Putnam
Money
Market
Fund
ANNUAL REPORT
September 30, 1996
[LOGO: BOSTON * LONDON * TOKYO]
Fund highlights
* "We will continue to monitor the economy and interest rates carefully,
keeping the fund focused on quality and flexibly positioned for what
lies ahead."
-- Lindsey C. Strong, Manager
Putnam Money Market Fund
* "Total assets in money funds . . . reached $856.7 billion at the end
of August, according to IBC/Financial Data in Ashland, MA, surpassing
for the first time the $806.4 billion that the Investment Company
Institute, the Washington trade group, counted in bond/income funds."
-- The New York Times, September 29, 1996
CONTENTS
4 Report from Putnam Management
7 Fund performance summary
12 Portfolio holdings
15 Financial statements
From the Chairman
[GRAPHIC OMITTED: PHOTO OF GEORGE PUTNAM]
(copyright) Karsh, Ottawa
Dear Shareholder:
Unsettled fixed-income markets and uncertainty over the course of short-
term interest rates provided most of the challenges for Fund Manager
Lindsey Strong throughout Putnam Money Market Fund's fiscal year that
ended September 30, 1996. By continually adjusting the average maturity
of the portfolio and maintaining the fund's conservative strategy of
investing in high-quality short-term investments, she was able to
deliver another year of competitive performance while maintaining a
stable net asset value.
As your fund moves into fiscal 1997, Lindsey sees a continuation of this
general environment in prospect, especially as Washington and the rest
of the nation adjust to the results of the November elections. In the
report that follows, Lindsey discusses in detail the driving forces
behind your fund's fiscal 1996 performance and her outlook for the
fiscal year ahead.
Respectfully yours,
/S/George Putnam
George Putnam
Chairman of the Trustees
November 20, 1996
Report from the Fund Manager
Lindsey C. Strong
In the fiscal year ended September 30, 1996, Putnam Money Market Fund
once again provided shareholders with a competitive total return while
continuing to focus on capital preservation and maintaining a stable
$1.00 share price. The fund's conservative investment strategy, which
emphasizes superior-quality short-term instruments and the pursuit of
current income, served it well during the year's environment of
continued economic strength, slightly higher interest rates, and
diminished inflationary expectations.
* ECONOMIC STRENGTH WITHOUT INFLATION
Economic strength continued throughout the period, although certain
indicators showed some softening as September drew to a close.
Unemployment figures stayed low, while retail sales, home and vehicle
sales, and consumer confidence remained relatively robust. At the same
time, inflationary pressures did not materialize, despite ongoing market
worries to the contrary. The Federal Reserve Board, believing that the
economy would soon slow enough on its own, did not raise short-term
interest rates in September as many had expected. In fact, over the
summer, demand did seem to be tapering a bit as retail sales growth
edged lower, exports softened, and home sales came off their earlier
peaks.
* STAYING NEUTRAL AND FLEXIBLE
With the economy's strength, the potential for inflation, and the
possibility of a Fed interest-rate increase somewhat unclear, your
portfolio remained in a flexible position throughout the period. This
meant keeping portfolio duration relatively neutral -- rather than short
or long -- in order to be ready to take advantage of incrementally
higher yields, should interest rates begin to rise. Throughout the
period, we sought out securities offering strong value and solid yield.
The portfolio adopted a barbell structure, focusing primarily on
superior-quality corporate and government agency securities at both the
short and long ends of the money-market maturity spectrum. In the
current interest-rate environment, this configuration allowed the fund
to maximize its income stream while protecting its net asset value.
* CAPTURING VALUE AMID MARKET UNCERTAINTY
During the latter half of the period, market opinion coalesced around
the idea that the economy's strength would soon force the Fed to raise
interest rates. In fact, for some time during the period, these
expectations dramatically cheapened the prices of money-market
instruments in the longer six-month maturity range. Because our
expectations with regard to interest-rate increases were more
conservative, we took advantage of the opportunity to add attractively
priced high-quality issues to the portfolio. This move proved rewarding.
Not only did this strategy boost the fund's income stream, but since the
Fed left rates alone, it enabled the fund to capture some of the highest
yields available over the past 12 months.
* SUPPLY STEADY; CREDIT-CONSCIOUS BUYERS ABOUND
The supply of money-market securities remained relatively steady and
strong for much of the year. Demand, however, assumed a rather cautious
tone as buyers exhibited renewed enthusiasm for the most conservative
money-market investments. Essentially, most market participants are
getting back to basics, eschewing the derivative investments that were
once such popular income vehicles and scrutinizing the credit quality of
even those securities once thought to be above question.
Your fund has always concentrated on traditional money-market securities
of the highest quality. In this time of interest-rate uncertainty and
increased credit consciousness, we have redoubled efforts to find well-
valued securities that meet our criteria for quality, liquidity, and
price sensitivity. Ideally, every holding must be rated in one of the
two highest categories by at least two nationally recognized rating
services at the time of purchase. If only one rating service has
evaluated the security, it must be rated in one of the two highest
categories by that service. If the securities are unrated, they must be
judged by Putnam Management to be of equivalent quality.
* OUTLOOK REMAINS CAUTIOUSLY OPTIMISTIC
It would appear that economic growth has begun to moderate, while
inflationary pressures remain subdued. After expecting the Fed to raise
interest rates, many market participants see the possibility of an ease
in rates, should the economy slow significantly. Given these mixed
signals, we expect the market to remain somewhat unsettled over the near
term. We believe the portfolio's neutral duration and concentration in
superior-quality issues should continue to serve shareholders well by
preserving share price and income stream amid this challenging
environment.
The views expressed throughout the report are exclusively those of
Putnam Management and are not meant as investment advice. Although the
described holdings were viewed favorably as of 9/30/96, there is no
guarantee the fund will continue to hold these securities in the future.
PERFORMANCE COMPARISONS (9/30/96)
Current
return
- -----------------------------------------------------------------------
Passbook savings account 2.01%
- -----------------------------------------------------------------------
3-month certificate of deposit 4.04
- -----------------------------------------------------------------------
Taxable money-market fund (7-day yield) 4.86
- -----------------------------------------------------------------------
Putnam Money Market Fund (7-day yield)
- -----------------------------------------------------------------------
Class A 5.00
- -----------------------------------------------------------------------
Class B 4.43
- -----------------------------------------------------------------------
Class M 4.80
- -----------------------------------------------------------------------
The net asset value of money-market mutual funds is uninsured and
designed to be fixed, while distributions vary daily. Investment returns
will fluctuate. The principal value on passbook savings and bank CDs is
generally insured up to certain limits by state and federal agencies.
CDs, unlike stocks which incur more risk, offer a fixed rate of return.
Unlike money-market funds, early withdrawals from bank CDs may be
subject to substantial penalties. Sources: Bank of Boston (passbook
savings), Bank Rate Monitor (3-month CDs), IBC/Donaghue's Money Fund
Report (taxable money-market fund 7-day yield).
Performance summary
Performance should always be considered in light of a fund's investment
strategy. Putnam Money Market Fund is designed for investors seeking
current income, consistent with capital preservation, stable principal,
and liquidity.
This section provides, at a glance, information about your fund's
performance. Total return shows how the value of the fund's shares
changed over time, assuming you held the shares through the entire
period and reinvested all distributions in the fund.
TOTAL RETURN FOR PERIODS ENDED 9/30/96
Class A Class B Class M
(inception date) (10/1/76) (4/27/92) (12/8/94)
at NAV at NAV at CDSC at NAV
- -----------------------------------------------------------------------
1 year 5.19% 4.67% -0.33% 5.02%
- -----------------------------------------------------------------------
5 years 21.72 -- -- --
Annual average 4.01 -- -- --
- -----------------------------------------------------------------------
10 years 71.55 -- -- --
Annual average 5.55 -- -- --
- -----------------------------------------------------------------------
Life of class -- 16.43 14.43 9.67
Annual average -- 3.49 3.09 5.20
- -----------------------------------------------------------------------
COMPARATIVE INDEX RETURNS FOR PERIODS ENDED 9/30/96
Lipper Consumer
Money Market Fund Price
Average Index
- -----------------------------------------------------------------------
1 year 4.90% 3.00%
- -----------------------------------------------------------------------
5 years 21.38 15.02
Annual average 3.95 2.84
- -----------------------------------------------------------------------
10 years 71.04 43.19
Annual average 5.51 3.66
- -----------------------------------------------------------------------
Life of class B 18.51 13.12
Annual average 3.92 2.82
- -----------------------------------------------------------------------
Life of class M 9.61 5.41
Annual average 5.13 2.94
- -----------------------------------------------------------------------
Fund performance data do not take into account any adjustment for taxes
payable on reinvested distributions. Performance data represent past
results and are not indicative of future returns. Investment returns
will fluctuate. An investment in the fund is neither insured nor
guaranteed by the U.S. government. There can be no assurance that the
fund will be able to maintain a stable net asset value of $1.00 per
share. The fund's holdings do not match those in the Lipper Average.
DISTRIBUTION INFORMATION
12 months ended 9/30/96
Class A Class B Class M
- -----------------------------------------------------------------------
Distributions (number) 12 12 12
- -----------------------------------------------------------------------
Income $0.050744 $0.045693 $0.049038
- -----------------------------------------------------------------------
Total $0.050744 $0.045693 $0.049038
- -----------------------------------------------------------------------
Current return: (end of period)
- -----------------------------------------------------------------------
Current 7-day yield1 5.00% 4.43% 4.80%
- -----------------------------------------------------------------------
Current 30-day yield1 4.91 4.39 4.72
- -----------------------------------------------------------------------
1 The 7-day and 30-day yields are the two most common gauges for
measuring money market mutual fund performance.
TERMS AND DEFINITIONS
Class A shares generally are fund shares purchased with an initial sales
charge. In the case of your fund, which has no initial sales charge, the
reference is to shares purchased or acquired through the exchange of
class A shares from another Putnam fund. Exchange of your fund's class A
shares into another fund may involve a sales charge, however.
Class B shares generally are fund shares purchased with no initial sales
charge but subject to a contingent deferred sales charge (CDSC) upon
redemption. However, class B shares of your fund can be acquired only
through exchange of class B shares from another fund or purchased by
certain systematic plan shareholders. A contingent deferred sales charge
is a charge applied at the time of redemption of class B shares and
assumes redemption at the end of the period. The CDSC schedule will vary
depending on whether the shares were acquired through exchange or
through a systematic investment plan purchase. Consult your prospectus
for details.
Class M shares generally have a lower initial sales charge and a higher
12b-1 fee than class A shares and no sales charge on redemption. In the
case of your fund, which has no initial sales charge, exchange of your
fund's class M shares into another fund may involve a sales charge,
however.
Net asset value (NAV) is the value of all your fund's assets, minus any
liabilities, divided by the number of outstanding shares, not including
any initial or contingent deferred sales charge.
COMPARATIVE BENCHMARKS
Lipper Money Market Fund Average, used for performance comparison
purposes, is an arithmetic average of the total return of all money
market mutual funds tracked by Lipper Analytical Services. Lipper is an
independent rating organization for the mutual fund industry. Lipper
rankings vary for other periods. The fund's holdings do not match those
in the Lipper Average and it is not possible to invest directly in an
index.
Consumer Price Index (CPI) is a commonly used measure of inflation; it
does not represent an investment return.
PUTNAM GROWTH FUNDS
Asia Pacific Growth Fund
Capital Appreciation Fund
Diversified Equity Trust
Europe Growth Fund
Global Growth Fund
Global Natural Resources Fund *
Health Sciences Trust
International Growth Fund +
International New Opportunities Fund
Investors Fund
New Opportunities Fund
OTC Emerging Growth Fund
Vista Fund
Voyager Fund
Voyager Fund II
PUTNAM GROWTH
AND INCOME FUNDS
Balanced Retirement Fund
Convertible Income-Growth Trust
Equity Income Fund
The George Putnam Fund of Boston
The Putnam Fund for Growth and Income
Growth and Income Fund II
International Growth and Income Fund
New Value Fund
Utilities Growth and Income Fund
PUTNAM INCOME FUNDS
American Government Income Fund
Diversified Income Trust
Diversified Income Trust II
Federal Income Trust
Global Governmental Income Trust
High Yield Advantage Fund
High Yield Trust
Income Fund
Intermediate U.S. Government
Income Fund
Preferred Income Fund
U.S. Government Income Trust
PUTNAM TAX-FREE
INCOME FUNDS
Municipal Income Fund
Tax Exempt Income Fund
Tax-Free High Yield Fund
Tax-Free Insured Fund
State tax-free income funds [DBL. DAGGER]
Arizona, California, Florida, Massachusetts, Michigan, Minnesota, New
Jersey, New York, Ohio and Pennsylvania
LIFESTAGESM FUNDS
Putnam Asset Allocation Funds--three investment portfolios that spread
your money across a variety of stocks, bonds, and money market
investments to help maximize your return and reduce your risk.
The three portfolios:
Asset Allocation: Balanced Portfolio
Asset Allocation: Conservative Portfolio
Asset Allocation: Growth Portfolio
MOST CONSERVATIVE
INVESTMENTS [SECTION MARK]
Putnam money market funds: **
California Tax Exempt Money Market Fund
Money Market Fund
New York Tax Exempt Money Market Fund
Tax Exempt Money Market Fund
CDs and savings accounts [DBL. DAGGER]
* Formerly Natural Resources Fund
+ Formerly Overseas Growth Fund
[DBL. DAGGER] Not available in all states.
[SECTION MARK] Relative to above.
** An investment in a money market fund is neither insured
nor guaranteed by the U.S. government. These funds are
managed to maintain a price of $1.00 per share, although
there is no assurance that this price will be maintained
in the future.
++ Not offered by Putnam Investments. Certificates of
deposit offer a fixed rate of return and may be insured
up to certain limits by federal/state agencies. Savings
accounts may also be insured up to certain limits.
Please call your financial advisor or Putnam at 1-800-
225-1581 to obtain a prospectus for any Putnam fund. It
contains more complete information, including charges
and expenses. Please read it carefully before you invest
or send money.
Report of independent accountants
To the Trustees and Shareholders of
Putnam Money Market Fund
In our opinion, the accompanying statement of assets and liabilities,
including the portfolio of investments owned, and the related statements
of operations and of changes in net assets and the financial highlights
present fairly, in all material respects, the financial position of
Putnam Money Market Fund (the "fund") at September 30, 1996, and the
results of its operations, the changes in its net assets and the
financial highlights for the periods indicated, in conformity with
generally accepted accounting principles. These financial statements and
financial highlights (hereafter referred to as "financial statements")
are the responsibility of the fund's management; our responsibility is
to express an opinion on these financial statements based on our audits.
We conducted our audits of these financial statements in accordance with
generally accepted auditing standards which require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting
principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that
our audits, which included confirmation of investments owned at
September 30, 1996 by correspondence with the custodian, provide a
reasonable basis for the opinion expressed above.
Price Waterhouse LLP
Boston, Massachusetts
November 11, 1996
<TABLE>
<CAPTION>
Portfolio of investments owned
September 30, 1996
<S> <C> <C> <C> <C>
COMMERCIAL PAPER (73.9%)*
PRINCIPAL AMOUNT MATURITY DATE VALUE
Domestic (57.5%)
- ------------------------------------------------------------------------------------------------------------------------------
$17,000,000 A.H. Robins Co. 5.40s 10/22/96 $16,943,900
20,000,000 AES Barbers Point (Bank of America (LOC)) 5.35s 10/25/96 19,925,694
12,000,000 Bank of America 5.33s 11/6/96 11,934,263
40,000,000 Bank of America 5.31s 11/13/96 39,740,400
20,000,000 Bank of New York 5.30s 10/2/96 19,994,111
25,000,000 Bank One Corp. 5.29s 10/24/96 24,911,833
15,000,000 Bellsouth Telecommunications Inc. 5.33s 11/21/96 14,884,517
30,000,000 Chase Manhattan Bank Corp. 5.59s 3/5/97 29,273,300
20,000,000 Chase Manhattan Bank Corp. 5.30s 12/10/96 19,790,944
30,000,000 Ciesco L.P. 5.30s 11/12/96 29,810,083
22,200,000 Ciesco L.P. 5.27s 10/7/96 22,177,251
25,000,000 Corporate Asset Funding Co. Inc. 5.45s 10/28/96 24,894,028
40,000,000 Corporate Asset Funding Co. Inc. 5.42s 12/19/96 39,518,222
10,000,000 Corporate Receivables Corp. 5.45s 10/21/96 9,968,208
25,000,000 Corporate Receivables Corp. 5.30s 11/7/96 24,860,139
45,074,000 Delaware Funding Corp. 5.30s 10/8/96 45,020,913
32,150,000 Falcon Asset Securitization Co. 5.40s 10/7/96 32,116,243
25,000,000 Ford Motor Credit Corp. 5.44s 10/17/96 24,935,778
28,500,000 Ford Motor Credit Corp. 5.33s 11/18/96 28,293,240
20,000,000 General Electric Capital Services 5.43s 10/29/96 19,912,517
30,000,000 General Electric Capital Services 5.33s 12/2/96 29,720,175
50,000,000 General Motors Acceptance Corp. 5.35s 10/29/96 49,784,514
30,000,000 Hewlett-Packard Co. 5.40s 11/27/96 29,739,000
20,000,000 Household Finance Co. 5.31s 10/30/96 19,911,500
35,000,000 Household Finance Co. 5.28s 10/23/96 34,881,933
30,000,000 IBM Credit Corp. 5.29s 10/3/96 29,986,775
40,000,000 International Business Machines Co. 5.42s 11/8/96 39,765,133
30,000,000 Merrill Lynch & Co., Inc. 5.48s 10/17/96 29,922,367
20,000,000 Merrill Lynch & Co., Inc. 5.33s 10/22/96 19,934,856
25,000,000 Merrill Lynch & Co., Inc. 5.31s 11/20/96 24,811,938
15,000,000 Metlife Funding Inc. 5.38s 10/1/96 14,997,758
20,000,000 Metlife Funding Inc. 5.28s 10/25/96 19,926,667
20,000,000 Metlife Funding Inc. 5.27s 10/16/96 19,953,156
20,000,000 Morgan (J.P.) & Co., Inc. 5.43s 12/12/96 19,779,783
25,000,000 Morgan (J.P.) & Co., Inc. 5.40s 11/15/96 24,827,500
7,350,000 National Rural Utilities Cooperative Finance Corp. 5.43s 10/28/96 7,318,959
30,000,000 Nationsbank Corp. 5.46s 10/10/96 29,954,500
35,000,000 Nationsbank Corp. 5.44s 10/31/96 34,836,044
15,475,000 Preferred Receivables Funding Corp. 5.45s 12/17/96 15,292,266
30,000,000 Preferred Receivables Funding Corp. 5.38s 11/19/96 29,775,833
30,000,000 Preferred Receivables Funding Corp. 5.30s 10/25/96 29,889,583
25,000,000 Sears Roebuck Acceptance Corp. 5.44s 10/21/96 24,920,667
20,000,000 Sears Roebuck Acceptance Corp. 5.43s 10/7/96 19,978,883
30,000,000 Sears Roebuck Acceptance Corp. 5.31s 11/19/96 29,778,750
9,250,000 Sheffield Receivables Corp. 5.35s 10/16/96 9,228,006
8,000,000 Sheffield Receivables Corp. 5.35s 10/1/96 7,998,811
16,500,000 Sheffield Receivables Corp. 5.32s 10/1/96 16,497,562
16,000,000 U.S. Bancorp 5.45s 12/11/96 15,825,600
19,500,000 USAA Capital Corp. 5.45s 11/5/96 19,393,725
25,000,000 Walt Disney Corp. 5.27s 11/22/96 24,806,035
--------------
$1,222,343,863
Foreign (16.4%)
- ------------------------------------------------------------------------------------------------------------------------------
$25,000,000 ABN AMRO North America Finance 5.45s (Netherlands) 10/11/96 $24,958,368
25,000,000 ABN AMRO North America Finance 5.26s (Netherlands) 10/24/96 24,912,333
20,000,000 Banco Nacional de Mexico (Barclays Bank (LOC)) 5.38s (United Kingdom) 10/28/96 19,916,311
30,000,000 Bank of Montreal 5.40s (Canada) 10/28/96 29,874,000
25,000,000 Bank of Nova Scotia 5.43s (Canada) 12/19/96 24,698,333
15,000,000 Commerzbank AG 5.64s (Germany) 3/6/97 14,631,050
20,000,000 Commonwealth Bank of Australia 5.46s (Australia) 11/1/96 19,902,933
15,000,000 Commonwealth Bank of Australia 5.32s (Australia) 12/17/96 14,827,100
25,000,000 Commonwealth Bank of Australia 5.30s (Australia) 11/14/96 24,834,375
35,000,000 Den Dankse Bank 5.40s (Denmark) 10/21/96 34,889,750
15,000,000 Deutsche Bank Financial Inc. 5.36s (Germany) 11/4/96 14,921,833
15,000,000 Fletcher Challenge Finance U.S.A. (Credit Suisse (LOC)) 5.32s (Switzerland) 11/20/96 14,886,950
15,404,000 Michelin Tire Corp. (Societe Generale (LOC)) 5.40s (France) 11/4/96 15,323,129
10,000,000 PEMEX Capital, Inc. (Credit Suisse (LOC)) 5.47s (Switzerland) 11/20/96 9,922,508
15,000,000 PEMEX Capital, Inc. (Credit Suisse (LOC)) 5.42s (Switzerland) 10/21/96 14,952,575
20,000,000 Royal Bank of Canada 5.41s (Canada) 10/18/96 19,945,900
25,000,000 Swiss Bank Corp. 5.25s (Switzerland) 10/15/96 24,945,315
--------------
$348,342,763
--------------
Total Commercial Paper (cost $1,570,686,626) $1,570,686,626
U.S. GOVERNMENT & AGENCY OBLIGATIONS (11.9%) *
PRINCIPAL AMOUNT MATURITY DATE VALUE
- ------------------------------------------------------------------------------------------------------------------------------
Federal Home Loan Banks
$23,005,000 5.70s 10/1/96 $23,005,000
17,070,000 5.38s 12/17/96 16,871,021
Federal Home Loan Mortgage Corp. Discount Notes
60,000,000 5.42s 12/20/96 59,268,300
25,000,000 5.38s 10/15/96 24,943,958
Federal National Mortgage Association Discount Notes
10,000,000 5.38s 10/15/96 9,977,583
10,000,000 5.38s 10/11/96 9,983,561
20,000,000 5.29s 12/6/96 19,803,094
25,320,000 5.25s 11/18/96 25,139,068
40,000,000 5.18s 10/9/96 39,948,200
25,000,000 5.06s 10/30/96 24,894,583
--------------
Total U.S. Government & Agency Obligations (cost $253,834,368) $253,834,368
CERTIFICATES OF DEPOSIT (9.2%) *
PRINCIPAL AMOUNT MATURITY DATE VALUE
- ------------------------------------------------------------------------------------------------------------------------------
$40,000,000 Bank of Nova Scotia 5.83s (Canada) 3/10/97 $ 40,003,481
25,000,000 Banque Nationale de Paris 5.35s (France) 10/21/96 25,000,290
20,000,000 Barclays Bank PLC 5.54s (United Kingdom) 1/27/97 20,003,271
40,000,000 Bayerische Vereinsbank AG 5.75s (Germany) 3/4/97 40,000,000
30,000,000 Canadian Imperial Bank of Commerce 5.33s (Canada) 10/28/96 30,000,232
40,000,000 Union Bank of Switzerland 5.37s (Switzerland) 11/25/96 40,000,000
--------------
Total Certificates of Deposit (cost $195,007,274) $ 195,007,274
BANK NOTES (2.6%) *
PRINCIPAL AMOUNT MATURITY DATE VALUE
- ------------------------------------------------------------------------------------------------------------------------------
$25,000,000 First National Bank of Boston 5.78s 3/12/97 $25,000,000
30,000,000 First National Bank of Boston 5.38s 11/21/96 30,000,000
--------------
Total Bank Notes (cost $55,000,000) $ 55,000,000
- ------------------------------------------------------------------------------------------------------------------------------
Total Investments (cost $2,074,528,268) *** $2,074,528,268
- ------------------------------------------------------------------------------------------------------------------------------
* Percentages indicated are based on net assets of $ 2,126,678,449.
*** The aggregate identified cost on a tax basis is the same.
The accompanying notes are an integral part of these financial statements.
</TABLE>
<TABLE>
<CAPTION>
Statement of assets and liabilities
September 30, 1996
<S> <C>
Assets
- ------------------------------------------------------------------------------------------------------------
Investments in securities, at amortized cost (Note 1) $2,074,528,268
- ------------------------------------------------------------------------------------------------------------
Cash 2,219
- ------------------------------------------------------------------------------------------------------------
Interest and other receivables 1,490,992
- ------------------------------------------------------------------------------------------------------------
Receivable for shares of the fund sold 81,872,144
- ------------------------------------------------------------------------------------------------------------
Total assets 2,157,893,623
Liabilities
- ------------------------------------------------------------------------------------------------------------
Distributions payable to shareholders 566,299
- ------------------------------------------------------------------------------------------------------------
Payable for shares of the fund repurchased 27,709,989
- ------------------------------------------------------------------------------------------------------------
Payable for compensation of Manager (Note 2) 1,778,428
- ------------------------------------------------------------------------------------------------------------
Payable for investor servicing and custodian fees (Note 2) 471,300
- ------------------------------------------------------------------------------------------------------------
Payable for compensation of Trustees (Note 2) 4,736
- ------------------------------------------------------------------------------------------------------------
Payable for administrative services (Note 2) 5,875
- ------------------------------------------------------------------------------------------------------------
Payable for distribution fees (Note 2) 207,633
- ------------------------------------------------------------------------------------------------------------
Other accrued expenses 470,914
- ------------------------------------------------------------------------------------------------------------
Total liabilities 31,215,174
- ------------------------------------------------------------------------------------------------------------
Net assets $2,126,678,449
Represented by
- ------------------------------------------------------------------------------------------------------------
Paid-in capital (Note 4) $2,126,678,449
- ------------------------------------------------------------------------------------------------------------
Net asset value, offering and redemption price per class A share ($1,659,287,548
divided by 1,659,287,548 shares)* $1.00
- ------------------------------------------------------------------------------------------------------------
Net asset value and offering price per class B share ($438,315,892 divided by
438,315,892 shares)** $1.00
- ------------------------------------------------------------------------------------------------------------
Net asset value, offering and redemption price per class M share ($29,075,009 divided by
29,075,009 shares)* $1.00
- ------------------------------------------------------------------------------------------------------------
* Offered at net asset value.
** Class B shares are available only by exchange of class B shares from other Putnam funds and to certain
systematic investment plan investors. The applicable contingent deferred sales charge will depend upon the
fund from which you exchanged.
The accompanying notes are an integral part of these financial statements.
</TABLE>
<TABLE>
<CAPTION>
Statement of operations
Year ended September 30, 1996
<S> <C>
Interest income: $100,213,638
- -----------------------------------------------------------------------------
Expenses:
- -----------------------------------------------------------------------------
Compensation of Manager (Note 2) 6,008,179
- -----------------------------------------------------------------------------
Investor servicing and custodian fees (Note 2) 3,221,887
- -----------------------------------------------------------------------------
Compensation of Trustees (Note 2) 44,656
- -----------------------------------------------------------------------------
Administrative services (Note 2) 23,629
- -----------------------------------------------------------------------------
Distribution fees -- Class B (Note 2) 1,804,298
- -----------------------------------------------------------------------------
Distribution fees -- Class M (Note 2) 27,426
- -----------------------------------------------------------------------------
Reports to shareholders 89,496
- -----------------------------------------------------------------------------
Registration fees 408,824
- -----------------------------------------------------------------------------
Auditing 39,268
- -----------------------------------------------------------------------------
Legal 35,370
- -----------------------------------------------------------------------------
Postage 427,944
- -----------------------------------------------------------------------------
Other 24,625
- -----------------------------------------------------------------------------
Total expenses 12,155,602
- -----------------------------------------------------------------------------
Expense reduction (Note 2) (800,758)
- -----------------------------------------------------------------------------
Net expenses 11,354,844
- -----------------------------------------------------------------------------
Net investment income 88,858,794
- -----------------------------------------------------------------------------
Net increase in net assets resulting from operations $88,858,794
- -----------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
</TABLE>
<TABLE>
<CAPTION>
Statement of changes in net assets
Year ended Year ended
September 30, September 30,
1996 1995
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Increase in net assets
- ------------------------------------------------------------------------------------------------------------------------------
Operations:
- ------------------------------------------------------------------------------------------------------------------------------
Net investment income $88,858,794 $71,482,615
- ------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations 88,858,794 71,482,615
- ------------------------------------------------------------------------------------------------------------------------------
Distributions to shareholders
- ------------------------------------------------------------------------------------------------------------------------------
From net investment income
Class A (71,786,456) (59,886,945)
- ------------------------------------------------------------------------------------------------------------------------------
Class B (16,189,187) (11,472,948)
- ------------------------------------------------------------------------------------------------------------------------------
Class M (883,151) (122,722)
- ------------------------------------------------------------------------------------------------------------------------------
Increase from capital share transactions (Note 4) 672,064,983 159,255,295
- ------------------------------------------------------------------------------------------------------------------------------
Total increase in net assets 672,064,983 159,255,295
- ------------------------------------------------------------------------------------------------------------------------------
Net assets
- ------------------------------------------------------------------------------------------------------------------------------
Beginning of year 1,454,613,466 1,295,358,171
- ------------------------------------------------------------------------------------------------------------------------------
End of year $2,126,678,449 $1,454,613,466
- ------------------------------------------------------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
</TABLE>
<TABLE>
<CAPTION>
Financial highlights
(For a share outstanding throughout the period)
December 8, 1994
(commencement
Year ended of operations) Year ended
September 30 to September 30 September 30
- ---------------------------------------------------------------------------------------------------------------------------
1996 1995 1996
- ---------------------------------------------------------------------------------------------------------------------------
Class M
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Net investment income $.0490 $.0434 $.0457
- ---------------------------------------------------------------------------------------------------------------------------
Net realized gain on investments -- -- --
- ---------------------------------------------------------------------------------------------------------------------------
Total from investment operations .0490 .0434 .0457
- ---------------------------------------------------------------------------------------------------------------------------
Total distributions: $(.0490) $(.0434) $(.0457)
- ---------------------------------------------------------------------------------------------------------------------------
Total investment return at net asset value (%)(a) 5.02 4.43* 4.67
- ---------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $29,075 $8,440 $438,316
- ---------------------------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets (%)(b) .72 .67* 1.07
- ---------------------------------------------------------------------------------------------------------------------------
Ratio of net investment income to average net assets (%) 4.82 4.29* 4.51
- ---------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Financial highlights (Continued)
(For a share outstanding throughout the period)
For the eleven
Year ended months ended Year ended
September 30 September 30 October 31
- ---------------------------------------------------------------------------------------------------------------------------
1995 1994 1993
- ---------------------------------------------------------------------------------------------------------------------------
Class B
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Net investment income $.0469 $.0251 $.0195
- ---------------------------------------------------------------------------------------------------------------------------
Net realized gain on investments -- -- --
- ---------------------------------------------------------------------------------------------------------------------------
Total from investment operations .0469 .0251 .0195
- ---------------------------------------------------------------------------------------------------------------------------
Total distributions: $(.0469) $(.0251) $(.0195)
- ---------------------------------------------------------------------------------------------------------------------------
Total investment return at net asset value (%)(a) 4.80 2.54* 1.98
- ---------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $256,533 $194,187 $22,777
- ---------------------------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets (%)(b) 1.12 1.03* 1.20
- ---------------------------------------------------------------------------------------------------------------------------
Ratio of net investment income to average net assets (%) 4.75 2.77* 1.98
- ---------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Financial highlights (Continued)
(For a share outstanding throughout the period)
April 27,1992
(commencement
of operations) Year ended Year ended
to October 31 September 30 September 30
- ---------------------------------------------------------------------------------------------------------------------------
1992 1996 1995
- ---------------------------------------------------------------------------------------------------------------------------
Class A
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Net investment income $.0151 $.0507 $.0521
- ---------------------------------------------------------------------------------------------------------------------------
Net realized gain on investments -- -- --
- ---------------------------------------------------------------------------------------------------------------------------
Total from investment operations .0151 .0507 .0521
- ---------------------------------------------------------------------------------------------------------------------------
Total distributions: $(.0151) $(.0507) $(.0521)
- ---------------------------------------------------------------------------------------------------------------------------
Total investment return at net asset value (%)(a) 1.52* 5.19 5.33
- ---------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $2,864 $1,659,288 $1,189,640
- ---------------------------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets (%)(b) .70* .57 .62
- ---------------------------------------------------------------------------------------------------------------------------
Ratio of net investment income to average net assets (%) 1.50* 5.00 5.23
- ---------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Financial highlights (Continued)
(For a share outstanding throughout the period)
For the eleven
months ended
September 30 Year ended October 31
- ---------------------------------------------------------------------------------------------------------------------------
1994 1993 1992
- ---------------------------------------------------------------------------------------------------------------------------
Class A
<S> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------------------
Net investment income $.0299 $.0246 $.0353
- ---------------------------------------------------------------------------------------------------------------------------
Net realized gain on investments -- -- --
- ---------------------------------------------------------------------------------------------------------------------------
Total from investment operations .0299 .0246 .0353
- ---------------------------------------------------------------------------------------------------------------------------
Total distributions: $(.0299) $(.0246) $(.0353)
- ---------------------------------------------------------------------------------------------------------------------------
Total investment return at net asset value (%)(a) 3.03* 2.49 3.58
- ---------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (in thousands) $1,101,171 $586,920 $839,185
- ---------------------------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets (%)(b) .58* .70 .86
- ---------------------------------------------------------------------------------------------------------------------------
Ratio of net investment income to average net assets (%) 3.03* 2.48 3.56
- ---------------------------------------------------------------------------------------------------------------------------
* Not annualized.
(a) Total investment return assumes dividend reinvestment and does not reflect the effect of sales charges.
(b) The ratio of expenses to average net assets for the periods ended September 30, 1995 and thereafter, includes amounts
paid through expense offset arrangements. Prior period ratios exclude these amounts (Note 2).
</TABLE>
Notes to financial statements
September 30, 1996
Note 1
Significant accounting policies
Putnam Money Market Fund (the "fund"), is registered under the
Investment Company Act of 1940, as amended, as a diversified, open-end
management investment company. The fund seeks current income consistent
with preservation of capital and maintenance of liquidity. The fund
achieves its objective by investing in a portfolio of high-grade short-
term obligations. The fund may invest up to 100% of its assets in the
banking industry and in commercial paper and short-term corporate
obligations of issuers in the personal credit institution and business
credit industries.
The fund offers class A, class B and class M shares. Each class of
shares is sold without a front-end sales charge. Class B shares are
offered only in exchange for class B shares of other Putnam funds, or
purchased by certain systematic investment plans. Shareholders are
subject to the same contingent deferred sales charge schedule as the
fund from which they were exchanged. Class B shares pay an ongoing
distribution fee, and are subject to a contingent deferred sales charge
if the shares are redeemed within six years of purchase (including any
holding period of the shares in other Putnam funds). Class M shares pay
an ongoing distribution fee lower than class B shares but are not
subject to a contingent deferred sales charge.
Expenses of the fund are borne pro-rata by the holders of each class of
shares, except that each class bears expenses unique to that class
(including the distribution fees applicable to class B and class M
shares). Each class votes as a class only with respect to its own
distribution plan or other matters on which a class vote is required by
law or determined by the Trustees. Shares of each class would receive
their pro-rata share of the net assets of the fund, if the fund were
liquidated. In addition, the Trustees declare separate dividends on each
class of shares.
The following is a summary of significant accounting policies
consistently followed by the fund in the preparation of its financial
statements. The preparation of financial statements is in conformity
with generally accepted accounting principles and requires management to
make estimates and assumptions that affect the reported amounts of
assets and liabilities. Actual results could differ from those
estimates.
A) Security valuation The valuation of the fund's portfolio instruments
is determined by means of the amortized cost method, which approximates
market value, as set forth in Rule 2a-7 under the Investment Company Act
of 1940. The amortized cost of an instrument is determined by valuing it
at cost originally and thereafter amortizing any discount or premium
from its face value at a constant rate until maturity.
B) Security transactions Security transactions are accounted for on the
trade date (date the order to buy or sell is executed).
C) Federal taxes It is the policy of the fund to distribute all of its
taxable income within the prescribed time and otherwise comply with the
provisions of the Internal Revenue Code applicable to regulated
investment companies. It is also the intention of the fund to distribute
an amount sufficient to avoid imposition of any excise tax under Section
4982 of the Internal Revenue Code of 1986. Therefore, no provision has
been made for federal taxes on income, capital gains or unrealized
appreciation on securities held and for excise tax on income and capital
gains.
D) Interest income and distributions to shareholders Interest is
recorded on the accrual basis. Income dividends (and distributions of
realized gains, if any) are recorded daily by the fund and are
distributed monthly to the shareholders. The amount and character of
income and gains to be distributed are determined in accordance with
income tax regulations which may differ from generally accepted
accounting principles.
Note 2
Management fee, administrative services and other transactions
Compensation of Putnam Management, for management and investment
advisory services is paid quarterly based on the average net assets of
the fund. Such fee is based on the following annual rates: 0.50% of the
first $100 million of average net assets, 0.40% of the next $100
million, 0.35% of the next $300 million, 0.325% of the next $500
million, and 0.30% of any amount over $1 billion subject, under current
law, to reduction in any year by the amount of certain brokerage
commissions and fees (less expenses) received by affiliates of Putnam
Management on the fund's portfolio transactions.
The fund reimburses Putnam Management for the compensation and related
expenses of certain officers of the fund and their staff who provide
administrative services to the fund. The aggregate amount of all such
reimbursements is determined annually by the Trustees.
Custodial functions for the fund's assets are provided by Putnam
Fiduciary Trust Company (PFTC), a wholly-owned subsidiary of Putnam
Investments, Inc. Investor servicing agent functions are provided by
Putnam Investor Services, a division of PFTC.
For the year ended September 30, 1996, fund expenses were reduced by
$800,758 under expense offset arrangements with PFTC. Investor servicing
and custodian fees reported in the Statement of operations exclude these
credits. The fund could have invested a portion of the assets utilized
in connection with the expense offset arrangements in an income
producing asset if it had not entered into such arrangements.
Trustees of the fund receive an annual Trustees fee of $2,400 and an
additional fee for each Trustee's meeting attended. Trustees who are not
interested persons of Putnam Management and who serve on committees of
the Trustees receive additional fees for attendance at certain committee
meetings.
The fund adopted a Trustee Fee Deferral Plan (the "Plan") which allows
the Trustees to defer the receipt of all or a portion of Trustees Fees
payable on or after July 1, 1995. The deferred fees remain in the fund
and are invested in certain Putnam funds until distribution in
accordance with the Plan.
The fund has adopted distribution plans (the "Plans") with respect to
its class B shares and class M shares pursuant to Rule 12b-1 under the
Investment Company Act of 1940. The purpose of the Plans is to
compensate Putnam Mutual Funds Corp., a wholly-owned subsidiary of
Putnam Investments Inc., for services provided and expenses incurred by
it in distributing shares of the fund. The Plans provide for payments by
the fund to Putnam Mutual Funds Corp. at an annual rate up to 0.75% and
1.00% of the average net assets attributable to class B and class M
shares, respectively. The Trustees have approved payment by the fund at
an annual rate of 0.50% and 0.15% of the average net assets attributable
to class B and class M shares, respectively.
For the year ended September 30, 1996 Putnam Mutual Funds Corp., acting
as underwriter received $1,618,909 in contingent deferred sales charges
from redemptions of class B shares. A deferred sales charge of up to 1%
is assessed on certain redemptions of class A shares acquired through an
exchange from another fund. For the year ended September 30, 1996,
Putnam Mutual Funds Corp., acting as underwriter received $52,520 on
class A redemptions.
Note 3
Purchases and sales of securities
During the year ended September 30, 1996, purchases and sales (including
maturities) of investment securities (all short-term obligations)
aggregated $37,616,544,922 and $37,116,428,828, respectively. In
determining the net gain or loss on securities sold, the cost of
securities has been determined on the identified cost basis.
Note 4
Capital shares
At September 30, 1996, there was an unlimited number of shares of
beneficial interest authorized.
Transactions in capital shares at a constant net asset value of $1.00
per share were as follows:
Year ended September 30
- ----------------------------------------------------
Class A 1996 1995
- ----------------------------------------------------
Shares sold 8,637,001,040 4,779,510,741
- ----------------------------------------------------
Shares issued in
connection with
reinvestment of
distributions 67,453,247 54,658,336
- ----------------------------------------------------
8,704,454,287 4,834,169,077
Shares
repurchased (8,234,806,321) (4,745,700,888)
- ----------------------------------------------------
Net increase 469,647,966 88,468,189
- ----------------------------------------------------
Year ended September 30
- ----------------------------------------------------
Class B 1996 1995
- ----------------------------------------------------
Shares sold 2,160,995,082 1,012,064,608
- ----------------------------------------------------
Shares issued in
connection with
reinvestment of
distributions 14,670,593 9,599,944
- ----------------------------------------------------
2,175,665,675 1,021,664,552
Shares
repurchased (1,993,883,218) (959,317,895)
- ----------------------------------------------------
Net increase 181,782,457 62,346,657
- ----------------------------------------------------
For the period
December 8, 1994
(commencement of
Year ended operations) to
September 30 September 30
- ----------------------------------------------------
Class M 1996 1995
- ----------------------------------------------------
Shares sold 133,711,096 16,449,326
- ----------------------------------------------------
Shares issued in
connection with
reinvestment of
distributions 845,150 109,559
- ----------------------------------------------------
134,556,246 16,558,885
Shares
repurchased (113,921,686) (8,118,436)
- ----------------------------------------------------
Net increase 20,634,560 8,440,449
- ----------------------------------------------------
Federal tax information
(Unaudited)
The Form 1099 you receive in January 1997 will show the tax status of
all distributions paid to your account in calendar 1996.
Results of September 5, 1996 shareholder meeting
(Unaudited)
A meeting of shareholders of the fund was held on September 5, 1996. At
the meeting, each of the nominees for Trustees was elected, as follows:
Votes
Votes for withheld
--------- --------
Jameson Adkins Baxter 1,171,271,981 15,934,027
Hans H. Estin 1,170,979,001 16,226,008
John A. Hill 1,171,392,250 15,812,758
R.J. Jackson 1,170,025,594 17,179,415
Elizabeth T. Kennan 1,170,968,538 16,236,471
Lawrence J. Lasser 1,171,269,424 15,935,584
Robert E. Patterson 1,171,376,463 15,828,545
Donald S. Perkins 1,171,169,031 16,035,977
William F. Pounds 1,171,052,401 16,152,607
George Putnam 1,170,985,423 16,219,585
George Putnam, III 1,170,692,501 16,512,507
Eli Shapiro 1,169,739,473 17,465,535
A.J.C. Smith 1,171,251,204 15,953,805
W. Nicholas Thorndike 1,170,707,467 16,497,542
A proposal to ratify the selection of Price Waterhouse LLP as auditors
for the fund was approved as follows: 1,149,694,018 votes for, and
12,594,894 votes against, with 24,916,096 abstentions and broker non-
votes.
A proposal to amend the fund's fundamental investment restriction with
respect to diversification of investments was approved as follows:
997,134,295 votes for, and 91,388,392 votes against, with 98,682,321
abstentions and broker non-votes.
A proposal to amend the fund's fundamental investment restriction with
respect to investments in the securities of a single issuer was approved
as follows: 983,218,239 votes for, and 107,784,297 votes against, with
96,202,472 abstentions and broker non-votes.
A proposal to amend the fund's fundamental investment restriction with
respect to making loans was approved as follows: 963,255,979 votes for,
and 127,744,898 votes against, with 96,204,131 abstentions and broker
non-votes.
A proposal to amend the fund's fundamental investment restriction with
respect to investments in real estate was approved as follows:
972,971,786 votes for, and 115,126,957 votes against, with 99,106,265
abstentions and broker non-votes.
A proposal to amend the fund's fundamental investment restriction with
respect to concentration of its assets was approved as follows:
1,017,079,512 votes for, and 68,953,669 votes against, with 101,171,827
abstentions and broker non-votes.
A proposal to eliminate the fund's fundamental investment restriction
with respect to investments in issuers that have been in operation for
less than three years was approved as follows: 974,744,725 votes for,
and 116,427,586 votes against, with 96,032,697 abstentions and broker
non-votes.
A proposal to eliminate the fund's fundamental investment restriction
with respect to investments in securities of issuers in which management
of the fund or Putnam Investment Management, Inc. owns securities was
approved as follows: 967,280,366 votes for, and 120,769,177 votes
against, with 99,155,465 abstentions and broker non-votes.
A proposal to eliminate the fund's fundamental investment restriction
with respect to margin transactions was approved as follows: 943,507,823
votes for, and 144,987,332 votes against, with 98,709,854 abstentions
and broker non-votes.
A proposal to eliminate the fund's fundamental investment restriction
with respect to short sales was approved as follows: 959,938,067 votes
for, and 129,998,056 votes against, with 97,268,885 abstentions and
broker non-votes.
A proposal to eliminate the fund's fundamental investment restriction
with respect to pledging was approved as follows: 954,067,954 votes for,
and 131,934,188 votes against, with 101,202,866 abstentions and broker
non-votes.
A proposal to eliminate the fund's fundamental investment restriction
with respect to investments in warrants was approved as follows:
958,331,273 votes for, and 126,120,804 votes against, with 102,752,931
abstentions and broker non-votes.
All tabulations are rounded to nearest whole number.
Fund information
INVESTMENT MANAGER
Putnam Investment
Management, Inc.
One Post Office Square
Boston, MA 02109
MARKETING SERVICES
Putnam Mutual Funds Corp.
One Post Office Square
Boston, MA 02109
CUSTODIAN
Putnam Fiduciary Trust Company
LEGAL COUNSEL
Ropes & Gray
INDEPENDENT
ACCOUNTANTS
Price Waterhouse LLP
TRUSTEES
George Putnam, Chairman
William F. Pounds, Vice Chairman
Jameson Adkins Baxter
Hans H. Estin
John A. Hill
Ronald J. Jackson
Elizabeth T. Kennan
Lawrence J. Lasser
Robert E. Patterson
Donald S. Perkins
George Putnam, III
Eli Shapiro
A.J.C. Smith
W. Nicholas Thorndike
OFFICERS
George Putnam
President
Charles E. Porter
Executive Vice President
Patricia C. Flaherty
Senior Vice President
John D. Hughes
Senior Vice President and Treasurer
Lawrence J. Lasser
Vice President
Gordon H. Silver
Vice President
William J. Curtin
Vice President
William F. McGue
Vice President
Lindsey C. Strong
Vice President and Fund Manager
William N. Shiebler
Vice President
John R. Verani
Vice President
Paul M. O'Neil
Vice President
Beverly Marcus
Clerk and Assistant Treasurer
This report is for the information of shareholders of Putnam Money
Market Fund. It may also be used as sales literature when preceded or
accompanied by the current prospectus, which gives details of sales
charges, investment objectives, and operating policies of the fund, and
the most recent copy of Putnam's Quarterly Performance Summary. For more
information or to request a prospectus, call toll-free: 1-800-225-1581.
You can also learn more at Putnam Investments' website:
http://www.putnaminv.com.
Shares of mutual funds are not deposits or obligations of, or guaranteed
or endorsed by, any financial institution, are not insured by the
Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board
or any other agency, and involve risk, including the possible loss of
the principal amount invested.
PUTNAM INVESTMENTS
The Putnam Funds
One Post Office Square
Boston, Massachusetts 02109
- ---------------------
Bulk Rate
U.S. Postage
PAID
Putnam
Investments
- ---------------------
28362-010/879/534 11/96
