29
- -
[H&M Draft]
[July 28, 1998]
[Translation]
SEMI-ANNUAL REPORT
(during the Fourth Term)
From: November 1, 1997
To: April 30, 1998
AMENDMENT TO SECURITIES REGISTRATION STATEMENT
(for NAV Sale)
PUTNAM INCOME FUND
SEMI-ANNUAL REPORT
(during the Fourth Term)
From: November 1, 1997
To: April 30, 1998
PUTNAM INCOME FUND
SEMI-ANNUAL REPORT
(during the Fourth Term)
From: November 1, 1997
To: April 30, 1998
To: Director of Kanto Local Finance Bureau
Filing Date: July 31, 1998
Name of the Registrant Fund: PUTNAM INCOME FUND
Name of Trustees: George Putnam
William
F. Pounds
Jameson
A. Baxter
Hans H.
Estin
John A.
Hill
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
Place of Liaison Contact: Hamada & Matsumoto
Kasumigaseki Building, 25th
Floor
2-5,
Kasumigaseki 3-chome
Chiyoda-
ku, Tokyo
Phone Number: 03-3580-3377
- ii -
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 in Japanese
is 41 including the front page)
C O N T E N T S
This
EnglishJapane
se
translationOr
iginal
I. STATUS OF INVESTMENT FUND
(1) Diversification of Investment Portfolio 1 1
(2) Results of Past Operations 2 2
(a) Record of Changes in Net Assets 2 2
(b) Record of Distributions Paid 2 3
(3) Record of Sales and Repurchases 3 3
II. OUTLINE OF THE FUND
1. Fund 4 4
(1) Amount of Capital Stock 4 4
(2) Information Concerning Major Shareholders 4 4
(3) Information Concerning Directors, Officers and
Employees 44
(4) Description of Business and Outline of Operation 6
6
(5) Miscellaneous 7 6
2. Putnam Investment Management, Inc.
(Investment Management Company) 7 7
(1) Amount of Capital Share 7 7
(2) Information Concerning Major Shareholders 7 7
(3) Information Concerning Officers and Employees 7
7
(4) Summary of Business Lines and Business Operation 18
17
(5) Miscellaneous 32 38
III. OUTLINE OF THE FINANCIAL STATUS OF THE FUND 32
39
IV. OUTLINE OF THE FINANCIAL STATUS OF THE
INVESTMENT MANAGEMENT COMPANY 32 77
I. STATUS OF
INVESTMENT FUND
(1)
Diversification
of Investment
Portfolio:
14 (As of
1 June 30,
1998)
Types of Assets Name of Total Investme
Country U.S. nt Ratio
Dollars (%)
Corporate Bonds United 51.46
States 1,726,232,
710
Canada 1.34
44,862,315
United 0.79
Kingdom 26,357,756
Netherland 0.41
s 13,703,575
Norway 0.31
10,520,664
Denmark 0.25
8,500,658
Japan 0.23
7,742,014
Sweden 0.22
7,233,205
Israel 0.20
6,687,747
Indonesia 0.19
6,244,450
China 0.13
4,317,294
Philippine 0.13
s 4,312,198
Bermuda 0.08
2,559,050
India 0.06
1,980,000
Finland 0.05
1,524,955
Mexico 0.04
1,324,651
Luxembourg 0.04
1,255,800
Germany 0.03
886,125
Greece 0.02
619,500
Argentina 0.02
605,400
Ireland 0.01
191,100
Switzerlan 0.01
d 187,275
Colombia 0.00
118,300
Brazil 0.00
76,950
Ecuador 0.00
47,500
Sub-total 55.98
1,878,091,
192
US Government United 25.03
Obligations States 839,846,19
0
Collateralized United 9.70
Mortgage States 325,379,98
Obligations 3
Foreign United 2.93
Government Bonds Kingdom 98,235,751
Germany 0.90
30,080,591
Mexico 0.81
27,194,838
Russian 0.65
21,866,176
Peru 0.45
15,133,247
South 0.42
Africa 14,179,631
Korea 0.28
9,372,263
Canada 0.27
9,141,284
Venezuela 0.21
6,983,375
Bulgaria 0.15
5,018,400
Sub-total 7.07
237,205,55
6
Brady Bonds Brazil 0.70
23,566,447
Argentina 0.53
17,734,423
Philippine 0.34
s 11,508,413
Sub-total 1.57
52,809,283
Units United 0.31
States 10,429,738
Germany 0.30
9,922,207
Columbia 0.03
846,000
Sub-total 0.63
21,197,945
Preferred Stock United 0.52
States 17,321,906
Municiapal Bonds United 0.26
States 8,715,105
Convertible Bonds United 0.12
States 4,056,313
United 0.06
Kingdom 1,876,875
Sub-total 0.18
5,933,188
Common stock United 0.03
States 897,056
Warrants United 0.01
States 262,239
Ireland 0.00
9,100
Sub-total 0.01
271,339
Convertible United 0.00
Preferred Stocks States 113,864
Cash, Deposit and -0.98
Other Assets (32,949,98
(After deduction 7)
of liabilities)
Total 100.00
3,354,832,
620
(Net Asset (\473,031
Value) million)
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 Yen141.00 for one U.S.
Dollar, which is the actual middle point between the
selling and buying currency rate by telegraphic
transfer of The Bank of Tokyo-Mitsubishi, Ltd. on
the end of June, 1998. 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, conversion into
other currencies is done simply by multiplying the
corresponding amount 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 at the end of each
of during the one year period up to and including the end
of June, 1998 is as follows:
(b) Record of Distributions Paid (Class M Shares)
3rd Fiscal Year (11/1/96 - 10/31/97): $0.43 (Yen0.63)
Record of distribution paid at the end of each month
during the period from November 1997 up to and including
June 1998 is as follows:
Note: Operations of Class M Shares were
commenced on December 14, 1994.
(3) Record of Sales and Repurchases (Class M Shares)
Record of sales and repurchases during one year
period up to and including the end of June, 1998 and
number of outstanding shares of the Fund as of the end of
June, 1998 are as follows:
______________________________________________________________
______
Number of Number of Number of Out-
Shares Sold Shares Redeemed standing
Shares___
Worldwide 241,388,000 70,565,974 174,784,738
(In Japan)(238,171,700)(68,997,800) (169,173,900)
______________________________________________________________
______
II. OUTLINE OF THE FUND
1. Fund
(1) Amount of Capital Stock (as of the end of June, 1998)
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 filing date)
Shares
Name Office and Resume Owned
Title
George Putnam Chairman and present: Chairman and 0
President Director of
Putnam Management
and Putnam Mutual
Funds Corp.
Director, Marsh &
McLennan
Companies, Inc.
William F. Vice present: Professor of 28,445
Pounds Chairman Management, .484
Alfred P. Sloan
School of
Management,
Massachusetts
Institute of
Technology
Jameson Adkins Trustee present: President,
Baxter Baxter 912.715
Associates, Inc.
Hans H. Estin Trustee present: Vice Chairman,
North American 360.263
Management Corp.
John A. Hill Trustee present: Chairman and 0
Managing
Director, First
Reserve
Corporation
Ronald J. Trustee present: Former
Jackson Chairman, 419.530
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 143.272
Management,
Massachusetts
Institute of
Technology,
Director, New
England Electric
System, State
Farm Indemnity
Company and
Whitehead
Institute for
Biomedical
Reserach
Elizabeth T. Trustee present: President
Kennan Emeritus and 242.562
Professor, Mount
Holyoke College
Lawrence J. Trustee and present: President,
Lasser Vice Chief Executive 156.648
President Officer and
Director of
Putnam
Investments, Inc.
and the
Investment
Management
Company
Director, Marsh &
McLennan
Companies, Inc.
John H. Trustee present: Chairman and
Mullin, III Chief Executive 729.613
Officer of
Ridgeway Farm,
Director of ACX
Technologies,
Inc., Alex Brown
Realty, Inc. and
The Liberty
Corporation
Robert E. Trustee present: President and
Patterson Trustee of Cabot 1,013.607
Industrial Trust,
Trustee of the
SEA Education
Association
Donald S. Trustee present: Director of
Perkins various 3,324.900
corporations,
including Cummins
Engine Company,
Lucent
Technologies,
Inc., Nanophase
Technologies,
Inc., Springs
Industries, Inc.
and Time Warner
Inc.
George Putnam, Trustee present: President, New
III Generation 4,118.574
Research, Inc.
A.J.C. Smith Trustee present: Chairman and
Chief Executive 234.290
Officer, Marsh &
McLennan
Companies, Inc.
W. Thomas Trustee present: President and
Stephens Chief Executive 105.941
Officer of
MacMillian
Bloedel Ltd.,
Director of Mail-
well Inc., Qwest
Communications,
The Eagle Picher
Trust and New
Century Energies
W. Nicholas Trustee present: Director of
Thorndike various 156.648
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 the
Investment
Management
Company
Patricia C. Senior Vice present: Senior Vice 0
Flaherty President President of
Putnam
Investments, Inc.
and the
Investment
Management
Company
William N. Vice present: Director and 0
Shiebler President Senior Managing
Director of
Putnam
Investments, Inc.
President and
Director of
Putnam Mutual
Funds
Gordon H. Vice present: Director and 0
Silver President Senior Managing
Director of
Putnam
Investments, Inc.
and the
Investment
Management
Company
John D. Hughes Vice present: Senior Vice 0
President President of the
and Investment
Treasurer Management
Company
Beverly Marcus Clerk and N/A 0
Assistant
Treasurer
Ian C. Vice present: Senior 0
Ferguson President Managing Director
of Putnam
Investments, Inc.
and the
Investment
Management
Company
John R. Verani Vice present: Senior Vice 0
President President of
Putnam
Investment, Inc.
and the
Investment
Management
Company
James M. Vice present: Senior Vice 0
Prusko President President of
Putnam
Investments, Inc.
and Putnam
Management
Jeffrey J. Vice present: Senior Vice 0
Kobylarz President President of
Putnam
Management, Inc.
D. William Vice present: Managing 0
Kohli President Director of
Putnam
Management, Inc.
William J. Vice present: Managing 0
Curtin President Director of
Putnam
Investments, Inc.
and the
Investment
Management
Company
David L. Vice present: Managing 0
Waldman President Director of
Putnam
Management, Inc.
(2) Employees of the Fund
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 retained 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 which had or is
expected to 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 Share (as of the end of June, 1998)
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):
Amount of Capital
Year (Total Stockholders'
Equity)
End of 1993 $49,847,760
End of 1994 $48,149,491
End of 1995 $45,521,351
End of 1996 $45,817,658
End of 1997 $48,617,160
(2) Information Concerning Major Shareholders
As of the end of June, 1998, all the outstanding shares
of capital stock of Investment Management Company were
owned by Putnam Investments, Inc.
(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:
(as of the end of June, 1998)
Position
with Putnam
Name Investment Other Business Affiliation
Management,
Inc.
Putnam, Chairman Director of Putnam Mutual
George Funds Corp.
Lasser, President
Lawrence J. and Director
Silver, Director and Director of Putnam Fiduciary
Gordon Senior Trust Company, Senior
Managing Administrative Officer and
Director Senior Managing Director of
Putnam Mutual Funds Corp.
Burke, Senior Senior Managing Director of
Robert W. Managing Putnam Mutual Funds Corp.
Director
Collman, Senior Senior Managing Director of
Kathleen M. Managing Putnam Mutual Funds Corp.
Director
Ferguson, Senior
Ian C. Managing
Director
Regan, Senior
Anthony W. Managing
Director
Spiegel, Director and Senior Managing Director of
Steven Senior Putnam Mutual Funds Corp.
Managing
Director
Anderson, Managing
Blake E. Director
Antill, Managing
Jennifer Director
Beck, Managing
Robert R. Director
Bogan, Managing
Thomas R. Director
Browchuk, Managing
Brett Director
Cassaro, Managing
Jeseph A. Director
Cotner, C. Managing
Beth Director
Cronin, Managing Managing Director of Putnam
Kevin M. Director Fiduciary Trust Company
Curtin, Managing
William J. Director
D'Alelio, Managing
Edward H. Director
Daly, Managing Managing Director of Putnam
Kenneth L. Director Mutual Funds Corp.
DeTore, Managing Managing Director of Putnam
John A. Director Fiduciary Trust Company
Durgarian, Managing
Karnig H. Director
Esteves, Managing Treasurer and CFO of Putnam
Irene M. Director Fiduciary Trust Company
Gillis, Managing
Roland Director
Haslett, Managing
Thomas R. Director
Hurley, Managing Managing Director and CFO of
William J. Director Putnam Mutual Funds Corp.
Jacobs, Managing
Jerome J. Director
Joseph, Managing
Joseph P. Director
Kamshad, Managing
Omid Director
King, David Managing
L. Director
Kohli, D. Managing
William Director
Kreisel, Managing
Anthony I. Director
Kuenstner, Managing
Deborah F. Director
Landes, Managing
William J. Director
Leichter, Managing
Jennifer Director
Maloney, Managing
Kevin J. Director
Martino, Managing Managing Director of Putnam
Michael Director Fiduciary Trust Company
Maxwell, Managing
Scott M. Director
McGue, Managing
William F. Director
McMullan, Managing
Carol C. Director
Miller, Managing
Daniel L. Director
Morgan Jr., Managing Managing Director of Putnam
John J. Director Fiduciary Trust Company
O'Donnell Managing
Jr., C. Director
Patrick
Peacher, Managing
Stephen C. Director
Porter, Managing
Charles E. Director
Reilly, Managing
Thomas V. Director
Schultz, Managing Managing Director of Putnam
Mitchell D. Director Mutual Funds Corp.
Scott, Managing Managing Director of Putnam
Justin M. Director Fiduciary Trust Company
Shadek Jr., Managing
Edward T. Director
Starr, Managing Managing Director of Putnam
Loren Director Mutual Funds Corp.
Swift, Managing
Robert Director
Talanian, Managing Managing Director of Putnam
John C. Director Mutual Funds Corp.
Tibbetts, Managing Managing Director of Putnam
Richard B. Director Mutual Funds Corp.
Waldman, Managing
David L. Director and
Chief
Financial
Officer
Wetlaufer, Managing Managing Director of Putnam
Eric Director Mutual Funds Corp.
Woolverton, Managing Managing Director of Putnam
William H. Director Mutual Funds Corp.
Zieff, Managing
William E. Director
Arends, Senior Vice Senior Vice President of
Michael K. President Putnam Mutual Funds Corp.
Asher, Senior Vice Senior Vice President of
Steven E. President Putnam Mutual Funds Corp.
and Senior Vice President of
Putnam Fiduciary Trust
Company
Atkin, Senior Vice
Michael J. President
Attridge, Senior Vice Senior Vice President of
Gail S. President Putnam Fiduciary Trust
Company
Agustine, Senior Vice
Jeffrey B. President
Bakshi, Senior Vice
Manjit S. President
Bamford, Senior Vice
Dolores President
Snyder
Baumbach, Senior Vice
Robert K. President
Berka, Senior Vice Senior Vice President of
Sharon A. President Putnam Mutual Funds Corp.
Blaisdell, Senior Vice
Geoffrey C. President
Boselli, Senior Vice
John A. President
Bousa, Senior Vice
Edward P. President
Bresnahan, Senior Vice Senior Vice President of
Leslee R. President Putnam Mutual Funds Corp.
Burke, Senior Vice
Andrea President
Burns, Senior Vice
Cheryl A. President
Byrnne, Senior Vice
Joshua L. President
Callahan, Senior Vice
Ellen S. President
Carlson, Senior Vice
David G. President
Chapman, Senior Vice
Susan President
Chrostowski Senior Vice Senior Vice President of
, Louis F. President Putnam Mutual Funds Corp.
Curran, Senior Vice Senior Vice President of
Peter J. President Putnam Mutual Funds Corp.
Dalferro, Senior Vice
John R. President
Danoff, Ami Senior Vice
K. President
Derbyshire, Senior Vice Senior Vice President of
Ralph C. President Putnam Fiduciary Trust
Company
England, Senior Vice
Richard B. President
Farrell, Senior Vice Senior Vice President of
Deborah S. President Putnam Mutual Funds Corp.
Finch, Ted Senior Vice
President
Fitzgerald, Senior Vice
Michael T. President
Flaherry, Senior Vice Senior Vice President of
Patricia C. President Putnam Mutual Funds Corp.
Fontana, Senior Vice
Forrest N. President
Francis, Senior Vice
Jonathan H. President
Frucci, Senior Vice Senior Vice President of
Richard M. President Putnam Fiduciary Trust
Company
Fullerton, Senior Vice Senior Vice President of
Brian J. President Putnam Mutual Funds Corp.
Grant, Senior Vice Senior Vice President of
Peter J. President Putnam Fiduciary Trust
Company
Graviere, Senior Vice
Patrice President
Grim, Senior Vice
Daniel J. President
Haagensen, Senior Vice
Paul E. President
Hadden, Senior Vice
Peter J. President
Halperin, Senior Vice
Matthew C. President
Healey, Senior Vice
Deborah R. President
Holding, Senior Vice
Pamela President
Hotchkiss, Senior Vice
Michael F. President
Kay, Karen Senior Vice Clerk, Director and Senior
R. President Vice President of Putnam
Fiduciary Trust Company and
Senior Vice President of
Putnam Mutual Funds Corp.
Kirson, Senior Vice
Steven L. President
Knight, Senior Vice
Jeffrey L. President
Kobylarz, Senior Vice
Jeffrey J. President
Koontz, Senior Vice Senior Vice President of
Jill A. President Putnam Mutual Funds Corp.
Korn, Karen Senior Vice
R. President
Lannum III, Senior Vice
Coleman N. President
Lindsey, Senior Vice
Jeffrey R. President
Lomba, Senior Vice
Rufino R. President
Lukens, Senior Vice
James W. President
MacElwee, Senior Vice
Elizabeth President
M.
Madore, Senior Vice Senior Vice President of
Robert A. President Putnam Fiduciary Trust
Company
Malloy, Senior Vice
Julie M. President
Marrkand, Senior Vice
Paul E. President
Matteis, Senior Vice
Andrew S. President
McAuley, Senior Vice
Alexander President
J.
McDonald, Senior Vice
Richard E. President
Meehan, Senior Vice
Thalia President
Mehta, Senior Vice
Sandeep President
Mikami, Senior Vice
Darryl K. President
Miller, Senior Vice
William H. President
Minn, Seung Senior Vice
H. President
Mockard, Senior Vice
Jeanne L. President
Morgan, Senior Vice
Kelly A. President
Mufson, Senior Vice
Michael J. President
Mullen, Senior Vice Senior Vice President of
Donald E. President Putnam Mutual Funds Corp.
Mullin, Senior Vice
Hugh H. President
Netols, Senior Vice Senior Vice President of
Jeffrey W. President Putnam Fiduciary Trust
Company
Oler, Senior Vice
Stephen S. President
Paine, Senior Vice
Robert M. President
Parker, Senior Vice
Margery C. President
Perry, Senior Vice
William President
Peters, Senior Vice
Carmel President
Plapinger, Senior Vice Senior Vice President of
Keith President Putnam Mutual Funds Corp.
Pohl, Senior Vice
Charles G. President
Polland, Senior Vice
Mark D. President
Prusko, Senior Vice Senior Vice President of
James M. President Putnam Fiduciary Trust
Company
Quinton, Senior Vice
Keith P. President
Quistberg, Senior Vice
Paul T. President
Ray, Senior Vice
Christophe President
r A.
Reeves, Senior Vice
William H. President
Rosalanko, Senior Vice
Thomas J. President
Ruys de Senior Vice Senior Vice President of
Perez, President Putnam Fiduciary Trust
Charles A. Company and Senior Vice
President of Putnam Mutual
Funds Corp.
Santos, Senior Vice Senior Vice President of
David J. President Putnam Fiduciary Trust
Company
Santosus, Senior Vice
Anthony C. President
Schwister, Senior Vice Senior Vice President of
Jay E. President Putnam Fiduciary Trust
Company
Scordato, Senior Vice Senior Vice President of
Christine President Putnam Mutual Funds Corp.
A.
Silk, Senior Vice
David M. President
Simon, Senior Vice
Sheldon N. President
Simozar, Senior Vice
Saied President
Smith Jr., Senior Vice
Leo J. President
Smith, Senior Vice
Margaret President
D.
Spatz, Senior Vice
Erin J. President
Stack, Senior Vice Senior Vice President of
Michael P. President Putnam Mutual Funds Corp.
Stairs, Senior Vice
George W. President
Storkerson Senior Vice Senior Vice President of
, John K. President Putnam Fiduciary Trust
Company
Strumpf, Senior Vice
Casey President
Sullivan, Senior Vice
Roger R. President
Svensson, Senior Vice
Lisa H. President
Swanberg, Senior Vice
Charles H. President
Thomas, Senior Vice
David K. President
Thomsen, Senior Vice Senior Vice President of
Rosemary President Putnam Fiduciary Trust
H. Company
Till, Senior Vice
Hilary F. President
Troped, Senior Vice Senior Vice President of
Bonnie L. President Putnam Mutual Funds Corop.
Tumer, Senior Vice
Virginia President
M.
Verani, Senior Vice Senior Vice President of
John R. President Putnam Fiduciary Trust
Company and Senior Vice
President of Putnam Mutal
Funds Corp.
Walsh, Senior Vice
Francis P. President
Warren, Senior Vice
Paul C. President
Weinstein, Senior Vice
Michael R. President
Weiss, Senior Vice
Manuel President
Whalen, Senior Vice Senior Vice President of
Edward F. President Putnam Mutual Funds Corp.
Wheeler, Senior Vice
Diane D.F. President
Wyke, Senior Vice
Richard P. President
Yogg, Senior Vice
Michael R. President
Zukowski, Senior Vice
Gerald 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 the end of
June, 1998, Investment Management Company managed,
advised, and/or administered the following 107 funds and
fund portfolios (having an aggregate net asset value of
approximately $277.92 billion):
(As
of
the
end
of
June
1998)
Name Month/Da Principa Total Net
te/Year l Net Asset
Establis Characte Asset Value
hed ristics Value per
($ share
million ($)
)
The George Putnam Fund of 11/5/37 Open/Equ 3,375.3 19.11
Boston; A ity
The George Putnam Fund of 4/24/92 Open/Equ 1,309.7 18.97
Boston; B ity
The George Putnam Fund of 12/1/94 Open/Equ 279.0 18.97
Boston; M ity
The George Putnam Fund of 1/1/94 Open/Equ 482.2 19.14
Boston; Y ity
Putnam Arizona Tax Exempt 1/30/91 Open/Bon 119.1 9.29
Income Fund; A d
Putnam Arizona Tax Exempt 7/15/93 Open/Bon 32.2 9.28
Income Fund; B d
Putnam Arizona Tax Exempt 7/3/95 Open/Bon 0.5 9.31
Income Fund; M d
Putnam American Government 3/1/85 Open/Bon 1,452.2 8.86
Income Fund; A d
Putnam American Government 5/20/94 Open/Bon 41.0 8.83
Income Fund; B d
Putnam American Government 2/14/95 Open/Bon 1.8 8.88
Income Fund; M d
Putnam Asia Pacific Growth 2/20/91 Open/Equ 324.8 9.76
Fund; A ity
Putnam Asia Pacific Growth 6/1/93 Open/Equ 117.9 9.61
Fund; B ity
Putnam Asia Pacific Growth 2/1/95 Open/Equ 7.0 9.71
Fund; M ity
Putnam Asia Pacific II 3/23/98 Open/Equ 2.0 6.08
ity
Putnam Asset Allocation: 2/7/94 Open/Bal 941.7 12.07
Balanced Portfolio; A anced
Putnam Asset Allocation: 2/11/94 Open/Bal 532.9 12.01
Balanced Portfolio; B anced
Putnam Asset Allocation: 9/1/94 Open/Bal 98.4 11.95
Balanced Portfolio; C anced
Putnam Asset Allocation: 2/6/95 Open/Bal 58.8 12.06
Balanced Portfolio; M anced
Putnam Asset Allocation: 7/14/94 Open/Bal 255.3 12.08
Balanced Portfolio; Y anced
Putnam Asset Allocation : 2/7/94 Open/Bal 383.2 10.50
Conservative Portfolio; A anced
Putnam Asset Allocation : 2/18/94 Open/Bal 164.8 10.47
Conservative Portfolio; B anced
Putnam Asset Allocation : 9/1/94 Open/Bal 39.1 10.44
Conservative Portfolio; C anced
Putnam Asset Allocation : 2/7/95 Open/Bal 18.8 10.47
Conservative Portfolio; M anced
Putnam Asset Allocation : 7/14/94 Open/Bal 28.1 10.51
Conservative Portfolio; Y anced
Putnam Asset Allocation: 2/8/94 Open/Bal 677.7 13.66
Growth Portfolio; A anced
Putnam Asset Allocation: 2/16/94 Open/Bal 439.8 13.49
Growth Portfolio; B anced
Putnam Asset Allocation: 9/1/94 Open/Bal 100.5 13.38
Growth Portfolio; C anced
Putnam Asset Allocation: 2/1/95 Open/Bal 53.4 13.50
Growth Portfolio; M anced
Putnam Asset Allocation: 7/14/94 Open/Bal 243.5 13.75
Growth Portfolio; Y anced
Putnam Balanced Retirement 4/19/85 Open/Bal 661.9 11.45
Fund; A anced
Putnam Balanced Retirement 2/1/94 Open/Bal 134.2 11.36
Fund; B anced
Putnam Balanced Retirement 3/17/95 Open/Bal 11.4 11.40
Fund; M anced
Putnam California Tax 4/29/83 Open/Bon 3,035.6 8.75
Exempt Income Fund; A d
Putnam California Tax 1/4/93 Open/Bon 615.8 8.74
Exempt Income Fund; B d
Putnam California Tax 2/14/95 Open/Bon 13.5 8.74
Exempt Income Fund; M d
Putnam VT Asia Pacific 5/1/95 Open/Equ 92.5 7.75
Growth Fund; A ity
Putnam VT Asia Pacific 4/30/98 Open/Equ 0.0 7.75
Growth Fund; B ity
Putnam VT Diversified 9/15/93 Open/Bon 665.6 10.94
Income Fund; A d
Putnam VT Diversified 4/6/98 Open/Bon 0.0 10.94
Income Fund; B d
Putnam VT Global Growth 5/1/90 Open/Equ 1,907.6 18.89
Fund; A ity
Putnam VT Global Growth 4/30/98 Open/Equ 0.0 18.89
Fund; B ity
Putnam VT Global Asset 2/1/88 Open/Bal 1,047.7 18.44
Allocation Fund; A anced
Putnam VT Global Asset 4/30/98 Open/Bal 0.0 18.44
Allocation Fund; B anced
Putnam VT Growth and 2/1/88 Open/Bal 9,493.1 27.40
Income Fund; A anced
Putnam VT Growth and 4/6/98 Open/Bal 0.0 27.40
Income Fund; B anced
Putnam VT George Putnam; A 4/30/98 Open/Equ 17.0 9.97
ity
Putnam VT George Putnam; B 4/30/98 Open/Equ 0.0 9.97
ity
Putnam VT High Yield Fund; 2/1/88 Open/Bon 1,145.3 12.96
A d
Putnam VT High Yield Fund; 4/30/98 Open/Bon 0.0 12.96
B d
Putnam VT Health Sciences; 4/30/98 Open/Equ 29.8 10.07
A ity
Putnam VT Health Sciences; 4/30/98 Open/Equ 0.0 10.07
B ity
Putnam VT Money Market 2/1/88 Open/Bon 447.2 1.00
Fund; A d
Putnam VT Money Market 4/30/98 Open/Bon 0.0 1.00
Fund; B d
Putnam VT New 5/2/94 Open/Equ 3,285.4 24.83
Opportunities Fund; A ity
Putnam VT New 4/30/98 Open/Equ 0.0 24.83
Opportunities Fund; B ity
Putnam VT U.S. Government 2/1/88 Open/Bon 830.2 13.22
and High Quality Bond d
Fund; A
Putnam VT U.S. Government 4/30/98 Open/Bon 0.0 13.22
and High Quality Bond d
Fund; B
Putnam VT Utilities Growth 5/1/92 Open/Bal 884.9 16.45
and Income Fund; A anced
Putnam VT Utilities Growth 4/30/98 Open/Bal 0.0 16.45
and Income Fund; B anced
Putnam VT Voyager Fund; A 2/1/88 Open/Equ 5,457.7 43.16
ity
Putnam VT Voyager Fund; B 4/30/98 Open/Equ 0.1 43.16
ity
Putnam Capital 8/5/93 Open/Equ 1,645.8 23.61
Appreciation Fund; A ity
Putnam Capital 11/2/94 Open/Equ 1,865.3 23.30
Appreciation Fund; B ity
Putnam Capital 1/22/96 Open/Equ 125.7 23.36
Appreciation Fund; M ity
Putnam Capital 6/1/98 Open/Equ 2.7 8.59
Opportunities; A ity
Putnam Capital 6/29/98 Open/Equ 0.0 8.59
Opportunities; B ity
Putnam Capital 6/29/98 Open/Equ 0.0 8.59
Opportunities; M ity
Putnam Convertible Income- 6/29/72 Open/Bal 1,185.4 22.28
Growth Trust; A anced
Putnam Convertible Income- 7/15/93 Open/Bal 316.7 22.06
Growth Trust; B anced
Putnam Convertible Income- 3/13/95 Open/Bal 19.5 22.13
Growth Trust; M anced
Putnam Diversified Equity 7/1/94 Open/Equ 289.9 14.04
Trust; A ity
Putnam Diversified Equity 7/2/94 Open/Equ 365.8 13.90
Trust; B ity
Putnam Diversified Equity 7/3/95 Open/Equ 28.2 13.94
Trust; M ity
Putnam Diversified Income 10/3/88 Open/Bon 2,073.2 12.53
Trust; A d
Putnam Diversified Income 3/1/93 Open/Bon 2,351.1 12.47
Trust; B d
Putnam Diversified Income 12/1/94 Open/Bon 1,193.0 12.49
Trust; M d
Putnam Diversified Income 7/11/96 Open/Bon 23.4 12.53
Trust ; Y d
Putnam Equity Income Fund; 6/15/77 Open/Bal 1,059.9 16.82
A anced
Putnam Equity Income Fund; 9/13/93 Open/Bal 608.0 16.73
B anced
Putnam Equity Income Fund; 12/2/94 Open/Bal 57.9 16.75
M anced
Putnam Europe Growth Fund; 9/7/90 Open/Equ 793.7 23.68
A ity
Putnam Europe Growth Fund; 2/1/94 Open/Equ 631.5 23.11
B ity
Putnam Europe Growth Fund; 12/1/94 Open/Equ 41.9 23.51
M ity
Putnam Florida Tax Exempt 8/24/90 Open/Bon 236.7 9.43
Income Fund; A d
Putnam Florida Tax Exempt 1/4/93 Open/Bon 71.8 9.42
Income Fund; B d
Putnam Florida Tax Exempt 5/1/95 Open/Bon 1.2 9.42
Income Fund; M d
Putnam High Quality Bond 6/2/86 Open/Bon 328.9 10.18
Fund; A d
Putnam High Quality Bond 6/6/94 Open/Bon 17.6 10.14
Fund; B d
Putnam High Quality Bond 4/12/95 Open/Bon 1.3 10.19
Fund; M d
Putnam Global Governmental 6/1/87 Open/Bon 261.4 12.75
Income Trust; A d
Putnam Global Governmental 2/1/94 Open/Bon 35.8 12.71
Income Trust; B d
Putnam Global Governmental 3/17/95 Open/Bon 284.4 12.68
Income Trust; M d
Putnam Global Growth Fund; 9/1/67 Open/Equ 3,114.1 11.99
A ity
Putnam Global Growth Fund; 4/27/92 Open/Equ 1,970.2 11.56
B ity
Putnam Global Growth Fund; 3/1/95 Open/Equ 53.8 11.89
M ity
Putnam Global Growth Fund; 6/15/94 Open/Equ 64.4 12.18
Y ity
Putnam Growth Fund 5/4/98 Open/Equ 2.1 8.82
ity
Putnam Growth and Income 1/5/95 Open/Bal 1,232.1 14.70
Fund II; A anced
Putnam Growth and Income 1/5/95 Open/Bal 1,477.0 14.60
Fund II; B anced
Putnam Growth and Income 1/5/95 Open/Bal 170.8 14.64
Fund II; M anced
The Putnam Fund for Growth 11/6/57 Open/Bal 19,471. 21.22
and Income; A anced 3
The Putnam Fund for Growth 4/27/92 Open/Bal 16,619. 20.97
and Income; B anced 8
The Putnam Fund for Growth 5/1/95 Open/Bal 437.9 21.11
and Income; M anced
The Putnam Fund for Growth 6/15/94 Open/Bal 897.9 21.25
and Income; Y anced
Putnam High Yield 3/25/86 Open/Bon 1,558.7 9.90
Advantage Fund; A d
Putnam High Yield 5/16/94 Open/Bon 1,313.1 9.86
Advantage Fund; B d
Putnam High Yield 12/1/94 Open/Bon 1,665.2 9.89
Advantage Fund; M d
Putnam High Yield Trust; A 2/14/78 Open/Bon 3,220.0 12.89
d
Putnam High Yield Trust; B 3/1/93 Open/Bon 1,201.5 12.84
d
Putnam High Yield Trust; M 7/3/95 Open/Bon 22.3 12.88
d
Putnam Health Sciences 5/28/82 Open/Equ 2,547.2 63.60
Trust; A ity
Putnam Health Sciences 3/1/93 Open/Equ 1,374.9 61.59
Trust; B ity
Putnam Health Sciences 7/3/95 Open/Equ 61.4 62.91
Trust; M ity
Putnam Income Fund; A 11/1/54 Open/Bon 1,404.0 7.13
d
Putnam Income Fund; B 3/1/93 Open/Bon 463.5 7.09
d
Putnam Income Fund; M 12/14/94 Open/Bon 1,245.9 7.09
d
Putnam Income Fund; Y 2/12/94 Open/Bon 240.6 7.13
d
Putnam Intermediate U.S. 2/16/93 Open/Bon 146.0 4.93
Government Income Fund; A d
Putnam Intermediate U.S. 2/16/93 Open/Bon 78.6 4.94
Government Income Fund; B d
Putnam Intermediate U.S. 4/3/95 Open/Bon 6.8 4.94
Government Income Fund; M d
Putnam Intermediate U.S. 10/1/97 Open/Bon 110.1 4.93
Government Income Fund; Y d
Putnam International New 1/3/95 Open/Equ 797.1 13.00
Opportunities Fund; A ity
Putnam International New 7/21/95 Open/Equ 1,012.9 12.77
Opportunities Fund; B ity
Putnam International New 7/21/95 Open/Equ 81.0 12.87
Opportunities Fund; M ity
Putnam Investors Fund; A 12/1/25 Open/Equ 3,053.1 13.81
ity
Putnam Investors Fund; B 3/1/93 Open/Equ 854.5 13.30
ity
Putnam Investors Fund; M 12/2/94 Open/Equ 80.3 13.61
ity
Putnam Investors Fund; Y 11/30/96 Open/Equ 189.2 13.83
ity
Putnam Latin America 3/23/98 Open/Equ 1.7 6.67
ity
Putnam Massachusetts Tax 10/23/89 Open/Bon 295.0 9.60
Exempt Income Fund; A d
Putnam Massachusetts Tax 7/15/93 Open/Bon 108.1 9.59
Exempt Income Fund; B d
Putnam Massachusetts Tax 5/12/95 Open/Bon 2.5 9.59
Exempt Income Fund; M d
Putnam Michigan Tax Exempt 10/23/89 Open/Bon 145.7 9.34
Income Fund; A d
Putnam Michigan Tax Exempt 7/15/93 Open/Bon 41.4 9.32
Income Fund; B d
Putnam Michigan Tax Exempt 4/17/95 Open/Bon 1.7 9.33
Income Fund; M d
Putnam Minnesota Tax 10/23/89 Open/Bon 103.8 9.20
Exempt Income Fund; A d
Putnam Minnesota Tax 7/15/93 Open/Bon 44.6 9.17
Exempt Income Fund; B d
Putnam Minnesota Tax 4/3/95 Open/Bon 1.5 9.20
Exempt Income Fund; M d
Putnam Money Market Fund; 10/1/76 Open/Bon 2,204.4 1.00
A d
Putnam Money Market Fund; 4/27/92 Open/Bon 482.5 1.00
B d
Putnam Money Market Fund; 12/8/94 Open/Bon 69.2 1.00
M d
Putnam Municipal Income 5/22/89 Open/Bon 813.9 9.30
Fund; A d
Putnam Municipal Income 1/4/93 Open/Bon 497.7 9.29
Fund; B d
Putnam Municipal Income 12/1/94 Open/Bon 14.5 9.30
Fund; M d
Putnam New Jersey Tax 2/20/90 Open/Bon 218.1 9.30
Exempt Income Fund; A d
Putnam New Jersey Tax 1/4/93 Open/Bon 96.7 9.29
Exempt Income Fund; B d
Putnam New Jersey Tax 5/1/95 Open/Bon 0.7 9.30
Exempt Income Fund; M d
Putnam New York Tax Exempt 9/2/83 Open/Bon 1,655.7 8.99
Income Fund; A d
Putnam New York Tax Exempt 1/4/93 Open/Bon 227.5 8.97
Income Fund; B d
Putnam New York Tax Exempt 4/10/95 Open/Bon 2.2 8.99
Income Fund; M d
Putnam New York Tax Exempt 11/7/90 Open/Bon 165.4 9.18
Opportunities Fund; A d
Putnam New York Tax Exempt 2/1/94 Open/Bon 65.3 9.17
Opportunities Fund; B d
Putnam New York Tax Exempt 2/10/95 Open/Bon 2.5 9.16
Opportunities Fund; M d
Putnam Global Natural 7/24/80 Open/Equ 215.0 19.92
Resources Fund; A ity
Putnam Global Natural 2/1/94 Open/Equ 143.0 19.58
Resources Fund; B ity
Putnam Global Natural 7/3/95 Open/Equ 8.2 19.77
Resources Fund; M ity
Putnam New Opportunities 8/31/90 Open/Equ 10,188. 57.68
Fund; A ity 2
Putnam New Opportunities 3/1/93 Open/Equ 7,953.0 55.42
Fund; B ity
Putnam New Opportunities 12/1/94 Open/Equ 444.5 56.45
Fund; M ity
Putnam New Opportunities 7/19/94 Open/Equ 474.7 58.28
Fund; Y ity
Putnam Ohio Tax Exempt 10/23/89 Open/Bon 185.1 9.24
Income Fund; A d
Putnam Ohio Tax Exempt 7/15/93 Open/Bon 53.8 9.23
Income Fund; B d
Putnam Ohio Tax Exempt 4/3/95 Open/Bon 2.2 9.24
Income Fund; M d
Putnam OTC & Emerging 11/1/82 Open/Equ 2,707.3 18.81
Growth Fund; A ity
Putnam OTC & Emerging 7/15/93 Open/Equ 1,346.1 18.02
Growth Fund; B ity
Putnam OTC & Emerging 12/2/94 Open/Equ 249.0 18.43
Growth Fund; M ity
Putnam OTC & Emerging 7/12/96 Open/Equ 109.8 18.92
Growth Fund; Y ity
Putnam International 2/28/91 Open/Equ 1,836.0 20.00
Growth Fund; A ity
Putnam International 6/1/94 Open/Equ 1,224.1 19.63
Growth Fund; B ity
Putnam International 12/1/94 Open/Equ 140.2 19.85
Growth Fund; M ity
Putnam International 7/12/96 Open/Equ 151.1 20.05
Growth Fund; Y ity
Putnam Pennsylvania Tax 7/21/89 Open/Bon 187.2 9.48
Exempt Income Fund; A d
Putnam Pennsylvania Tax 7/15/93 Open/Bon 90.9 9.47
Exempt Income Fund; B d
Putnam Pennsylvania Tax 7/3/95 Open/Bon 2.1 9.49
Exempt Income Fund; M d
Putnam Preferred Income 1/4/84 Open/Bon 125.0 9.20
Fund; A d
Putnam Preferred Income 4/20/95 Open/Bon 11.4 9.17
Fund; M d
Putnam Tax - Free Income 9/20/93 Open/Bon 671.3 14.66
Trust d
Tax - Free High Yield
Fund; A
Putnam Tax - Free Income 9/9/85 Open/Bon 1,330.7 14.68
Trust d
Tax - Free High Yield Fund
B
Putnam Tax - Free Income 12/29/94 Open/Bon 18.7 14.66
Trust d
Tax - Free High Yield Fund
M
Putnam Tax - Free Income 9/30/93 Open/Bon 228.2 15.43
Trust d
Tax - Free Insured Fund; A
Putnam Tax - Free Income 9/9/85 Open/Bon 337.7 15.45
Trust d
Tax - Free Insured Fund; B
Putnam Tax - Free Income 6/1/95 Open/Bon 1.8 15.43
Trust d
Tax - Free Insured Fund; M
Putnam Tax Exempt Income 12/31/76 Open/Bon 2,000.5 9.21
Fund; A d
Putnam Tax Exempt Income 1/4/93 Open/Bon 248.6 9.21
Fund; B d
Putnam Tax Exempt Income 2/16/95 Open/Bon 10.1 9.23
Fund; M d
Putnam Tax Exempt Money 10/26/87 Open/Bon 74.0 1.00
Market Fund d
Putnam U.S. Government 2/8/84 Open/Bon 2,072.1 13.10
Income Trust; A d
Putnam U.S. Government 4/27/92 Open/Bon 1,224.4 13.04
Income Trust; B d
Putnam U.S. Government 2/6/95 Open/Bon 185.9 13.07
Income Trust; M d
Putnam U.S. Government 4/11/94 Open/Bon 7.3 13.09
Income Trust; Y d
Putnam Utilities Growth 11/19/90 Open/Bal 726.1 13.24
and Income Fund; A anced
Putnam Utilities Growth 4/27/92 Open/Bal 756.7 13.17
and Income Fund; B anced
Putnam Utilities Growth 3/1/95 Open/Bal 15.5 13.22
and Income Fund; M anced
Putnam Value Fund 5/4/98 Open/Equ 2.0 8.28
ity
Putnam Vista Fund; A 6/3/68 Open/Equ 3,333.7 13.88
ity
Putnam Vista Fund; B 3/1/93 Open/Equ 1,622.3 13.27
ity
Putnam Vista Fund; M 12/1/94 Open/Equ 131.3 13.61
ity
Putnam Vista Fund; Y 3/28/95 Open/Equ 294.0 14.03
ity
Putnam Voyager Fund II; A 4/14/93 Open/Equ 673.6 22.32
ity
Putnam Voyager Fund II; B 10/2/95 Open/Equ 632.3 21.86
ity
Putnam Voyager Fund II; M 10/2/95 Open/Equ 74.8 22.04
ity
Putnam Voyager Fund; A 4/1/96 Open/Equ 14,255. 22.25
ity 5
Putnam Voyager Fund; B 4/27/92 Open/Equ 7,609.9 20.99
ity
Putnam Voyager Fund; M 12/1/94 Open/Equ 333.3 21.82
ity
Putnam Voyager Fund; Y 4/1/94 Open/Equ 1,532.4 22.56
ity
Putnam California 11/27/92 Closed/B 71.6 15.54
Investment Grade Municipal ond
Trust
Putnam Convertible 6/29/95 Closed/B 101.7 27.45
Opportunities and Income ond
Trust
Putnam Dividend Income 9/28/89 Closed/B 128.5 11.88
Fund ond
Putnam High Income 7/9/87 Closed/B 133.0 9.85
Convertible and Bond Fund ond
Putnam Investment Grade 10/26/89 Closed/B 249.0 11.99
Municipal Trust; A ond
Putnam Investment Grade 11/27/92 Closed/B 190.9 14.29
Municipal Trust II; A ond
Putnam Investment Grade 11/29/93 Closed/B 53.8 13.43
Municipal Trust III; A ond
Putnam Managed High Yield 6/25/93 Closed/B 110.6 14.73
Trust ond
Putnam Managed Municipal 2/24/89 Closed/B 456.2 9.90
Income Trust; A ond
Putnam Master Income Trust 12/28/87 Closed/B 485.8 9.15
ond
Putnam Master Intermediate 4/29/88 Closed/B 854.7 8.55
Income Trust ond
Putnam Municipal 5/28/93 Closed/B 229.2 14.19
Opportunities Trust ond
Putnam New York Investment 11/27/92 Closed/B 40.2 14.13
Grade Municipal Trust ond
Putnam Premier Income 2/29/88 Closed/B 1,226.4 8.74
Trust ond
Putnam Tax - Free Health 6/29/92 Closed/B 207.2 15.01
Care Fund ond
Putnam Growth 10/2/95 Open/Equ 240.3 16.86
Opportunities; A ity
Putnam Growth 8/1/97 Open/Equ 255.0 16.75
Opportunities; B ity
Putnam Growth 8/1/97 Open/Equ 22.0 16.79
Opportunities; M ity
Putnam Strategic Income 2/19/95 Open/Bon 61.4 8.53
Fund; A d
Putnam Strategic Income 2/19/96 Open/Bon 92.0 8.53
Fund; B d
Putnam Strategic Income 2/19/96 Open/Bon 8.1 8.52
Fund; M d
Putnam High Yield Total 1/1/97 Open/Bon 36.7 8.83
Return Fund; A d
Putnam High Yield Total 1/1/97 Open/Bon 43.3 8.73
Return Fund; B d
Putnam High Yield Total 1/1/97 Open/Bon 3.3 8.74
Return Fund; M d
Putnam VT International 1/1/97 Open/Bal 296.6 13.28
Growth and Income; A anced
Putnam VT International 4/6/98 Open/Bal 0.0 13.28
Growth and Income; B anced
Putnam VT International 1/1/97 Open/Equ 131.3 11.56
New Opportunities Fund; A ity
Putnam VT International 4/30/98 Open/Equ 0.0 11.56
New Opportunities Fund; B ity
Putnam VT International 1/1/97 Open/Equ 261.9 13.69
Growth Fund; A ity
Putnam VT International 4/30/98 Open/Equ 0.0 13.69
Growth Fund; B ity
Putnam VT Investors; A 4/30/98 Open/Equ 34.1 10.59
ity
Putnam VT Investors; B 4/30/98 Open/Equ 0.0 10.59
ity
Putnam Balanced Fund 10/2/95 Open/Bal 3.3 12.65
anced
Putnam Emerging Markets 10/2/95 Open/Equ 40.1 8.05
Fund; A ity
Putnam Emerging Markets 10/2/95 Open/Equ 31.4 7.95
Fund; B ity
Putnam Emerging Markets 10/2/95 Open/Equ 3.0 7.98
Fund; M ity
Putnam California Tax 10/26/87 Open/Bon 29.7 1.00
Exempt Money Market Fund d
Putnam High Yield 5/25/89 Closed/B 248.1 9.26
Municipal Trust; A ond
Putnam New York Tax Exempt 10/26/87 Open/Bon 37.8 1.00
Money Market Fund d
Putnam International 8/1/96 Open/Equ 409.3 12.25
Growth and Income Fund; A ity
Putnam International 8/1/96 Open/Equ 414.3 12.18
Growth and Income Fund; B ity
Putnam International 8/1/96 Open/Equ 38.9 12.22
Growth and Income Fund; M ity
Putnam Research Fund; A 10/2/95 Open/Equ 35.2 13.46
ity
Putnam Research Fund; B 6/15/98 Open/Equ 13.4 13.46
ity
Putnam Research Fund; M 6/15/98 Open/Equ 1.8 13.46
ity
Putnam New Value Fund; A 1/3/95 Open/Equ 454.5 14.70
ity
Putnam New Value Fund; B 2/26/96 Open/Equ 461.2 14.55
ity
Putnam New Value Fund; M 2/26/96 Open/Equ 48.3 14.61
ity
Putnam Global Growth and 1/3/95 Open/Equ 22.5 13.31
Income Fund; A ity
Putnam Global Growth and 1/3/95 Open/Equ 17.3 13.27
Income Fund; B ity
Putnam Global Growth and 1/3/95 Open/Equ 1.7 13.29
Income Fund; M ity
Putnam International Fund 12/28/95 Open/Equ 4.3 11.14
ity
Putnam Japan Fund 12/28/95 Open/Equ 2.2 4.83
ity
Putnam International 12/28/95 Open/Equ 95.8 13.75
Voyager Fund; A ity
Putnam International 10/30/96 Open/Equ 74.4 13.63
Voyager Fund; B ity
Putnam International 10/30/96 Open/Equ 9.1 13.69
Voyager Fund; M ity
Putnam VT New Value Fund; 1/2/97 Open/Equ 246.7 11.91
A ity
Putnam VT New Value Fund; 4/30/98 Open/Equ 0.0 11.91
B ity
Putnam VT Vista Fund; A 1/2/97 Open/Equ 256.8 14.40
ity
Putnam VT Vista Fund; B 4/30/98 Open/Equ 0.0 14.40
ity
Putnam VT OTC; A 5/4/98 Open/Equ 8.9 10.23
ity
Putnam VT OTC; B 5/4/98 Open/Equ 0.0 10.23
ity
Putnam Equity 98 Fund 12/30/97 Open/Equ 5.2 10.52
ity
Putnam High Yield Fund II; 12/31/97 Open/Bon 238.1 8.90
A d
Putnam High Yield Fund II; 12/31/97 Open/Bon 365.8 8.89
B d
Putnam High Yield Fund II; 12/31/97 Open/Bon 19.0 8.89
M d
(5) Miscellaneous
There has been, or is, no litigation which had or is
expected to cause a material effect on the Fund and/or
the Investment Management Company during the six months
before the filing of this report.
III. OUTLINE OF THE FINANCIAL STATUS OF THE FUND
[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
[Translation of Unaudited Semi-annual Accounts will be
attached to the Japanese version of the Semi-annual
Report.]
AMENDMENT TO SECURITIES REGISTRATION STATEMENT
(for NAV Sale)
PUTNAM INCOME FUND
AMENDMENT TO SECURITIES REGISTRATION STATEMENT
To: Director of Kanto Local Finance Bureau
Filing Date: July 31, 1998
Name of the Registrant Fund: PUTNAM INCOME FUND
Name of Trustees: George Putnam
William
F. Pounds
Jameson
A. Baxter
Hans H.
Estin
John A.
Hill
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
Place of Liaison Contact: Hamada & Matsumoto
Kasumigaseki Building, 25th
Floor
2-5,
Kasumigaseki 3-chome
Chiyoda-
ku, Tokyo
Phone Number: 03-3580-3377
- i -
Public Offering or Sale for Registration
Name of the Fund Making Public PUTNAM INCOME FUND
Offering or Sale of Foreign
Investment Fund Securities:
Type and Aggregate Amount of Up to 276.4 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 276.4
million Class M Shares
(The
maximum amount expected to be
sold is 1.96 billion U.S.
dollars (Yen276.3 billion).
Note 1: U.S.$ amount is translated into Japanese Yen at the
rate of U.S.$l.00=Yen141.00 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 June 30, 1998.
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 June 30, 1998 (U.S.$7.09) by 276.4 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 sheets of this Amendment to Securities
Registration Statement in Japanese is
2 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
("SRS") filed on 16th March, 1998 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 4 of the original
Japanese SRS)
The following matters in the original Japanese 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 Japanese 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
Japanese Semi-annual
Report, page 1)
(B) Results of Past Operations (2 Results of Past Operations
)
Record of Changes in Net Record of Changes in Net
(1) Assets (Class M Shares) a) 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 appertaining to the filing
Japanese SRS) date of the afore-mentioned
Semi-annual Report)
Record of Distributions Record of Distributions
(2) Paid (Class M Shares) b) Paid (Class M Shares)
(Regarding the dividends (Ditto, page 3)
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 Japanese 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 Share (1 Amount of Capital Share
) (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 and (4 Description of Business and
Outline of Operation ) Outline of Operation
(Ditto, page 6)
(J) Miscellaneous (5 Miscellaneous (Ditto, page
) 6)
2. Putnam Investment 2. Putnam Investment
Management, Inc. Management, Inc.
(Investment Management (Investment Management
Company) Company)
(E) Amount of Capital Share (1 Amount of Capital Share
) (Ditto, page 7)
(G) Information Concerning (2 Information Concerning
Major Shareholders ) Major Shareholders (Ditto,
page 7)
(H) Information Concerning (3 Information Concerning
Officers and Employees ) Officers and Employees
(Ditto, page 7)
(I) Description of Business and (4 Summary of Business Lines
Outline of Operation ) and Business Operation
(Ditto, page 17)
(J) Miscellaneous (5 Miscellaneous (Ditto, page
) 38)
With respect to Section IV the Financial Conditions of
the Fund in the original SRS, Item III Financial
Conditions of the Fund in the aforementioned Semi-annual
Report (Ditto, from page 39 and 76) is added to the
original SRS.
Part III. SPECIAL INFORMATION (page 5 of the original Japanese
SRS)
With respect to Section II the Financial Conditions of
the Investment Management Company in the original SRS,
Item IV Financial Conditions of the Investment Management
Company in the aforementioned Semi-annual Report (Ditto,
page 77 and 78) is added to the original SRS.
