[H & M Final]
[Translation]
SEMI-ANNUAL REPORT
(THE FIFTH TERM)
FROM: OCTOBER 1, 1998
TO: MARCH 31, 1999
AMENDMENT TO SECURITIES REGISTRATION STATEMENT
PUTNAM U.S. GOVERNMENT INCOME TRUST
SEMI-ANNUAL REPORT
(THE FIFTH TERM)
FROM: OCTOBER 1, 1998
TO: MARCH 31, 1999
PUTNAM U.S. GOVERNMENT INCOME TRUST
SEMI-ANNUAL REPORT
(The Fifth Term)
From: October 1, 1998
To: March 31, 1999
To: Director of Kanto Local Finance Bureau
Filing Date: June 30, 1999
Filing Date of Amendment to Semi-annual
Report: July 6, 1999
Name of the Registrant Fund: PUTNAM U.S. GOVERNMENT INCOME TRUST
Name and Official Title of Trustees: George Putnam
John A. Hill
William F. Pounds
Jameson A. Baxter
Hans H. Estin
Ronald J. Jackson
Paul L. Joskow
Elizabeth T. Kennan
Lawrence J. Lasser
John H. Mullin, III
Robert E. Patterson
Donald S. Perkins
George Putnam, III
A.J.C. Smith
W. Thomas Stephens
W. Nicholas Thorndike
Address of Principal Office: One Post Office Square
Boston, Massachusetts 02109
U.S.A.
Name and Title of Registration Agent: Harume Nakano
Attorney-at-Law
Signature [Harume Nakano]
(Seal)
Ken Miura
Attorney-at-Law
Signature [Ken Miura]
(Seal)
Address or Place of Business Kasumigaseki Building, 25th Floor
2-5, Kasumigaseki 3-chome
Chiyoda-ku, Tokyo
- ii -
Name of Liaison Contact: Harume Nakano
Ken Miura
Attorneys-at-Law
Place of Liaison Contact: Hamada & Matsumoto
Kasumigaseki Building, 25th Floor
2-5, Kasumigaseki 3-chome
Chiyoda-ku, Tokyo
Phone Number: 03-3580-3377
Places where a copy of this Semi-annual Report
is available for Public Inspection
Not applicable.
(Total number of pages of this Semi-annual Report
is 36 including the front page)
C O N T E N T S
This Japanese
EnglishOriginal
Translation
I. STATUS OF INVESTMENT FUND
(1) Diversification of Investment Portfolio 1 1
(2) Results of Past Operations 2 1
a. Record of Changes in Net Assets 2 1
b. Record of Distributions Paid. 2 2
(3) Record of Sales and Repurchases 4 2
II. OUTLINE OF THE FUND
1. FUND 5 3
(1) Amount of Capital Stock 5 3
(2) Information Concerning Major Shareholders 5 3
(3) Information Concerning Directors, Officers
and Employees 5 3
(4) Description of Business and Outline of Operation 8 5
(5) Miscellaneous 8 5
2. Putnam Investment Management, Inc.
(Investment Management Company) 8 5
(1) Amount of Capital Stock 8 5
(2) Information Concerning Major Shareholders 9 5
(3) Information Concerning Directors, Officers
and Employees 9 5
(4) Summary of Business Lines and Business Operation 19 18
(5) Miscellaneous 32 37
III. OUTLINE OF THE FINANCIAL STATUS OF THE FUND 32 38
IV. OUTLINE OF THE FINANCIAL STATUS OF THE
INVESTMENT MANAGEMENT COMPANY 32 53
I. STATUS OF INVESTMENT FUND ("Putnam U.S. Government Income Trust")
("Fund")
(1) Diversification of Investment Portfolio
Diversification of Investment Portfolio by Types of
Assets and geographic Regions:
(As of the end of May 1999)
Name of Total Investment
Types of Assets Country U.S. Dollar Ratio (%)
U.S. Government Agency
Mortgages United States 2,881,871,854 84.19
U.S. Treasury Obligations United States 579,755,115 16.94
Cash, Deposit and Other
Assets (after deduction of
liabilities) -30,690,519 -1.13
Total
(Net Asset Value) 3,442,936,450 100.00
(yen415,716 mil)
Note 1: Investment ratio is calculated by dividing each
asset at its market value by the total Net Asset
Value of the Fund. The same applies hereinafter.
Note 2: The exchange rate of U.S. dollars ("Dollar" or
"$") into Japanese Yen is yen121.45 for one U.S.
Dollar, which is the actual middle point between the
selling and buying currency rate by telegraphic
transfer on the May 31, 1999 quoted by The Bank of
Tokyo-Mitsubishi, Ltd. The same applies
hereinafter.
Note 3: In this report, money amounts and
percentages have been rounded. Therefore, there are
cases in which the amount for the "total" column is
not equal to the aggregate amount. Also, simply
multiplying the corresponding amount does conversion
into other currencies by the conversion rate
specified and rounded up when necessary. As a
result, in this report, there are cases in which
figures for the same information differ from each
other.
(2) Results of Past Operations
a. Record of Changes in Net Assets (Class M Shares)
Record of changes in net assets during the one-year
period up to and including the end of May 1999 is as follows:
Total Net Asset Value Net Asset Value per Share
Dollar Yen
(thousands) (millions) Dollar Yen
1998 End of June 185,874 22,574 13.07 1,587
July 175,798 21,351 13.04 1,584
August 169,907 20,635 13.11 1,592
September 163,076 19,806 13.25 1,609
October 162,507 19,736 13.15 1,597
November 157,969 19,185 13.12 1,593
December 159,194 19,334 13.10 1,591
1999 End of January 156,613 19,021 13.11 1,592
February 152,420 18,511 12.91 1,568
March 150,031 18,221 12.92 1,569
April 147,732 17,942 12.91 1,568
May 144,038 17,493 12.77 1,551
(Note) Operations of Class M Shares were commenced on
February 6, 1995.
b. Record of Distributions Paid (Class M Shares)
Fiscal Year Amount paid per Share
The Fourth Fiscal Year $0.80 (yen97.16)
(10/1/97 - 9/30/98)
Record of distribution paid at the end of each month during
the one-year period from June 1998 to May 1999 is as
follows:
Ex-dividend Date Dividend NAV per Share
Dollar Dollar
1998 June 10 0.066 13.04
July 10 0.066 13.03
August 10 0.066 13.01
September 11 0.066 13.10
October 12 0.066 13.08
November 10 0.066 13.02
December 10 0.066 13.08
1999 January 11 0.066 13.01
February 10 0.063 13.00
March 10 0.063 12.87
April 12 0.063 12.93
May 10 0.063 12.82
(3) Record of Sales and Repurchases (Class M Shares)
Record of sales and repurchases during the one-year
period up to and including the end of April 1999 and
number of outstanding shares of the Fund as of the end of
April 1999 are as follows: (6/1/98-5/31/99)
Number of Shares Number of Shares Number of
Sold Repurchased Outstanding Shares
4,856,467 8,954,632 11,282,476
(3,506,500) (8,066,650) (9,946,520)
Note: The number of Shares sold, repurchased and
outstanding in the parentheses represents those sold,
repurchased and outstanding in Japan.
II. OUTLINE OF THE FUND
1. Fund
(1) Amount of Capital Stock
Not applicable.
(2) Information Concerning Major Shareholders
Not applicable.
(3) Information Concerning Directors, Officers and Employees
(1) Trustees and Officers of the Fund (as
of the end of May 1999)
Shares
Name Office and Resume Owned
Title
George Putnam Chairman and present: Chairman and 11,896
President Director of .262
Putnam Investment
Management, Inc.
and Putnam Mutual
Funds Corp.
Director, Marsh &
McLennan
Companies, Inc.
John A. Hill Vice present: Chairman and
Chairman Managing 521.638
Director, First
Reserve
Corporation
William F. Vice present: Professor of 1,425
Pounds Chairman Management, .319
Alfred P. Sloan
School of
Management,
Massachusetts
Institute of
Technology
Jameson Adkins Trustee present: President,
Baxter Baxter 141.166
Associates, Inc.
Hans H. Estin Trustee present: Vice Chairman,
North American 194.936
Management Corp.
Ronald J. Trustee present: Former
Jackson Chairman, 141.423
President and
Chief Executive
Officer of Fisher-
Price, Inc.,
Trustee of Salem
Hospital and the
Peabody Essex
Museum
Paul. L. Trustee present: Professor of
Joskow Economics and 124.115
Management and
former Head of
the Department of
Economics at the
Massachusetts
Institute of
Technology,
Director of New
England Electric
System, State
Farm Indemnity
Company and
Whitehead
Institute for
Biomedical
Research
Elizabeth T. Trustee present: President
Kennan Emeritus of Mount 482.942
Holyoke College
Lawrence J. Trustee and present: President,
Lasser Vice Chief Executive 160.578
President Officer and
Director of
Putnam
Investments, Inc.
and Putnam
Investment
Management, Inc.
Director, Marsh &
McLennan
Companies, Inc.
John H. Trustee present: Chairman and
Mullin, III Chief Executive 421.617
Officer of
Ridgeway Farm,
Director of ACX
Technologies,
Inc., Alex. Brown
Realty, Inc., and
The Liberty
Corporation
Robert E. Trustee present: President and 1,019
Patterson Trustee of Cabot .916
Industrial Trust
and Chairman of
the Joselin
Diabetes Center
and Trustee of
SEA Education
Association
Donald S. Trustee present: Director of 0
Perkins various
corporations,
including Cummins
Engine Company,
Lucent
Technologies,
Inc., Nanophase
Technologies,
Inc. and Springs
Industries, Inc.
George Putnam, Trustee present: President, New 2,041
III Generation .441
Research, Inc.
A.J.C. Smith Trustee present: Chairman and
Chief Executive 731.957
Officer, Marsh &
McLennan
Companies, Inc.
William Thomas Trustee present: President and
Stephens Chief Executive 111.728
Officer of
MacMillan Bloedel
Ltd., Director of
Qwest
Communications
and New Century
Energies
W. Nicholas Trustee present: Director of
Thorndike various 160.578
corporations and
charitable
organizations,
including Data
General
Corporation,
Bradley Real
Estate, Inc. and
Providence
Journal Co.
Trustee of Cabot
Industrial Trust,
Massachusetts
General Hospital
and Eastern
Utilities
Associations
Charles E. Executive present: Managing 0
Porter Vice Director of
President Putnam
Investments, Inc.
and Putnam
Investment
Management, Inc.
Patricia C. Senior Vice present: Senior Vice 0
Flaherty President President of
Putnam
Investments, Inc.
and Putnam
Investment
Management, Inc.
John D. Hughes Senior Vice present Senior Vice 0
President President of
and Putnam
Treasurer Investments, Inc.
and Putnam
Investment
Management, Inc.
John R. Verani Vice present: Senior Vice 0
President President of
Putnam
Investments, Inc.
and Putnam
Investment
Management, Inc.
Gordon H. Vice present: Director and 0
Silver President Senior Managing
Director of
Putnam
Investments, Inc.
and Putnam
Investment
Management, Inc.
Ian C. Vice present: Senior 0
Ferguson President Managing Director
of Putnam
Investments, Inc.
and Putnam
Investment
Management, Inc.
Brett C. Vice present: Managing 0
Browchuk President Director of
Putnam
Investments, Inc.
and Putnam
Investment
Management, Inc.
Edward H. Vice present: Managing 0
D'Alelio President Director of
Putnam
Investments,
Inc., Putnam
Investment
Management, Inc.
and Putnam Mutual
Funds Corp.
Michael Vice present: Managing 0
Martino President Director of
Putnam
Investments, Inc.
Kevin M. Vice present: Managing 0
Cronin President Director of
Putnam
Investments, Inc.
Richard A. Vice present: Managing 0
Monaghan President Director of
Putnam
Investments,
Inc., and Putnam
Mutual Funds
Corp.
Beverly Marcus Clerk and N/A 0
Assistant
Treasurer
Note: The Fund does not have any employees.
(4) Description of Business and Outline of Operation
The Fund may carry out any administrative and
managerial act, including the purchase, sale,
subscription and exchange of any securities and the
exercise of all rights directly or indirectly pertaining
to the Fund's assets. The Fund has entrustretained
Putnam Investment Management, Inc., the investment
adviser, to render investment advisory services, and
Putnam Fiduciary Trust Company, to hold the assets of the
Fund in custody and act as Investor Servicing Agent.
(5) Miscellaneous
There has been, or is, no litigation or fact which
had or would have, a material effect on the Fund during
the six months before the filing of this report.
2. Putnam Investment Management, Inc. (Investment Management
Company)
(1) Amount of Capital Stock (as of the end of May 1999)
1. Amount of Capital (issued capital stock at par
value):
Common Stock 1,000 shares at $1 par value
2. Number of authorized shares of capital stock:
Common Stock 1,000 shares
3. Number of outstanding shares of capital stock:
Common Stock 1,000 shares
4. Amount of capital (for the purposes of this Item,
"Amount of Capital" means total stockholders' equity
for the past five years:
Year Amount of Capital
(Total Stockholders'
Equity)
End of 1994 $48,149,491
End of 1995 $45,521,351
End of 1996 $45,817,658
End of 1997 $48,617,160
End of 1998 $425,782,007
(2) Information Concerning Major Stockholders
As of the end of May 1999, Putnam Investments, Inc owned
all the outstanding shares of capital stock of Investment
Management Company.
(3) Information Concerning Officers and Employees
The following table lists the names of various officers
and directors of Investment Management Company and their
respective positions with Investment Management Company.
For each named individual, the table lists: (i) any other
organizations (excluding other Investment Management
Company's funds) with which the officer and/or director
has recently had or has substantial involvement; and (ii)
positions held with such organization:
List of Officers and Directors of Putnam Investment
Management, Inc.
(July 31as of the end
of May 1999)
Position
with
Name Investment Other Business Affiliation
Management
Company
1 Putnam, George Chairman Director of Putnam Mutual
Funds Corp.
2 Lasser, Lawrence President
J. and
Director,
CEO
3 Silver, Gordon Director Director of Putnam
H. and Senior Fiduciary Trust Company and
Managing Senior Managing Director of
Director Putnam Mutual Funds Corp.
4 Burke, Robert W. Senior Senior Managing Director of
Managing Putnam Mutual Funds Corp.
Director
5 Collman, Senior Senior Managing Director of
Kathleen M. Managing Putnam Mutual Funds Corp.
Director
6 Ferguson, Ian C. Senior
Managing
Director
7 Regan, Anthony Senior
W. Managing
Director
8 Spiegel, Steven Senior Senior Managing Director of
Managing Putnam Mutual Funds Corp.
Director
9 Anderson, Blake Managing
E. Director
10 Antill, Jennifer Managing
Director
11 Beck, Robert R. Managing
Director
12 Browchuk, Brett Managing
C. Director
13 Cassaro, Joseph Managing
A. Director
14 Cotner, C. Beth Managing
Director
15 Cronin, Kevin M. Managing Managing Director of Putnam
Director Fiduciary Trust Company
16 D'Alelio, Edward Managing
H. Director
17 Daly, Kenneth L. Managing Managing Director of Putnam
Director Mutual Funds Corp.
18 DeTore, John A. Managing Managing Director of Putnam
Director Fiduciary Trust Company
19 Durgarian, Managing Director and Managing
Karnig H. Director Director of Putnam
and Chief Fiduciary Trust Company
Financial
Officer
20 Esteves, Irene Managing Treasurer of Putnam
M. Director Fiduciary Trust Company
and Chief
Financial
Officer
21 Farrell, Deborah Managing Managing Director of Putnam
S. Director Mutual Funds Corp.
22 Gillis, Roland Managing
Director
23 Haslett, Thomas Managing
R. Director
24 Holding, Pamela Managing
Director
25 Hurley, William Managing Managing Director and CFO
J. Director of Putnam Mutual Funds
Corp.
26 Jacobs, Jerome Managing
J. Director
27 Joseph, Joseph Managing
P. Director
28 Kamshad, Omid Managing
Director
29 King, David L. Managing Managing Director of Putnam
Director Mutual Funds Corp.
30 Kohli, D. Managing
William Director
31 Kreisel, Anthony Managing
I. Director
32 Kuenstner, Managing
Deborah F. Director
33 Landes, William Managing
J. Director
34 Leibovitch, Managing
Richard G. Director
35 Leichter, Managing
Jennifer E. Director
36 Maloney, Kevin Managing
J. Director
37 Martino, Michael Managing Managing Director of Putnam
Director Fiduciary Trust Company
38 Maxwell, Scott Managing
M. Director
39 McGue, William Managing
F. Director
40 McMullen, Carol Managing
C. Director
41 Memani, Krishna Managing
K. Director
42 Miller, Daniel Managing
L. Director
43 Morgan Jr., John Managing Managing Director of Putnam
J. Director Fiduciary Trust Company
44 Morgan, Kelly A. Managing
Director
45 Oristaglio, Managing
Stephen Director
46 Peacher, Stephen Managing
C. Director
47 Pollard, Mark D. Managing
Director
48 Porter, Charles Managing
E. Director
49 Price, Quintin Managing
I. Director
50 Reilly, Thomas Managing
V. Director
51 Schultz, Managing Managing Director of Putnam
Mitchell D. Director Mutual Funds Corp.
52 Scott, Justin M. Managing Managing Director of Putnam
Director Fiduciary Trust Company
53 Shadek Jr., Managing
Edward T. Director
54 Starr, Loren Managing Managing Director of Putnam
Director Mutual Funds Corp.
55 Swift, Robert Managing
Director
56 Talanian, John Managing Managing Director of Putnam
C. Director Mutual Funds Corp.
57 Tibbetts, Managing Managing Director of Putnam
Richard B. Director Mutual Funds Corp.
58 Waldman, David Managing
L. Director
and Chief
Financial
Officer
59 Wetlaufer, Eric Managing
Director
60 Woolverton, Managing Managing Director of Putnam
William H. Director Mutual Funds Corp.
61 Arends, Michael Senior Vice Senior Vice President of
K. President Putnam Mutual Funds Corp.
62 Asher, Steven E. Senior Vice Senior Vice President of
President Putnam Mutual Funds Corp.
and Senior Vice President
of Putnam Fiduciary Trust
Company
63 Atkin, Michael Senior Vice
J. President
64 Augustine, Senior Vice
Jeffrey B. President
65 Bakshi, Manjit Senior Vice
S. President
66 Bamford, Dolores Senior Vice
Snyder President
67 Baumbach, Robert Senior Vice
K. President
68 Berka, Sharon A. Senior Vice Senior Vice President of
President Putnam Mutual Funds Corp.
69 Block, Richard Senior Vice
L. President
70 Boselli, John A. Senior Vice
President
71 Bousa, Edward P. Senior Vice
President
72 Bresnahan, Senior Vice Senior Vice President of
Leslee R. President Putnam Mutual Funds Corp.
73 Burke, Andrea Senior Vice
President
74 Burns, Cheryl A. Senior Vice
President
75 Byrne, Joshua L. Senior Vice
President
76 Callahan, Ellen Senior Vice
S. President
77 Carlson, David Senior Vice
G. President
78 Chang, Jack P. Senior Vice
President
79 Chrostowski, Senior Vice Senior Vice President of
Louis F. President Putnam Mutual Funds Corp.
80 Curran, Peter J. Senior Vice Senior Vice President of
President Putnam Mutual Funds Corp.
81 Dalferro, John Senior Vice
R. President
82 Derbyshire, Senior Vice Senior Vice President of
Ralph C. President Putnam Mutual Funds Corp.
83 Eigerman, Nathan Senior Vice
W. President
84 England, Richard Senior Vice
B. President
85 Epke, Laura L. Senior Vice
President
86 Finch, Edward R. Senior Vice
President
87 Flaherty, Senior Vice Senior Vice President of
Patricia C. President Putnam Mutual Funds Corp.
88 Fontana, Forrest Senior Vice
N. President
89 Francis, Senior Vice
Jonathan H. President
90 Frost, Karen T. Senior Vice Senior Vice President of
President Putnam Mutual Funds Corp.
91 Frucci, Richard Senior Vice Senior Vice President of
M. President Putnam Fiduciary Trust
Company
92 Fullerton, Brian Senior Vice Senior Vice President of
J. President Putnam Mutual Funds Corp.
93 Gorman, Stephen Senior Vice
A. President
94 Grant, Peter J. Senior Vice Senior Vice President of
President Putnam Fiduciary Trust
Company
95 Graviere, Senior Vice
Patrice President
96 Grim, Daniel J. Senior Vice
President
97 Haagensen, Paul Senior Vice
E. President
98 Hadden, Peter J. Senior Vice
President
99 Halperin, Senior Vice
Matthew C. President
100 Hart, Nigel P. Senior Vice
President
101 Healey, Deborah Senior Vice
R. President
102 Hotchkiss, Senior Vice
Michael F. President
103 Kaufman, Jeffrey Senior Vice
President
104 Kay, Karen R. Senior Vice Clerk, Director and Senior
President Vice President of Putnam
Fiduciary Trust Company and
Senior Vice President of
Putnam Mutual Funds Corp.
105 Kirson, Steven Senior Vice
L. President
106 Knight, Jeffrey Senior Vice
L. President
107 Kobylarz, Senior Vice
Jeffrey J. President
108 Koontz, Jill A. Senior Vice Senior Vice President of
President Putnam Mutual Funds Corp.
109 Korn, Karen R. Senior Vice
President
110 Kurey, Thomas J. Senior Vice
President
111 Lannum III, Senior Vice
Coleman N. President
112 Lindsey, Jeffrey Senior Vice
R. President
113 Lode, Geirulv Senior Vice
President
114 Lomba, Rufino R. Senior Vice Senior Vice President of
President Putnam Mutual Funds Corp.
115 MacElwee, Jones, Senior Vice
Elizabeth M. President
116 Madore, Robert Senior Vice Senior Vice President of
A. President Putnam Fiduciary Trust
Company
117 Malloy, Julie M. Senior Vice
President
118 Manuel Jr., Senior Vice
Richard D. President
119 Marrkand, Paul Senior Vice
E. President
120 Marshall, Senior Vice
William L. President
121 Matteis, Andrew Senior Vice
S. President
122 McDonald, Senior Vice
Richard E. President
123 Meehan, Thalia Senior Vice
President
124 Mehta, Sandeep Senior Vice
President
125 Miller, William Senior Vice
H. President
126 Mockard, Jeanne Senior Vice
L. President
127 Mufson, Michael Senior Vice
J. President
128 Mullen, Donald Senior Vice Senior Vice President of
E. President Putnam Mutual Funds Corp.
129 Mullin, Hugh H. Senior Vice
President
130 Nance, Michael Senior Vice
E. President
131 Netols, Jeffrey Senior Vice Senior Vice President of
W. President Putnam Fiduciary Trust
Company
132 Oler, Stephen S. Senior Vice
President
133 Paine, Robert M. Senior Vice
President
134 Parker, Margery Senior Vice
C. President
135 Perry, William Senior Vice
President
136 Peters, Carmel Senior Vice
President
137 Petralia, Senior Vice Senior Vice President of
Randolph S. President Putnam Mutual Funds Corp.
138 Plapinger, Keith Senior Vice Senior Vice President of
President Putnam Mutual Funds Corp.
139 Pohl, Charles G. Senior Vice
President
140 Prusko, James M. Senior Vice Senior Vice President of
President Putnam Fiduciary Trust
Company
141 Quistberg, Paul Senior Vice
T. President
142 Ray, Christopher Senior Vice
A. President
143 Ravera, David A. Senior Vice
President
144 Rogers, Kevin J. Senior Vice
President
145 Ruys de Perez, Senior Vice Senior Vice President of
Charles A. President Putnam Fiduciary Trust
Company and Senior Vice
President of Putnam Mutual
Funds Corp.
146 Santos, David J. Senior Vice Senior Vice President of
President Putnam Fiduciary Trust
Company
147 Santosus, Senior Vice
Anthony C. President
148 Schwister, Jay Senior Vice Senior Vice President of
E. President Putnam Fiduciary Trust
Company
149 Scordato, Senior Vice Senior Vice President of
Christine A. President Putnam Mutual Funds Corp.
150 Sievert, Jean I. Senior Vice
President
151 Simon, Sheldon Senior Vice
N. President
152 Simozar, Saied Senior Vice
President
153 Smith Jr., Leo Senior Vice
J. President
154 Smith, Margaret Senior Vice
D. President
155 Spatz, Erin J. Senior Vice
President
156 Stack, Michael Senior Vice Senior Vice President of
P. President Putnam Mutual Funds Corp.
157 Stairs, George Senior Vice
W. President
158 Strumpf, Casey Senior Vice Senior Vice President of
President Putnam Mutual Funds Corp.
159 Sugimoto, Senior Vice Senior Vice President of
Toshifumi President Putnam Mutual Funds Corp.
160 Sullivan, Roger Senior Vice
R. President
161 Svensson, Lisa Senior Vice
H. President
162 Swanberg, Senior Vice
Charles H. President
163 Thomsen, Senior Vice Senior Vice President of
Rosemary H. President Putnam Fiduciary Trust
Company
164 Troped, Bonnie Senior Vice Senior Vice President of
L. President Putnam Mutual Funds Corp.
165 Verani, John R. Senior Vice Senior Vice President of
President Putnam Mutual Funds Corp.
166 Walsh, Francis Senior Vice
P. President
167 Warren, Paul C. Senior Vice
President
168 Weinstein, Senior Vice
Michael R. President
169 Weiss, Manuel Senior Vice
President
170 Whalen, Edward Senior Vice Senior Vice President of
F. President Putnam Mutual Funds Corp.
171 Wheeler, Diane Senior Vice
D.F. President
172 Wyke, Richard P. Senior Vice
President
173 Yogg, Michael R. Senior Vice
President
174 Zukowski, Gerald Senior Vice
S. President
(4) Summary of Business Lines and Business Operation
Investment Management Company is engaged in the business
of providing investment management and investment
advisory services to mutual funds. As of Junethe end of
May 1999, Investment Management Company managed, advised,
and/or administered the following 113 funds and fund
portfolios (having an aggregate net asset value of
approximately 238 billion):
(As of May 31, 1999)
Name Month/Da Principal Total Net
te/Year Characteris Net Asset
Establis tics Asset Value
hed Value per
($ share
million ($)
)
1 The George Putnam Fund of 11/5/37 Open/Equity 4,017.0 18.71
Boston; A 2
2 The George Putnam Fund of 4/24/92 Open/Equity 1,628.2 18.57
Boston; B 7
3 The George Putnam Fund of 12/1/94 Open/Equity 301.08 18.57
Boston; M
4 The George Putnam Fund of 1/1/94 Open/Equity 633.31 18.74
Boston; Y
5 Putnam American Government 3/1/85 Open/Bond 1,363.4 8.60
Income Fund; A 1
6 Putnam American Government 5/20/94 Open/Bond 123.71 8.56
Income Fund; B
7 Putnam American Government 2/14/95 Open/Bond 4.25 8.62
Income Fund; M
8 Putnam Asia Pacific Growth 2/20/91 Open/Equity 150.42 10.34
Fund; A
9 Putnam Asia Pacific Growth 6/1/93 Open/Equity 137.85 10.14
Fund; B
10 Putnam Asia Pacific Growth 2/1/95 Open/Equity 10.26 10.25
Fund; M
11 Putnam Asia Pacific Fund 3/23/98 Open/Equity 2.62 9.25
II
12 Putnam Asset Allocation: 2/7/94 Open/Balanc 961.05 12.17
Balanced Portfolio; A ed
13 Putnam Asset Allocation: 2/11/94 Open/Balanc 557.04 12.10
Balanced Portfolio; B ed
14 Putnam Asset Allocation: 9/1/94 Open/Balanc 117.16 12.03
Balanced Portfolio; C ed
15 Putnam Asset Allocation: 2/6/95 Open/Balanc 67.73 12.15
Balanced Portfolio; M ed
16 Putnam Asset Allocation: 7/14/94 Open/Balanc 321.48 12.19
Balanced Portfolio; Y ed
17 Putnam Asset Allocation : 2/7/94 Open/Balanc 418.57 10.52
Conservative Portfolio; A ed
18 Putnam Asset Allocation : 2/18/94 Open/Balanc 186.38 10.47
Conservative Portfolio; B ed
19 Putnam Asset Allocation : 9/1/94 Open/Balanc 59.13 10.44
Conservative Portfolio; C ed
20 Putnam Asset Allocation : 2/7/95 Open/Balanc 23.56 10.47
Conservative Portfolio; M ed
21 Putnam Asset Allocation : 7/14/94 Open/Balanc 72.28 10.53
Conservative Portfolio; Y ed
22 Putnam Asset Allocation: 2/8/94 Open/Balanc 750.71 14.02
Growth Portfolio; A ed
23 Putnam Asset Allocation: 2/16/94 Open/Balanc 468.56 13.83
Growth Portfolio; B ed
24 Putnam Asset Allocation: 9/1/94 Open/Balanc 103.03 13.72
Growth Portfolio; C ed
25 Putnam Asset Allocation: 2/1/95 Open/Balanc 63.00 13.86
Growth Portfolio; M ed
26 Putnam Asset Allocation: 7/14/94 Open/Balanc 296.57 14.11
Growth Portfolio; Y ed
27 Putnam Arizona Tax Exempt 1/30/91 Open/Bond 108.28 9.22
Income Fund; A
28 Putnam Arizona Tax Exempt 7/15/93 Open/Bond 33.47 9.21
Income Fund; B
29 Putnam Arizona Tax Exempt 7/3/95 Open/Bond 0.57 9.23
Income Fund; M
30 Putnam Balanced Fund 10/2/95 Open/Balanc 3.80 12.14
ed
31 Putnam Balanced Retirement 4/19/85 Open/Balanc 693.09 11.07
Fund; A ed
32 Putnam Balanced Retirement 2/1/94 Open/Balanc 194.64 10.98
Fund; B ed
33 Putnam Balanced Retirement 3/17/95 Open/Balanc 15.28 11.01
Fund; M ed
34 Putnam Balanced Retirement 1/4/99 Open/Balanc 1.80 11.07
Fund; Y ed
35 Putnam California 11/27/92 Closed/Bond 70.32 15.26
Investment Grade Municipal
Trust
36 Putnam California Tax 4/29/83 Open/Bond 2,940.8 8.61
Exempt Income Fund; A 7
37 Putnam California Tax 1/4/93 Open/Bond 657.71 8.60
Exempt Income Fund; B
38 Putnam California Tax 2/14/95 Open/Bond 16.05 8.60
Exempt Income Fund; M
39 Putnam California Tax 10/26/87 Open/Bond 44.34 1.00
Exempt Money Market Fund
40 Putnam Capital 8/5/93 Open/Equity 65.85 8.11
Opportunities Fund; A
41 Putnam Capital 11/2/94 Open/Equity 87.30 8.08
Opportunities Fund; B
42 Putnam Capital 1/22/96 Open/Equity 4.70 8.09
Opportunities Fund; M
43 Putnam Capital 8/5/93 Open/Equity 1,248.4 21.94
Appreciation Fund; A 4
44 Putnam Capital 11/2/94 Open/Equity 1,362.5 21.66
Appreciation Fund; B 7
45 Putnam Capital 1/22/96 Open/Equity 90.39 21.70
Appreciation Fund; M
46 Putnam Convertible 6/29/95 Closed/Bond 87.56 23.58
Opportunity and Income
Trust
47 Putnam Convertible Income- 6/29/72 Open/Balanc 1,049.2 20.53
Growth Trust; A ed 0
48 Putnam Convertible Income- 7/15/93 Open/Balanc 302.30 20.28
Growth Trust; B ed
49 Putnam Convertible Income- 3/13/95 Open/Balanc 16.90 20.39
Growth Trust; M ed
50 Putnam Convertible Income- 12/30/98 Open/Balanc 35.77 20.54
Growth Trust; Y ed
51 Putnam Diversified Equity 7/1/94 Open/Equity 329.41 14.37
Trust; A
52 Putnam Diversified Equity 7/2/94 Open/Equity 404.57 14.11
Trust; B
53 Putnam Diversified Equity 2/1/99 Open/Equity 2.95 14.35
Trust; C
54 Putnam Diversified Equity 7/3/95 Open/Equity 33.20 14.20
Trust; M
55 Putnam Dividend Income 9/28/89 Closed/Bond 122.29 11.30
Fund
56 Putnam Diversified Income 10/3/88 Open/Bond 1,672.9 11.19
Trust; A 5
57 Putnam Diversified Income 3/1/93 Open/Bond 1,910.7 11.14
Trust; B 8
58 Putnam Diversified Income 2/1/99 Open/Bond 4.02 11.17
Trust; C
59 Putnam Diversified Income 12/1/94 Open/Bond 951.84 11.15
Trust; M
60 Putnam Diversified Income 7/11/96 Open/Bond 17.47 11.20
Trust ; Y
61 Putnam Emerging Markets 10/2/95 Open/Equity 50.03 8.62
Fund; A
62 Putnam Emerging Markets 10/2/95 Open/Equity 37.72 8.55
Fund; B
63 Putnam Emerging Markets 10/2/95 Open/Equity 4.47 8.57
Fund; M
64 Putnam Equity Fund 98 12/30/97 Open/Equity 8.06 13.01
65 Putnam Equity Income Fund; 6/15/77 Open/Balanc 1,256.0 16.92
A ed 1
66 Putnam Equity Income Fund; 9/13/93 Open/Balanc 700.23 16.80
B ed
67 Putnam Equity Income Fund; 2/1/99 Open/Balanc 7.17 16.89
C ed
68 Putnam Equity Income Fund; 12/2/94 Open/Balanc 65.87 16.82
M ed
69 Putnam Europe Growth Fund; 9/7/90 Open/Equity 872.70 21.28
A
70 Putnam Europe Growth Fund; 2/1/94 Open/Equity 777.35 20.72
B
71 Putnam Europe Growth Fund; 12/1/94 Open/Equity 104.60 21.05
M
72 Putnam Florida Tax Exempt 8/24/90 Open/Bond 233.38 9.30
Income Fund; A
73 Putnam Florida Tax Exempt 1/4/93 Open/Bond 81.86 9.29
Income Fund; B
74 Putnam Florida Tax Exempt 5/1/95 Open/Bond 1.31 9.29
Income Fund; M
75 Putnam Global Natural 7/24/80 Open/Equity 191.91 19.01
Resources Fund; A
76 Putnam Global Natural 2/1/94 Open/Equity 142.95 18.69
Resources Fund; B
77 Putnam Global Natural 7/3/95 Open/Equity 7.11 18.88
Resources Fund; M
78 Putnam Global Equity Fund 5/6/98 Open/Equity 4.04 13.61
79 Putnam Global Growth and 1/3/95 Open/Equity 32.27 13.88
Income Fund; A
80 Putnam Global Growth and 1/3/95 Open/Equity 24.25 13.78
Income Fund; B
81 Putnam Global Growth and 1/3/95 Open/Equity 2.52 13.83
Income Fund; M
82 Putnam Global Governmental 6/1/87 Open/Bond 231.21 12.29
Income Trust; A
83 Putnam Global Governmental 2/1/94 Open/Bond 34.13 12.25
Income Trust; B
84 Putnam Global Governmental 3/17/95 Open/Bond 225.57 12.23
Income Trust; M
85 Putnam Global Growth Fund; 9/1/67 Open/Equity 3,380.5 12.36
A 0
86 Putnam Global Growth Fund; 4/27/92 Open/Equity 1,873.3 11.87
B 4
87 Putnam Global Growth Fund; 2/1/99 Open/Equity 7.85 12.34
C
88 Putnam Global Growth Fund; 3/1/95 Open/Equity 62.04 12.25
M
89 Putnam Global Growth Fund; 6/15/94 Open/Equity 131.18 12.56
Y
90 Putnam Growth and Income 1/5/95 Open/Balanc 1,361.3 15.15
Fund II; A ed 5
91 Putnam Growth and Income 1/5/95 Open/Balanc 1,607.9 15.01
Fund II; B ed 2
92 Putnam Growth and Income 2/1/99 Open/Balanc 19.36 15.12
Fund II; C ed
93 Putnam Growth and Income 1/5/95 Open/Balanc 181.66 15.07
Fund II; M ed
94 The Putnam Fund for Growth 11/6/57 Open/Balanc 22,507. 21.99
and Income; A ed 30
95 The Putnam Fund for Growth 4/27/92 Open/Balanc 16,387. 21.68
and Income; B ed 63
96 The Putnam Fund for Growth 5/1/95 Open/Balanc 494.55 21.84
and Income; M ed
97 The Putnam Fund for Growth 6/15/94 Open/Balanc 1,249.1 22.03
and Income; Y ed 3
98 Putnam Growth Fund 5/1/98 Open/Equity 2.51 10.04
99 Putnam Growth 10/2/95 Open/Equity 1,186.6 20.45
Opportunities; A 4
100 Putnam Growth 8/1/97 Open/Equity 1,333.7 20.19
Opportunities; B 9
101 Putnam Growth 2/1/99 Open/Equity 50.17 20.45
Opportunities; C
102 Putnam Growth 8/1/97 Open/Equity 80.56 20.28
Opportunities; M
103 Putnam High Income 7/9/87 Closed/Bond 115.14 8.45
Convertible and Bond Fund
104 Putnam High Yield 3/25/86 Open/Bond 1,108.4 8.21
Advantage Fund; A 3
105 Putnam High Yield 5/16/94 Open/Bond 944.22 8.17
Advantage Fund; B
106 Putnam High Yield 12/1/94 Open/Bond 940.27 8.20
Advantage Fund; M
107 Putnam High Yield 12/30/98 Open/Bond 10.56 8.21
Advantage Fund; Y
108 Putnam High Yield Total 1/1/97 Open/Bond 48.93 7.48
Return Fund; A
109 Putnam High Yield Total 1/1/97 Open/Bond 55.40 7.42
Return Fund; B
110 Putnam High Yield Total 1/1/97 Open/Bond 3.33 7.42
Return Fund; M
111 Putnam High Quality Bond 6/2/86 Open/Bond 315.00 9.73
Fund; A
112 Putnam High Quality Bond 6/6/94 Open/Bond 37.72 9.68
Fund; B
113 Putnam High Quality Bond 4/12/95 Open/Bond 2.99 9.73
Fund; M
114 Putnam High Yield Fund II; 12/31/97 Open/Bond 529.66 7.78
A
115 Putnam High Yield Fund II; 12/31/97 Open/Bond 778.95 7.79
B
116 Putnam High Yield Fund II; 12/31/97 Open/Bond 37.49 7.78
M
117 Putnam High Yield Trust; A 2/14/78 Open/Bond 2,600.6 10.83
3
118 Putnam High Yield Trust; B 3/1/93 Open/Bond 800.00 10.78
119 Putnam High Yield Trust; M 7/3/95 Open/Bond 17.02 10.83
120 Putnam High Yield Trust; Y 12/30/98 Open/Bond 22.52 10.83
121 Putnam Health Sciences 5/28/82 Open/Equity 2,763.5 56.69
Trust; A 7
122 Putnam Health Sciences 3/1/93 Open/Equity 2,035.4 54.36
Trust; B 1
123 Putnam Health Sciences 7/3/95 Open/Equity 87.75 55.76
Trust; M
124 Putnam High Yield 5/25/89 Closed/Bond 199.18 9.02
Municipal Trust
125 Putnam Income Fund; A 11/1/54 Open/Bond 1,328.6 6.64
1
126 Putnam Income Fund; B 3/1/93 Open/Bond 496.36 6.61
127 Putnam Income Fund; M 12/14/94 Open/Bond 1,708.2 6.61
1
128 Putnam Income Fund; Y 2/12/94 Open/Bond 245.89 6.66
129 Putnam Intermediate U.S. 2/16/93 Open/Bond 262.52 4.87
Government Income Fund; A
130 Putnam Intermediate U.S. 2/16/93 Open/Bond 150.07 4.87
Government Income Fund; B
131 Putnam Intermediate U.S. 4/3/95 Open/Bond 11.05 4.88
Government Income Fund; M
132 Putnam Intermediate U.S. 10/1/97 Open/Bond 114.94 4.86
Government Income Fund; Y
133 Putnam International Fund 12/28/95 Open/Equity 4.84 11.21
134 Putnam International 8/1/96 Open/Equity 430.08 11.87
Growth and Income Fund; A
135 Putnam International 8/1/96 Open/Equity 418.07 11.77
Growth and Income Fund; B
136 Putnam International 2/1/99 Open/Equity 5.97 11.85
Growth and Income Fund; C
137 Putnam International 8/1/96 Open/Equity 34.58 11.83
Growth and Income Fund; M
138 Putnam International 2/28/91 Open/Equity 2,596.7 20.31
Growth Fund; A 8
139 Putnam International 6/1/94 Open/Equity 1,670.5 19.91
Growth Fund; B 8
140 Putnam International 12/1/94 Open/Equity 191.58 20.15
Growth Fund; M
141 Putnam International 7/12/96 Open/Equity 224.06 20.39
Growth Fund; Y
142 Putnam International New 1/3/95 Open/Equity 732.14 13.66
Opportunities Fund; A
143 Putnam International New 7/21/95 Open/Equity 883.31 13.33
Opportunities Fund; B
144 Putnam International New 2/1/99 Open/Equity 2.60 13.64
Opportunities Fund; C
145 Putnam International New 7/21/95 Open/Equity 69.98 13.46
Opportunities Fund; M
146 Putnam International 12/28/95 Open/Equity 152.84 14.76
Voyager Fund; A
147 Putnam International 10/30/96 Open/Equity 118.17 14.60
Voyager Fund; B
148 Putnam International 10/30/96 Open/Equity 13.22 14.67
Voyager Fund; M
149 Putnam Investment Grade 10/26/89 Closed/Bond 243.52 11.64
Municipal Trust
150 Putnam Investment Grade 11/27/92 Closed/Bond 183.61 13.75
Municipal Trust II
151 Putnam Investment Grade 11/29/93 Closed/Bond 52.75 13.16
Municipal Trust III
152 Putnam Investors Fund; A 12/1/25 Open/Equity 5,513.5 15.00
7
153 Putnam Investors Fund; B 3/1/93 Open/Equity 2,672.6 14.33
3
154 Putnam Investors Fund; M 12/2/94 Open/Equity 181.31 14.71
155 Putnam Investors Fund; Y 1/7/97 Open/Equity 484.10 15.05
156 Putnam Latin America Fund 3/23/98 Open/Equity 1.95 6.18
157 Putnam Massachusetts Tax 10/23/89 Open/Bond 298.33 9.45
Exempt Income Fund; A
158 Putnam Massachusetts Tax 7/15/93 Open/Bond 122.64 9.44
Exempt Income Fund; B
159 Putnam Massachusetts Tax 5/12/95 Open/Bond 5.45 9.45
Exempt Income Fund; M
160 Putnam Master Income Trust 4/29/88 Closed/Bond 430.73 8.11
161 Putnam Managed High Yield 6/25/93 Closed/Bond 92.32 12.30
Trust
162 Putnam Michigan Tax Exempt 10/23/89 Open/Bond 145.40 9.14
Income Fund; A
163 Putnam Michigan Tax Exempt 7/15/93 Open/Bond 46.75 9.12
Income Fund; B
164 Putnam Michigan Tax Exempt 4/17/95 Open/Bond 1.92 9.13
Income Fund; M
165 Putnam Minnesota Tax 10/23/89 Open/Bond 102.97 9.06
Exempt Income Fund; A
166 Putnam Minnesota Tax 7/15/93 Open/Bond 51.35 9.03
Exempt Income Fund; B
167 Putnam Minnesota Tax 4/3/95 Open/Bond 1.61 9.04
Exempt Income Fund; M
168 Putnam Managed Municipal 2/24/89 Closed/Bond 440.86 9.50
Income Trust
169 Putnam Money Market Fund; 10/1/76 Open/Bond 3,413.5 1.00
A 0
170 Putnam Money Market Fund; 4/27/92 Open/Bond 797.43 1.00
B
171 Putnam Money Market Fund; 2/1/99 Open/Bond 3.71 1.00
C
172 Putnam Money Market Fund; 12/8/94 Open/Bond 116.85 1.00
M
173 Putnam Master Intermediate 4/29/88 Closed/Bond 782.95 7.82
Income Trust
174 Putnam Municipal Income 5/22/89 Open/Bond 818.79 9.15
Fund; A
175 Putnam Municipal Income 1/4/93 Open/Bond 502.35 9.14
Fund; B
176 Putnam Municipal Income 2/1/99 Open/Bond 5.40 9.14
Fund; C
177 Putnam Municipal Income 12/1/94 Open/Bond 15.93 9.14
Fund; M
178 Putnam Municipal 5/28/93 Closed/Bond 224.84 13.92
Opportunities Trust
179 Putnam New Opportunities 8/31/90 Open/Equity 10,915. 60.25
Fund; A 25
180 Putnam New Opportunities 3/1/93 Open/Equity 7,766.1 57.44
Fund; B 4
181 Putnam New Opportunities 12/1/94 Open/Equity 452.24 58.86
Fund; M
182 Putnam New Opportunities 7/19/94 Open/Equity 913.19 61.05
Fund; Y
183 Putnam New Value Fund; A 1/3/96 Open/Equity 428.77 15.06
184 Putnam New Value Fund; B 2/26/96 Open/Equity 453.64 14.90
185 Putnam New Value Fund; M 2/26/96 Open/Equity 41.43 14.98
186 Putnam New Jersey Tax 2/20/90 Open/Bond 209.81 9.15
Exempt Income Fund; A
187 Putnam New Jersey Tax 1/4/93 Open/Bond 99.76 9.14
Exempt Income Fund; B
188 Putnam New Jersey Tax 5/1/95 Open/Bond 1.13 9.15
Exempt Income Fund; M
189 Putnam New York Investment 11/27/92 Closed/Bond 39.49 13.87
Grade Municipal Trust
190 Putnam New York Tax Exempt 9/2/83 Open/Bond 1,538.3 8.77
Income Fund; A 9
191 Putnam New York Tax Exempt 1/4/93 Open/Bond 223.40 8.75
Income Fund; B
192 Putnam New York Tax Exempt 4/10/95 Open/Bond 2.29 8.77
Income Fund; M
193 Putnam New York Tax Exempt 10/26/87 Open/Bond 38.35 1.00
Money Market Fund
194 Putnam New York Tax Exempt 11/7/90 Open/Bond 158.95 9.02
Opportunities Fund; A
195 Putnam New York Tax Exempt 2/1/94 Open/Bond 69.84 9.01
Opportunities Fund; B
196 Putnam New York Tax Exempt 2/10/95 Open/Bond 2.48 9.00
Opportunities Fund; M
197 Putnam Ohio Tax Exempt 10/23/89 Open/Bond 186.22 8.99
Income Fund; A
198 Putnam Ohio Tax Exempt 7/15/93 Open/Bond 58.68 8.98
Income Fund; B
199 Putnam Ohio Tax Exempt 4/3/95 Open/Bond 2.00 8.99
Income Fund; M
200 Putnam OTC & Emerging 11/1/82 Open/Equity 2,561.7 18.16
Growth Fund; A 9
201 Putnam OTC & Emerging 7/15/93 Open/Equity 1,213.1 17.25
Growth Fund; B 2
202 Putnam OTC & Emerging 12/2/94 Open/Equity 275.52 17.70
Growth Fund; M
203 Putnam OTC & Emerging 7/12/96 Open/Equity 102.99 18.32
Growth Fund; Y
204 Putnam Pennsylvania Tax 7/21/89 Open/Bond 179.41 9.12
Exempt Income Fund; A
205 Putnam Pennsylvania Tax 7/15/93 Open/Bond 98.42 9.11
Exempt Income Fund; B
206 Putnam Pennsylvania Tax 7/3/95 Open/Bond 3.36 9.12
Exempt Income Fund; M
207 Putnam Preferred Income 1/4/84 Open/Bond 115.41 8.69
Fund; A
208 Putnam Preferred Income 4/20/95 Open/Bond 11.50 8.66
Fund; M
209 Putnam Premier Income 2/29/95 Closed/Bond 1,096.3 7.79
Trust 6
210 Putnam Research Fund; A 10/2/95 Open/Equity 411.26 16.10
211 Putnam Research Fund; B 6/15/98 Open/Equity 422.54 15.99
212 Putnam Research Fund; C 2/1/99 Open/Equity 20.59 16.08
213 Putnam Research Fund; M 6/15/98 Open/Equity 36.39 16.03
214 Putnam Small Cap Value 4/12/99 Open/Equity 21.50 9.71
Fund; A
215 Putnam Small Cap Value 5/3/99 Open/Equity 5.45 9.70
Fund; B
216 Putnam Strategic Income 2/19/95 Open/Bond 80.95 7.51
Fund; A
217 Putnam Strategic Income 2/19/96 Open/Bond 126.34 7.52
Fund; B
218 Putnam Strategic Income 2/1/99 Open/Bond 3.79 7.53
Fund; C
219 Putnam Strategic Income 2/19/96 Open/Bond 8.99 7.51
Fund; M
220 Putnam Tax Exempt Income 12/31/76 Open/Bond 1,859.7 9.01
Fund; A 2
221 Putnam Tax Exempt Income 1/4/93 Open/Bond 236.04 9.00
Fund; B
222 Putnam Tax Exempt Income 2/16/95 Open/Bond 9.91 9.03
Fund; M
223 Putnam Tax Exempt Money 10/26/87 Open/Bond 78.15 1.00
Market Fund
224 Putnam Tax - Free Health 6/29/92 Closed/Bond 200.12 14.49
Care Fund
225 Putnam Tax - Free Income 9/20/93 Open/Bond 1,133.4 14.39
Trust 2
Tax - Free High Yield
Fund; A
226 Putnam Tax - Free Income 9/9/85 Open/Bond 821.86 14.41
Trust
Tax - Free High Yield Fund
B
227 Putnam Tax - Free Income 2/1/99 Open/Bond 2.84 14.39
Trust
Tax - Free High Yield Fund
C
228 Putnam Tax - Free Income 12/29/94 Open/Bond 24.52 14.39
Trust
Tax - Free High Yield Fund
M
229 Putnam Tax - Free Income 9/30/93 Open/Bond 250.63 15.07
Trust
Tax - Free Insured Fund; A
230 Putnam Tax - Free Income 9/9/85 Open/Bond 345.03 15.09
Trust
Tax - Free Insured Fund; B
231 Putnam Tax - Free Income 6/1/95 Open/Bond 1.91 15.10
Trust
Tax - Free Insured Fund; M
232 Putnam U.S. Core Fund 5/1/98 Open/Equity 3.26 10.72
233 Putnam U.S. Government 2/8/84 Open/Bond 2,015.4 12.79
Income Trust; A 3
234 Putnam U.S. Government 4/27/92 Open/Bond 1,234.2 12.73
Income Trust; B 6
235 Putnam U.S. Government 2/6/95 Open/Bond 144.04 12.77
Income Trust; M
236 Putnam U.S. Government 4/11/94 Open/Bond 29.21 12.79
Income Trust; Y
237 Putnam Utilities Growth 11/19/90 Open/Balanc 928.38 14.15
and Income Fund; A ed
238 Putnam Utilities Growth 4/27/92 Open/Balanc 690.52 14.06
and Income Fund; B ed
239 Putnam Utilities Growth 3/1/95 Open/Balanc 14.23 14.12
and Income Fund; M ed
240 Putnam Value Fund 5/1/98 Open/Balanc 2.32 9.30
ed
241 Putnam Vista Fund; A 6/3/68 Open/Equity 3,624.4 13.73
5
242 Putnam Vista Fund; B 3/1/93 Open/Equity 1,706.5 12.98
3
243 Putnam Vista Fund; M 12/1/94 Open/Equity 142.65 13.37
244 Putnam Vista Fund; Y 3/28/95 Open/Equity 374.45 13.93
245 Putnam Voyager Fund II; A 4/14/93 Open/Equity 832.02 23.95
246 Putnam Voyager Fund II; B 10/2/95 Open/Equity 764.67 23.27
247 Putnam Voyager Fund II; C 2/1/99 Open/Equity 17.91 23.92
248 Putnam Voyager Fund II; M 10/2/95 Open/Equity 91.05 23.52
249 Putnam Voyager Fund; A 4/1/96 Open/Equity 16,538. 23.26
88
250 Putnam Voyager Fund; B 4/27/92 Open/Equity 8,137.9 21.68
0
251 Putnam Voyager Fund; M 12/1/94 Open/Equity 372.11 22.67
252 Putnam Voyager Fund; Y 4/1/94 Open/Equity 2,111.0 23.67
8
253 Putnam VT Asia Pacific 5/1/95 Open/Equity 109.36 9.34
Growth Fund; IA
254 Putnam VT Asia Pacific 4/30/98 Open/Equity 0.18 9.33
Growth Fund; IB
255 Putnam VT Diversified 9/15/93 Open/Bond 654.27 9.78
Income Fund; IA
256 Putnam VT Diversified 4/6/98 Open/Bond 4.77 9.76
Income Fund; IB
257 Putnam VT Global Asset 2/1/88 Open/Balanc 984.90 17.78
Allocation Fund; IA ed
258 Putnam VT Global Asset 4/30/98 Open/Balanc 2.12 17.78
Allocation Fund; IB ed
259 Putnam VT George Putnam 4/30/98 Open/Equity 207.02 10.74
Fund; IA
260 Putnam VT George Putnam 4/30/98 Open/Equity 6.46 10.74
Fund; IB
261 Putnam VT Global Growth 5/1/90 Open/Equity 1,929.8 18.37
Fund; IA 5
262 Putnam VT Global Growth 4/30/98 Open/Equity 3.01 18.35
Fund; IB
263 Putnam VT Growth and 2/1/88 Open/Balanc 10,607. 28.48
Income Fund; IA ed 21
264 Putnam VT Growth and 4/6/98 Open/Balanc 21.74 28.44
Income Fund; IB ed
265 Putnam VT High Yield Fund; 2/1/88 Open/Bond 1,035.5 10.91
IA 7
266 Putnam VT High Yield Fund; 4/30/98 Open/Bond 5.29 10.91
IB
267 Putnam VT Health and 4/30/98 Open/Equity 176.76 9.74
Sciences Fund; IA
268 Putnam VT Health and 4/30/98 Open/Equity 3.73 9.73
Sciences Fund; IB
269 Putnam VT Income Fund; IA 2/1/88 Open/Bond 1,022.6 12.60
8
270 Putnam VT Income Fund; IB 4/30/98 Open/Bond 5.46 12.60
271 Putnam VT International 1/1/97 Open/Balanc 319.85 13.09
Growth and Income; IA ed
272 Putnam VT International 4/6/98 Open/Balanc 1.47 13.08
Growth and Income; IB ed
273 Putnam VT International 1/1/97 Open/Equity 136.51 12.22
New Opportunities Fund; IA
274 Putnam VT International 4/30/98 Open/Equity 0.21 12.21
New Opportunities Fund; IB
275 Putnam VT International 1/1/97 Open/Equity 356.08 14.22
Growth Fund; IA
276 Putnam VT International 4/30/98 Open/Equity 3.20 14.21
Growth Fund; IB
277 Putnam VT Investors Fund; 4/30/98 Open/Equity 478.03 11.82
IA
278 Putnam VT Investors Fund; 4/30/98 Open/Equity 8.91 11.80
IB
279 Putnam VT Money Market 2/1/88 Open/Bond 707.69 1.00
Fund; IA
280 Putnam VT Money Market 4/30/98 Open/Bond 10.22 1.00
Fund; IB
281 Putnam VT New 5/2/94 Open/Equity 3,780.9 26.55
Opportunities Fund; IA 2
282 Putnam VT New 4/30/98 Open/Equity 3.92 26.51
Opportunities Fund; IB
283 Putnam VT New Value Fund; 1/2/97 Open/Equity 284.92 13.23
IA
284 Putnam VT New Value Fund; 4/30/98 Open/Equity 1.51 13.22
IB
285 Putnam VT OTC & Emerging 4/30/98 Open/Equity 43.17 10.77
Growth Fund; IA
286 Putnam VT OTC & Emerging 4/30/98 Open/Equity 1.09 10.77
Growth Fund; IB
287 Putnam VT Research; IA 10/1/98 Open/Equity 62.17 12.55
288 Putnam VT Research; IB 10/1/98 Open/Equity 1.52 12.54
289 Putnam VT Small Cap Value 4/30/99 Open/Equity 2.51 10.35
Fund; IA
290 Putnam VT Small Cap Value 4/30/99 Open/Equity 0.14 10.35
Fund; IB
291 Putnam VT Utilities Growth 5/1/92 Open/Balanc 1,029.1 17.44
and Income Fund; IA ed 1
292 Putnam VT Utilities Growth 4/30/98 Open/Balanc 3.47 17.44
and Income Fund; IB ed
293 Putnam VT Vista Fund; IA 1/2/97 Open/Equity 346.14 15.49
294 Putnam VT Vista Fund; IB 4/30/98 Open/Equity 2.03 15.49
295 Putnam VT Voyager Fund; IA 2/1/88 Open/Equity 6,177.6 44.52
9
296 Putnam VT Voyager Fund; IB 4/30/98 Open/Equity 13.95 44.47
(5) Miscellaneous
There has been, or is, no litigation or fact which
had or would have, a material effect on the Investment
Management Company during the six months before the
filing of this report.
III. OUTLINE OF THE FINANCIAL STATUS OF THE FUND
PricewaterhouseCoopers LLP in the U.S.A. is responsible
for this part.
Translation of unaudited semi-annual accounts will be
attached to the Japanese version of the Semi-annual
Report.
IV. OUTLINE OF THE FINANCIAL STATUS OF THE INVESTMENT
MANAGEMENT COMPANY
PricewaterhouseCoopers LLP in the U.S.A. is responsible
for this part.
Translation of unaudited semi-annual accounts will be
attached to the Japanese version of the Semi-annual
Report.
AMENDMENT TO SECURITIES REGISTRATION STATEMENT
PUTNAM U.S. GOVERNMENT INCOME TRUST
AMENDMENT TO
SECURITIES REGISTRATION STATEMENT
To: Minister of Finance
Filing Date: June 30, 1999
Name of the Registrant Trust: PUTNAM U.S. GOVERNMENT INCOME TRUST
Name and Official Title of Trustees: George Putnam
John A. Hill
William F. Pounds
Jameson A. Baxter
Hans H. Estin
Ronald J. Jackson
Paul L. Joskow
Elizabeth T. Kennan
Lawrence J. Lasser
John H. Mullin, III
Robert E. Patterson
Donald S. Perkins
George Putnam, III
A.J.C. Smith
W. Thomas Stephens
W. Nicholas Thorndike
Address of Principal Office: One Post Office Square
Boston, Massachusetts 02109
U.S.A.
Name and Title of Registration Agent: Harume Nakano
Attorney-at-Law
Signature [Harume Nakano]
(Seal)
Ken Miura
Attorney-at-Law
Signature [Ken Miura]
(Seal)
Address or Place of Business Kasumigaseki Building, 25th Floor
2-5, Kasumigaseki 3-chome
Chiyoda-ku, Tokyo
Name of Liaison Contact: Harume Nakano
Ken Miura
Attorneys-at-Law
- ii -
Place of Liaison Contact: Hamada & Matsumoto
Kasumigaseki Building, 25th Floor
2-5, Kasumigaseki 3-chome
Chiyoda-ku, Tokyo
Phone Number: 03-3580-3377
Public Offering or Sale for Registration
Name of the Fund Making Public PUTNAM U.S. GOVERNMENT INCOME
Offering or Sale of Foreign TRUST
Investment Fund Securities:
Type and Aggregate Amount of Up to 76.1 million Class M Shares
Foreign Investment Fund Securities Up to the total amount aggregating the
to be Publicly Offered or Sold: amounts calculated by
multiplying the respective net
asset value per Class M Share by
the respective number of Class M
Shares in respect of 76.1
million Class M Shares
(The maximum amount expected to be
sold is 1 billion U.S. dollars
(yen[ ] billion).
Note 1: U.S.$ amount is translated into Japanese Yen at the
rate of U.S.$l.00=yen[ ] the mean of the exchange rate
quotations by The Bank of Tokyo-Mitsubishi, Ltd. for
buying and selling spot dollars by telegraphic transfer
against yen on May 31, 1999.
Note 2: The maximum amount expected to be sold is an amount
calculated by multiplying the net asset value per Class M
Share as of January 31, 1999 (U.S.$[ ]) by 76.1 million
Class M Shares for convenience.
Places where a copy of this Amendment to Securities Registration
Statement is available for Public Inspection
Not applicable.
(Total number of pages of this Amendment to Securities Registration
Statement is 5 including front and back pages.)
I. Reason For Filing This Amendment to Securities Registration Statement:
This statement purports to amend and update the relevant
information of the Securities Registration Statement
("Original SRS") filed on March 16, 1999 due to the fact
that the aforementioned Semi-annual Report was filed
today.
The exchange rates used in this statement to translate
the amended amounts of foreign currencies are different
from those used before these amendments, as the latest
exchange rates are used in this statement.
II. Contents of the Amendments:
Part II. INFORMATION ON THE ISSUER (page 5 of the Original SRS)
The following matters in the Original SRS are amended to
have the same contents as those provided in the following
items of the aforementioned Semi-annual Report:
Before amendment After amendment
[Original SRS] [Aforementioned Semi-annual Report]
I. Description of the Fund I. Status of Investment
5. Status of Investment Portfolio of the Fund
Portfolio
(A) Diversification of (1 Diversification of
Investment Portfolio ) Investment Portfolio
(the aforementioned Semi-
annual Report, page 1)
(B) Results of Past Operations (2 Results of Past Operations
)
Record of Changes in Net a Record of Changes in Net
(1) Assets (Class M Shares) Assets (Class M Shares)
(Regarding the amounts as (Ditto, page 2)
at the end of each month (Regarding the amounts as
during one-year period at the end of each month
from, and including, the during one-year period
latest relevant date from, and including, the
appertaining to the filing latest relevant date
date of the Original SRS) appertaining to the filing
date of the afore-mentioned
Semi-annual Report)
Record of Distributions b Record of Distributions
(2) Paid (Class M Shares) Paid (Class M Shares)
(Regarding the dividends (Ditto, page 2)
paid at the end of each (Regarding the dividends
month up to the latest paid at the end of each
relevant date of the month up to the latest
Original SRS) relevant date of the afore-
mentioned Semi-annual
Report)
II. Outline of the Fund II Outline of the Fund
.
1. Fund 1. Fund
(E) Amount of Capital Stock (1 Amount of Capital Stock
) (Ditto, page 4)
(G) Information Concerning (2 Information Concerning
Major Shareholders ) Major Shareholders (Ditto,
page 4)
(H) Information Concerning (3 Information Concerning
Directors, Officers and ) Directors, Officers and
Employees Employees (Ditto, page 4)
(I) Description of Business (4 Description of Business and
and Outline of Operation ) Outline of Operation
(Ditto, page 6)
2. Putnam Investment 2. Putnam Investment
Management, Inc. Management, Inc.
(Investment Management (Investment Management
Company) Company)
(E) Amount of Capital Stock (1 Amount of Capital Stock
) (Ditto, page 7)
(G) Information Concerning (2 Information Concerning
Major Stockholders ) Major Stockholders (Ditto,
page 7)
(H) Information Concerning (3 Information Concerning
Officers and Employees ) Officers and Employees
(Ditto, page 7)
(I) Summary of Business Lines (4 Summary of Business Lines
and Business Operation ) and Business Operation
(Ditto, page 18)
With respect to Section IV the Financial Condition of the
Fund in the Original SRS, Item III Outline of the
Financial Status of the Fund in the aforementioned Semi-
annual Report (Ditto, page 32) is added to the Original
SRS.
Part III. SPECIAL INFORMATION (page 13 of the Original SRS)
With respect to Section II the Financial Condition of the
Investment Management Company in the Original SRS, Item
IV Outline of the Financial Status of the Investment
Management Company in the aforementioned Semi-annual
Report (Ditto, page 32) is added to the Original SRS.
