

   <TD noWrap align=left width="4%"><FONT face=serif size=2>08.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=serif size=2>John A. Hill</FONT>&nbsp;</TD>

   <TD noWrap align=left width="4%"><FONT face=serif size=2>12.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=serif size=2>George Putnam, III</FONT>&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD></TR></TABLE></DIV>

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<TR>

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   <TD noWrap align=center width="5%"><FONT face=serif size=1><STRONG>FOR</STRONG><FONT size=3>&nbsp;</FONT></FONT></TD>

   <TD noWrap align=center width="5%"><B><FONT face=serif size=1>WITHHOLD </FONT></B></TD>

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FOR </FONT></STRONG></TD>

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WITHHOLD </FONT></STRONG></TD>

   <TD noWrap align=center width="5%"><B><FONT face=serif size=1>FOR ALL</FONT></B></TD>

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<TR vAlign=bottom>

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   <TD noWrap align=center width="5%"><FONT face=serif size=1><STRONG>ALL</STRONG><FONT size=3>&nbsp;</FONT></FONT></TD>

   <TD noWrap align=center width="5%"><B><FONT face=serif size=1>ALL </FONT></B></TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=1><STRONG>EXCEPT</STRONG><FONT size=3>&nbsp;</FONT></FONT></TD>

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ALL</FONT></STRONG></TD>

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ALL</FONT></STRONG></TD>

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EXCEPT</FONT></STRONG></TD>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>01 Putnam International Value Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



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   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



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   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



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   <TD noWrap align=left width="25%"><FONT face=serif size=1>06 Putnam Minnesota Tax Exempt Income Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



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   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



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   <TD noWrap align=left width="25%"><FONT face=serif size=1>08 Putnam Money Market Liquidity Fund</FONT>&nbsp;</TD>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>09 Putnam Multi-Cap Core Fund</FONT>&nbsp;</TD>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>11 Putnam Multi-Cap Value Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



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   <TD noWrap align=left width="25%"><FONT face=serif size=1>13 Putnam New York Tax Exempt Income Fund</FONT>&nbsp;</TD>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>14 Putnam Ohio Tax Exempt Income Fund</FONT>&nbsp;</TD>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>15 Putnam Pennsylvania Tax Exempt Income Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>16 Putnam Research Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>17 Putnam RetirementReady 2055 Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>18 Putnam RetirementReady 2050 Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>19 Putnam RetirementReady 2045 Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>20 Putnam RetirementReady 2040 Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%">&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=10>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=10>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=10>&nbsp;</TD></TR>

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   <TD noWrap align=left width="75%" colSpan=6><B><FONT face=serif size=2>3. Approving an Amended and Restated Declaration of Trust for your fund.</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="5%"><B><FONT face=serif size=2></FONT></B></TD>

   <TD noWrap align=left width="5%"><B><FONT face=serif size=2></FONT></B></TD>

   <TD noWrap align=left width="5%">&nbsp;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%"></TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=1><STRONG>FOR</STRONG></FONT></TD>

   <TD noWrap align=center width="5%"><B><FONT face=serif size=1>AGAINST </FONT></B></TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=1><STRONG>ABSTAIN</STRONG></FONT></TD>

   <TD noWrap align=center width="10%"></TD>

   <TD noWrap align=left width="25%">&nbsp;</TD>

   <TD noWrap align=center width="5%"><STRONG><FONT face=serif size=1>
FOR </FONT></STRONG></TD>

   <TD noWrap align=center width="5%"><STRONG><FONT face=serif size=1>
AGAINST</FONT></STRONG></TD>

   <TD noWrap align=center width="5%"><STRONG><FONT face=serif size=1>
ABSTAIN</FONT></STRONG></TD>

   <TD noWrap align=center width="10%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>01 Putnam International Value Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>02 Putnam Investors Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="10%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>03 Putnam Low Volatility Equity Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>04 Putnam Massachusetts Tax Exempt Income Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="10%">&nbsp;</TD></TR>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>05 Putnam Michigan Tax Exempt Income Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>06 Putnam Minnesota Tax Exempt Income Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="10%">&nbsp;</TD></TR>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>07 Putnam Money Market Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>08 Putnam Money Market Liquidity Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="10%">&nbsp;</TD></TR>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>09 Putnam Multi-Cap Core Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>10 Putnam Multi-Cap Growth Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="10%">&nbsp;</TD></TR>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>11 Putnam Multi-Cap Value Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>12 Putnam New Jersey Tax Exempt Income Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="10%">&nbsp;</TD></TR>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>13 Putnam New York Tax Exempt Income Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>14 Putnam Ohio Tax Exempt Income Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="10%">&nbsp;</TD></TR>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>15 Putnam Pennsylvania Tax Exempt Income Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>16 Putnam Research Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="10%">&nbsp;</TD></TR>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>17 Putnam RetirementReady 2055 Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>18 Putnam RetirementReady 2050 Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="10%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>19 Putnam RetirementReady 2045 Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>20 Putnam RetirementReady 2040 Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="10%">&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><B><FONT face=serif size=2>4. Approving an amendment to a fundamental investment restriction with respect to investments in commodities.</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=1>Not Applicable</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=serif size=2>5. Approving an amendment to a fundamental investment policy regarding diversification of investments.</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=1>Not Applicable</FONT></P>

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   <TD align=center><B><FONT face=serif size=2>Important Notice Regarding the Availability of Proxy Materials</FONT></B></TD></TR>

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   <TD align=center><B><FONT face=serif size=2>for the Shareholder Meeting to be held on February 27, 2014.</FONT></B></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center><B><FONT face=serif size=2>The Proxy Statement for this meeting is available at </FONT></B><B><U><FONT face=serif size=2>www.proxy-direct.com/put-25215</FONT></U></B>&nbsp;</TD></TR></TABLE></DIV>

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   <TD align=center><B><FONT face=serif size=1>PUT25215_121013</FONT></B><FONT face=serif size=1></FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=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 the meeting of shareholders of the Putnam funds. The meeting will take place on February 27, 2014, at 11:00 a.m., Boston time, and may be adjourned to later times or dates. </FONT><B><FONT face=serif size=2>Your vote is being solicited on behalf of the Trustees. </FONT></B><FONT face=serif size=2>When you complete and sign this proxy card, your shares will be voted on your behalf exactly as you have indicated on this card. </FONT><B><FONT face=serif size=2>If you simply sign this proxy card, and do not vote on a specific proposal, your shares will be automatically voted as the Trustees recommend. </FONT></B><FONT face=serif size=2>The proxies are also authorized to vote at their discretion on any other matter that arises at the meeting or any adjournment of the meeting.</FONT></P>
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   <TD noWrap align=left width="33%"><U><FONT face=serif size=2>Funds</FONT></U>&nbsp;</TD>

   <TD noWrap align=left width="33%"><U><FONT face=serif size=2>Funds</FONT></U>&nbsp;</TD>

   <TD noWrap align=left width="33%"><U><FONT face=serif size=2>Funds</FONT></U>&nbsp;</TD></TR>

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   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam RetirementReady 2035 Fund</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam RetirementReady 2030 Fund</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam RetirementReady 2025 Fund</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam RetirementReady 2020 Fund</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam RetirementReady 2015 Fund</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam Retirement Income Fund Lifestyle 1</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam Retirement Income Fund Lifestyle 2</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam Retirement Income Fund Lifestyle 3</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam Short Duration Income Fund</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam Short Term Investment Fund</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam Short-Term Municipal Income Fund</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam Small Cap Growth Fund</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam Small Cap Value Fund</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam Strategic Volatility Equity Fund</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam Tax Exempt Income Fund</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam Tax Exempt Money Market Fund</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam Tax-Free High Yield Fund</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam U.S. Government Income Trust</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam Voyager Fund</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam VT Absolute Return 500 Fund</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam VT American Government Income Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam VT Capital Opportunities Fund</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam VT Diversified Income Fund</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam VT Equity Income Fund</FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=serif size=2>THE TRUSTEES RECOMMEND A VOTE </FONT><B><U><FONT face=serif size=2>FOR </FONT></U></B><FONT face=serif size=2>ALL PROPOSALS AS DESCRIBED IN THE PROXY STATEMENT.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=serif size=2>Please vote by filling in the appropriate box below in blue or black ink as in this example: &#9632;</FONT></B></P>

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   <TD width="25%"></TD>

   <TD width="5%"></TD>

   <TD width="5%"></TD>

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   <TD width="10%"></TD>

   <TD width="25%"></TD>

   <TD width="5%"></TD>

   <TD width="5%"></TD>

   <TD width="5%"></TD>

   <TD width="10%"></TD></TR>

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   <TD noWrap align=left width="90%" colSpan=9><B><FONT face=serif size=2>1. Approving a new management contract for your fund.</FONT></B></TD>

   <TD noWrap align=left width="10%"></TD></TR>

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   <TD noWrap align=left width="25%"></TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=1><STRONG>FOR</STRONG></FONT></TD>

   <TD noWrap align=center width="5%"><B><FONT face=serif size=1>AGAINST </FONT></B></TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=1><STRONG>ABSTAIN</STRONG></FONT></TD>

   <TD noWrap align=right width="10%"></TD>

   <TD noWrap align=left width="25%">&nbsp;</TD>

   <TD noWrap align=center width="5%"><B><FONT face=serif size=1>FOR</FONT></B></TD>

   <TD noWrap align=center width="5%"><B><FONT face=serif size=1>AGAINST</FONT></B></TD>

   <TD noWrap align=center width="5%"><B><FONT face=serif size=1>ABSTAIN</FONT></B></TD>

   <TD noWrap align=left width="10%"><B><FONT face=serif size=1></FONT></B></TD></TR>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>01 Putnam RetirementReady 2035 Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>02 Putnam RetirementReady 2030 Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=left width="10%"></TD></TR>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>03 Putnam RetirementReady 2025 Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>04 Putnam RetirementReady 2020 Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=left width="10%"></TD></TR>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>05 Putnam RetirementReady 2015 Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>06 Putnam Retirement Income Fund Lifestyle 1</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

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   <TD noWrap align=left width="10%"></TD></TR>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>07 Putnam Retirement Income Fund Lifestyle 2</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



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   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>08 Putnam Retirement Income Fund Lifestyle 3</FONT>&nbsp;</TD>

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   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=left width="10%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>09 Putnam Short Duration Income Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



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   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>10 Putnam Short Term Investment Fund</FONT>&nbsp;</TD>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>11 Putnam Short-Term Municipal Income Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



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   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>12 Putnam Small Cap Growth Fund</FONT>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>13 Putnam Small Cap Value Fund</FONT>&nbsp;</TD>

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   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>14 Putnam Strategic Volatility Equity Fund</FONT>&nbsp;</TD>

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   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=left width="10%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>15 Putnam Tax Exempt Income Fund</FONT>&nbsp;</TD>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>16 Putnam Tax Exempt Money Market Fund</FONT>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>17 Putnam Tax-Free High Yield Fund</FONT>&nbsp;</TD>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>18 Putnam U.S. Government Income Trust</FONT>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>19 Putnam Voyager Fund</FONT>&nbsp;</TD>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>20 Putnam VT Absolute Return 500 Fund</FONT>&nbsp;</TD>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>21 Putnam VT American Government Income Fund</FONT>&nbsp;</TD>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>22 Putnam VT Capital Opportunities Fund</FONT>&nbsp;</TD>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>23 Putnam VT Diversified Income Fund</FONT>&nbsp;</TD>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>24 Putnam VT Equity Income Fund</FONT>&nbsp;</TD>

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   <TD noWrap align=left width="10%"></TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 80%" cellSpacing=0 border=0>



<TR>

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   <TD noWrap align=left width="24%" colSpan=2><B><FONT face=serif size=2>2.</FONT></B> <B><FONT face=serif size=2>Electing Trustees.</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

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   <TD noWrap align=left width="96%" colSpan=8><FONT face=serif size=2>To withhold authority to vote for any individual nominee(s), but to vote for all other nominees, mark the &#8220;FOR ALL EXCEPT&#8221; box and</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="48%" colSpan=4><FONT face=serif size=2>write the nominee number(s) on the line provided.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD>

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   <TD noWrap align=left width="4%"><FONT face=serif size=2>01.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=serif size=2>Liaquat Ahamed</FONT>&nbsp;</TD>

   <TD noWrap align=left width="4%"><FONT face=serif size=2>05.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=serif size=2>Charles B. Curtis</FONT>&nbsp;</TD>

   <TD noWrap align=left width="4%"><FONT face=serif size=2>09.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=serif size=2>Paul L. Joskow</FONT>&nbsp;</TD>

   <TD noWrap align=left width="4%"><FONT face=serif size=2>13.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=serif size=2>Robert L. Reynolds</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="4%"><FONT face=serif size=2>02.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=serif size=2>Ravi Akhoury</FONT>&nbsp;</TD>

   <TD noWrap align=left width="4%"><FONT face=serif size=2>06.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=serif size=2>Robert J. Darretta</FONT>&nbsp;</TD>

   <TD noWrap align=left width="4%"><FONT face=serif size=2>10.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=serif size=2>Kenneth R. Leibler</FONT>&nbsp;</TD>

   <TD noWrap align=left width="4%"><FONT face=serif size=2>14.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=serif size=2>W. Thomas Stephens</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="4%"><FONT face=serif size=2>03.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=serif size=2>Barbara M. Baumann</FONT>&nbsp;</TD>

   <TD noWrap align=left width="4%"><FONT face=serif size=2>07.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=serif size=2>Katinka Domotorffy</FONT>&nbsp;</TD>

   <TD noWrap align=left width="4%"><FONT face=serif size=2>11.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=serif size=2>Robert E. Patterson</FONT>&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD></TR>

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   <TD noWrap align=left width="4%"><FONT face=serif size=2>04.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=serif size=2>Jameson A. Baxter</FONT>&nbsp;</TD>

   <TD noWrap align=left width="4%"><FONT face=serif size=2>08.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=serif size=2>John A. Hill</FONT>&nbsp;</TD>

   <TD noWrap align=left width="4%"><FONT face=serif size=2>12.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=serif size=2>George Putnam, III</FONT>&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

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<TABLE style="WIDTH: 80%" cellSpacing=0 border=0>



<TR>

   <TD width="90%" colSpan=9></TD>

   <TD width="10%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%"></TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=1><STRONG>FOR</STRONG></FONT></TD>

   <TD noWrap align=center width="5%"><B><FONT face=serif size=1>WITHHOLD </FONT></B></TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=1><STRONG>FOR ALL</STRONG></FONT></TD>

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   <TD noWrap align=left width="25%">&nbsp;</TD>

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FOR</FONT></STRONG></TD>

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FOR ALL</FONT></STRONG></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD></TR>

<TR vAlign=bottom>

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   <TD noWrap align=center width="5%"><FONT face=serif size=1><STRONG>ALL</STRONG></FONT></TD>

   <TD noWrap align=center width="5%"><B><FONT face=serif size=1>ALL </FONT></B></TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=1><STRONG>EXCEPT</STRONG></FONT></TD>

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ALL</FONT></STRONG></TD>

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ALL</FONT></STRONG></TD>

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EXCEPT</FONT></STRONG></TD>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>01 Putnam RetirementReady 2035 Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



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   <TD noWrap align=left width="25%"><FONT face=serif size=1>02 Putnam RetirementReady 2030 Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



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<TR vAlign=bottom>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>03 Putnam RetirementReady 2025 Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



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   <TD noWrap align=left width="25%"><FONT face=serif size=1>04 Putnam RetirementReady 2020 Fund</FONT>&nbsp;</TD>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>05 Putnam RetirementReady 2015 Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



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   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>06 Putnam Retirement Income Fund Lifestyle 1</FONT>&nbsp;</TD>

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<TR vAlign=bottom>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>07 Putnam Retirement Income Fund Lifestyle 2</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



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   <TD noWrap align=left width="25%"><FONT face=serif size=1>08 Putnam Retirement Income Fund Lifestyle 3</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

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<TR vAlign=bottom>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>09 Putnam Short Duration Income Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



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   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>10 Putnam Short Term Investment Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



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   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="10%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>11 Putnam Short-Term Municipal Income Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>12 Putnam Small Cap Growth Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="10%">&nbsp;</TD></TR>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>13 Putnam Small Cap Value Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>14 Putnam Strategic Volatility Equity Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



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   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="10%">&nbsp;</TD></TR>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>15 Putnam Tax Exempt Income Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



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   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>16 Putnam Tax Exempt Money Market Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



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   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="10%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>17 Putnam Tax-Free High Yield Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>18 Putnam U.S. Government Income Trust</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="10%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>19 Putnam Voyager Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



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   <TD noWrap align=left width="25%"><FONT face=serif size=1>20 Putnam VT Absolute Return 500 Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



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   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="10%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>21 Putnam VT American Government Income Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>22 Putnam VT Capital Opportunities Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="10%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>23 Putnam VT Diversified Income Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>24 Putnam VT Equity Income Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="10%">&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=10>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="90%" colSpan=9><B><FONT face=serif size=2>3. Approving an Amended and Restated Declaration of Trust for your fund.</FONT></B> <B><FONT face=serif size=2></FONT></B></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%"></TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=1><STRONG>FOR</STRONG></FONT></TD>

   <TD noWrap align=center width="5%"><B><FONT face=serif size=1>AGAINST </FONT></B></TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=1><STRONG>ABSTAIN</STRONG></FONT></TD>

   <TD noWrap align=right width="10%"></TD>

   <TD noWrap align=left width="25%">&nbsp;</TD>

   <TD noWrap align=center width="5%"><STRONG><FONT face=serif size=1>
FOR </FONT></STRONG></TD>

   <TD noWrap align=center width="5%"><B><FONT face=serif size=1>AGAINST</FONT></B></TD>

   <TD noWrap align=center width="5%"><STRONG><FONT face=serif size=1>
ABSTAIN</FONT></STRONG></TD>

   <TD noWrap align=right width="10%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>01 Putnam RetirementReady 2035 Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>02 Putnam RetirementReady 2030 Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>03 Putnam RetirementReady 2025 Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>04 Putnam RetirementReady 2020 Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>05 Putnam RetirementReady 2015 Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>06 Putnam Retirement Income Fund Lifestyle 1</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>07 Putnam Retirement Income Fund Lifestyle 2</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>08 Putnam Retirement Income Fund Lifestyle 3</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>09 Putnam Short Duration Income Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>10 Putnam Short Term Investment Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>11 Putnam Short-Term Municipal Income Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>12 Putnam Small Cap Growth Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>13 Putnam Small Cap Value Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>14 Putnam Strategic Volatility Equity Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD></TR>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>15 Putnam Tax Exempt Income Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>16 Putnam Tax Exempt Money Market Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD></TR>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>17 Putnam Tax-Free High Yield Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>18 Putnam U.S. Government Income Trust</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD></TR>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>19 Putnam Voyager Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>20 Putnam VT Absolute Return 500 Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>21 Putnam VT American Government Income Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>22 Putnam VT Capital Opportunities Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>23 Putnam VT Diversified Income Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=left width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>24 Putnam VT Equity Income Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left"><B><FONT face=serif size=2>4. Approving an amendment to a fundamental investment restriction with respect to investments in commodities.</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=1>Not Applicable</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=serif size=2>5. Approving an amendment to a fundamental investment policy regarding diversification of investments.</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=1>Not Applicable</FONT></P>

<DIV align=left>

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   <TD align=center><B><FONT face=serif size=2>Important Notice Regarding the Availability of Proxy Materials</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=center><B><FONT face=serif size=2>for the Shareholder Meeting to be held on February 27, 2014.</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center><B><FONT face=serif size=2>The Proxy Statement for this meeting is available at </FONT></B><B><U><FONT face=serif size=2>www.proxy-direct.com/put-25215</FONT></U></B>&nbsp;</TD></TR></TABLE></DIV>

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<P align=right>
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   <TD align=center><B><FONT face=serif size=1>PUT25215_121013</FONT></B><FONT face=serif size=1></FONT>&nbsp;</TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: left"><FONT face=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 the meeting of shareholders of the Putnam funds. The meeting will take place on February 27, 2014, at 11:00 a.m., Boston time, and may be adjourned to later times or dates. </FONT><B><FONT face=serif size=2>Your vote is being solicited on behalf of the Trustees. </FONT></B><FONT face=serif size=2>When you complete and sign this proxy card, your shares will be voted on your behalf exactly as you have indicated on this card. </FONT><B><FONT face=serif size=2>If you simply sign this proxy card, and do not vote on a specific proposal, your shares will be automatically voted as the Trustees recommend. </FONT></B><FONT face=serif size=2>The proxies are also authorized to vote at their discretion on any other matter that arises at the meeting or any adjournment of the meeting.</FONT></P>
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   <TD noWrap align=left width="33%"><U><FONT face=serif size=2>Funds</FONT></U>&nbsp;</TD>

   <TD noWrap align=left width="33%"><U><FONT face=serif size=2>Funds</FONT></U>&nbsp;</TD>

   <TD noWrap align=left width="33%"><U><FONT face=serif size=2>Funds</FONT></U>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam VT George Putnam Balanced Fund</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam VT Global Asset Allocation Fund</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam VT Global Equity Fund</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam VT Global Health Care Fund</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam VT Global Utilities Fund</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam VT Growth and Income Fund</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam VT Growth Opportunities Fund</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam VT High Yield Fund</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam VT Income Fund</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam VT International Equity Fund</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam VT International Growth Fund</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam VT International Value Fund</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam VT Investors Fund</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam VT Money Market Fund</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam VT Multi-Cap Growth Fund</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam VT Multi-Cap Value Fund</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam VT Research Fund</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam VT Small Cap Value Fund</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="33%"><FONT face=serif size=2>Putnam VT Voyager Fund</FONT>&nbsp;</TD>

   <TD noWrap align=left width="33%">&nbsp;</TD>

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<P style="TEXT-ALIGN: left"><FONT face=serif size=2>THE TRUSTEES RECOMMEND A VOTE </FONT><B><U><FONT face=serif size=2>FOR </FONT></U></B><FONT face=serif size=2>ALL PROPOSALS AS DESCRIBED IN THE PROXY STATEMENT.</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=serif size=2>Please vote by filling in the appropriate box below in blue or black ink as in this example: &#9632;</FONT></B></P>

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<TR>

   <TD width="25%"></TD>

   <TD width="5%"></TD>

   <TD width="5%"></TD>

   <TD width="5%"></TD>

   <TD width="10%"></TD>

   <TD width="25%"></TD>

   <TD width="5%"></TD>

   <TD width="5%"></TD>

   <TD width="5%"></TD>

   <TD width="10%"></TD></TR>

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   <TD noWrap align=left width="90%" colSpan=9><B><FONT face=serif size=2>1. Approving a new management contract for your fund.</FONT></B></TD>

   <TD noWrap align=left width="10%"></TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%"></TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=1><STRONG>FOR</STRONG></FONT></TD>

   <TD noWrap align=center width="5%"><B><FONT face=serif size=1>AGAINST </FONT></B></TD>

   <TD noWrap align=center width="5%"><B><FONT face=serif size=1>ABSTAIN</FONT></B></TD>

   <TD noWrap align=center width="10%"><B><FONT face=serif size=1></FONT></B></TD>

   <TD noWrap align=left width="25%">&nbsp;</TD>

   <TD noWrap align=center width="5%"><B><FONT face=serif size=1>FOR</FONT></B></TD>

   <TD noWrap align=center width="5%"><B><FONT face=serif size=1>AGAINST</FONT></B></TD>

   <TD noWrap align=center width="5%"><B><FONT face=serif size=1>ABSTAIN</FONT></B></TD>

   <TD noWrap align=left width="10%"><B><FONT face=serif size=1></FONT></B></TD></TR>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>01 Putnam VT George Putnam Balanced Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="10%"></TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>02. Putnam VT Global Asset Allocation Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=left width="10%"></TD></TR>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>03 Putnam VT Global Equity Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="10%"></TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>04. Putnam VT Global Health Care Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=left width="10%"></TD></TR>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>05 Putnam VT Global Utilities Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="10%"></TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>06. Putnam VT Growth and Income Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=left width="10%"></TD></TR>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>07 Putnam VT Growth Opportunities Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="10%"></TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>08. Putnam VT High Yield Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=left width="10%"></TD></TR>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>09 Putnam VT Income Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="10%"></TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>10. Putnam VT International Equity Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

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   <TD noWrap align=center width="5%">&#9633;</TD>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>11 Putnam VT International Growth Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="10%"></TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>12. Putnam VT International Value Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>13 Putnam VT Investors Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



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   <TD noWrap align=center width="10%"></TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>14. Putnam VT Money Market Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>15 Putnam VT Multi-Cap Growth Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



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   <TD noWrap align=left width="25%"><FONT face=serif size=1>16. Putnam VT Multi-Cap Value Fund</FONT>&nbsp;</TD>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>17 Putnam VT Research Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



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   <TD noWrap align=left width="25%"><FONT face=serif size=1>18. Putnam VT Small Cap Value Fund</FONT>&nbsp;</TD>

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   <TD noWrap align=center width="5%">&#9633;</TD>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>19 Putnam VT Voyager Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



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<DIV align=left>

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   <TD noWrap align=left width="24%" colSpan=2><B><FONT face=serif size=2>2.</FONT></B> <B><FONT face=serif size=2>Electing Trustees.</FONT></B>&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

   <TD noWrap align=left width="20%">&nbsp;</TD>

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   <TD noWrap align=left width="96%" colSpan=8><FONT face=serif size=2>To withhold authority to vote for any individual nominee(s), but to vote for all other nominees, mark the &#8220;FOR ALL EXCEPT&#8221; box and</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="48%" colSpan=4><FONT face=serif size=2>write the nominee number(s) on the line provided.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

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   <TD noWrap align=left width="4%"><FONT face=serif size=2>01.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=serif size=2>Liaquat Ahamed</FONT>&nbsp;</TD>

   <TD noWrap align=left width="4%"><FONT face=serif size=2>05.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=serif size=2>Charles B. Curtis</FONT>&nbsp;</TD>

   <TD noWrap align=left width="4%"><FONT face=serif size=2>09.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=serif size=2>Paul L. Joskow</FONT>&nbsp;</TD>

   <TD noWrap align=left width="4%"><FONT face=serif size=2>13.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=serif size=2>Robert L. Reynolds</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="4%"><FONT face=serif size=2>02.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=serif size=2>Ravi Akhoury</FONT>&nbsp;</TD>

   <TD noWrap align=left width="4%"><FONT face=serif size=2>06.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=serif size=2>Robert J. Darretta</FONT>&nbsp;</TD>

   <TD noWrap align=left width="4%"><FONT face=serif size=2>10.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=serif size=2>Kenneth R. Leibler</FONT>&nbsp;</TD>

   <TD noWrap align=left width="4%"><FONT face=serif size=2>14.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=serif size=2>W. Thomas Stephens</FONT>&nbsp;</TD></TR>

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   <TD noWrap align=left width="4%"><FONT face=serif size=2>03.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=serif size=2>Barbara M. Baumann</FONT>&nbsp;</TD>

   <TD noWrap align=left width="4%"><FONT face=serif size=2>07.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=serif size=2>Katinka Domotorffy</FONT>&nbsp;</TD>

   <TD noWrap align=left width="4%"><FONT face=serif size=2>11.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=serif size=2>Robert E. Patterson</FONT>&nbsp;</TD>

   <TD noWrap align=left width="4%">&nbsp;</TD>

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   <TD noWrap align=left width="4%"><FONT face=serif size=2>04.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=serif size=2>Jameson A. Baxter</FONT>&nbsp;</TD>

   <TD noWrap align=left width="4%"><FONT face=serif size=2>08.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=serif size=2>John A. Hill</FONT>&nbsp;</TD>

   <TD noWrap align=left width="4%"><FONT face=serif size=2>12.</FONT>&nbsp;</TD>

   <TD noWrap align=left width="20%"><FONT face=serif size=2>George Putnam, III</FONT>&nbsp;</TD>

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<TR>

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   <TD noWrap align=left width="25%"></TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=1><STRONG>FOR</STRONG></FONT></TD>

   <TD noWrap align=center width="5%"><B><FONT face=serif size=1>WITHHOLD </FONT></B></TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=1><STRONG>FOR ALL</STRONG></FONT></TD>

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   <TD noWrap align=left width="25%">&nbsp;</TD>

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FOR </FONT></STRONG></TD>

   <TD noWrap align=center width="5%"><B><FONT face=serif size=1>WITHHOLD&nbsp;</FONT></B></TD>

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FOR ALL</FONT></STRONG></TD>

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   <TD noWrap align=center width="5%"><FONT face=serif size=1><STRONG>ALL</STRONG></FONT></TD>

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ALL</FONT></STRONG>&nbsp;</TD>

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ALL</FONT></STRONG></TD>

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EXCEPT</FONT></STRONG></TD>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>01 Putnam VT George Putnam Balanced Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



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   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>02. Putnam VT Global Asset Allocation Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>03 Putnam VT Global Equity Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



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   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>04. Putnam VT Global Health Care Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>05 Putnam VT Global Utilities Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



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   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>06. Putnam VT Growth and Income Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>07 Putnam VT Growth Opportunities Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>08. Putnam VT High Yield Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>09 Putnam VT Income Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



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   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>10. Putnam VT International Equity Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>11 Putnam VT International Growth Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>12. Putnam VT International Value Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%">&nbsp;</TD></TR>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>13 Putnam VT Investors Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



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   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>14. Putnam VT Money Market Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



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   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%">&nbsp;</TD></TR>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>15 Putnam VT Multi-Cap Growth Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>16. Putnam VT Multi-Cap Value Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%">&nbsp;</TD></TR>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>17 Putnam VT Research Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>18. Putnam VT Small Cap Value Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center width="10%">&nbsp;</TD></TR>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>19 Putnam VT Voyager Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



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<TR>

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<TR>

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<TR>

   <TD width="100%" colSpan=10>&nbsp;</TD></TR>

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   <TD noWrap align=left width="75%" colSpan=6><B><FONT face=serif size=2>3. Approving an Amended and Restated Declaration of Trust for your fund.</FONT></B>&nbsp;</TD>

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   <TD noWrap align=center width="5%"><FONT face=serif size=1><STRONG>FOR</STRONG></FONT></TD>

   <TD noWrap align=center width="5%"><B><FONT face=serif size=1>AGAINST </FONT></B></TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=1><STRONG>ABSTAIN</STRONG></FONT></TD>

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   <TD noWrap align=left width="25%">&nbsp;</TD>

   <TD noWrap align=center width="5%"><STRONG><FONT face=serif size=1>
FOR </FONT></STRONG></TD>

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AGAINST</FONT></STRONG></TD>

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ABSTAIN</FONT></STRONG></TD>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>01 Putnam VT George Putnam Balanced Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



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   <TD noWrap align=left width="25%"><FONT face=serif size=1>02. Putnam VT Global Asset Allocation Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

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   <TD noWrap align=left width="10%">&nbsp;</TD></TR>

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   <TD noWrap align=left width="25%"><FONT face=serif size=1>03 Putnam VT Global Equity Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>04. Putnam VT Global Health Care Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>05 Putnam VT Global Utilities Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>06. Putnam VT Growth and Income Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>07 Putnam VT Growth Opportunities Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>08. Putnam VT High Yield Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>09 Putnam VT Income Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>10. Putnam VT International Equity Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>11 Putnam VT International Growth Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>12. Putnam VT International Value Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>13 Putnam VT Investors Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>14. Putnam VT Money Market Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>15 Putnam VT Multi-Cap Growth Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>16. Putnam VT Multi-Cap Value Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>17 Putnam VT Research Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="10%">&nbsp;</TD>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>18. Putnam VT Small Cap Value Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=center width="5%">&#9633;</TD>

   <TD noWrap align=left width="10%">&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD noWrap align=left width="25%"><FONT face=serif size=1>19 Putnam VT Voyager Fund</FONT>&nbsp;</TD>

   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="5%"><FONT face=serif size=4>&#9633;</FONT></TD>



   <TD noWrap align=center width="10%">&nbsp;</TD>

   <TD noWrap align=left width="40%" colSpan=4></TD>

   <TD noWrap align=left width="10%">&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left"><B><FONT face=serif size=2>4. Approving an amendment to a fundamental investment restriction with respect to investments in commodities.</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=1>Not Applicable</FONT></P>

<P style="TEXT-ALIGN: left"><B><FONT face=serif size=2>5. Approving an amendment to a fundamental investment policy regarding diversification of investments.</FONT></B></P>

<P style="TEXT-ALIGN: left"><FONT face=serif size=1>Not Applicable</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 80%" cellSpacing=0 border=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD align=center><B><FONT face=serif size=2>Important Notice Regarding the Availability of Proxy Materials</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=center><B><FONT face=serif size=2>for the Shareholder Meeting to be held on February 27, 2014.</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center><B><FONT face=serif size=2>The Proxy Statement for this meeting is available at </FONT></B><B><U><FONT face=serif size=2>www.proxy-direct.com/put-25215</FONT></U></B>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P>

<P align=right>
<IMG src="cwballots3x10x1.jpg" border=0> </P>

<DIV align=left>

<TABLE style="WIDTH: 80%" cellSpacing=0 border=0>



<TR>

   <TD width="100%"></TD></TR>

<TR vAlign=bottom>

   <TD align=center><B><FONT face=serif size=1>PUT25215_121013</FONT></B><FONT face=serif size=1></FONT>&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0px">&nbsp;</P></DIV>






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