PUTNAM INVESTORS FUND
One Post Office Square, Boston, MA 02109
Class Y shares
INVESTMENT STRATEGY: GROWTH
PROSPECTUS December 1, 1995 , as revised October 15,
1996
This prospectus explains concisely what you should know before
investing in class Y shares of Putnam Investors Fund (the
"fund") . You can find more detailed information about
the fund in the December 1, 1995 statement of additional
information (the "SAI"), as amended from time to time. For a
free copy of the SAI or for other information, call
Putnam Investor Services at 1-800-752-9894. The SAI has been
filed with the Securities and Exchange Commission and is
incorporated into this prospectus by reference.
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE
SECURITIES AND EXCHANGE COMMISSION OR ANY STATE SECURITIES
COMMISSION NOR HAS THE SECURITIES AND EXCHANGE COMMISSION OR ANY
STATE SECURITIES COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY
OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A
CRIMINAL OFFENSE.
PUTNAMINVESTMENTS
Putnam Defined
Contribution Plans
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ABOUT THE FUND
Expenses summary......................................
Objective.............................................
How the fund pursues its objective ...................
How performance is shown..............................
How the fund is managed...............................
Organization and history..............................
ABOUT YOUR INVESTMENT
How to buy shares.....................................
How to sell shares....................................
How to exchange shares................................
How the fund values its shares........................
How the fund makes distributions to shareholders; tax
information. .................................. ...
ABOUT PUTNAM INVESTMENTS, INC.
About the fund
EXPENSES SUMMARY
Expenses are one of several factors to consider when investing
. The following table summarizes estimated
expenses attributable to class Y shares for a full
fiscal year. The example shows the cumulative expenses
attributable to a hypothetical $1,000 investment in class
Y shares of the fund over specified periods.
Annual fund operating expenses
(as a percentage of average net assets)
Management fees 0.59%
Other expenses 0.19%
Total fund operating expenses 0.78%
The table is provided to help you understand the expenses of
investing in the fund and your share of the operating expenses
attributable to class Y shares that the fund expects to incur.
The expenses shown in the table do not reflect the application of
credits related to brokerage service and expense offset
arrangements that reduce certain fund expenses. Expenses are
based on the corresponding information for the fund's class A
shares for fiscal 1996 .
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Example
Your investment of $1,000 would incur the following expenses,
assuming 5% annual return and redemption at the end of each
period:
1 3 5 10
year years years years
$8 $25 $43 $97
The example does not represent past or future expense levels .
Actual expenses may be greater or less than those shown.
Federal regulations require the example to assume a 5% annual
return, but actual annual return varies. The example does not
reflect any charges or expenses related to your employer's plan.
OBJECTIVE
Putnam Investors Fund seeks long-term growth of capital and any
increased income that results from this growth. The fund is
designed for investors seeking long-term growth of capital from a
portfolio primarily consisting of quality common stocks. The
fund is not intended to be a complete investment program, and
there is no assurance it will achieve its objective.
HOW THE FUND PURSUES ITS OBJECTIVE
Basic investment strategy
Putnam Investors Fund invests primarily in common stocks because
Putnam Investment Management, Inc., the fund's investment manager
("Putnam Management"), believes that equity ownership affords the
best opportunity for capital growth over the long term. Though
common stocks are normally the fund's main investments, the fund
may also purchase convertible bonds, convertible preferred
stocks, preferred stocks and debt securities if Putnam Management
believes they would help achieve the fund's objective. The fund
may also hold a portion of its assets in cash or money market
instruments.
In seeking the fund's objective of long-term growth of capital,
Putnam Management considers three main factors:
1. The general outlook for the economy.
2. A study of various industries to determine those with
the best possibilities for long-term growth.
3. A detailed study of what appear to be the most
promising individual companies.
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In the evaluation of a company, more consideration is given to
growth potential than to dividend income. Putnam Management
believes that evaluating a company's probable future earnings,
dividends, financial strength, working assets and competitive
position will prove more profitable in the long run than simply
seeking current dividend income. Although the fund's investments
are not limited to any particular type of company, Putnam
Management currently expects that the fund will invest a
substantial portion of its assets in common stocks of
companies with equity market capitalizations of more than
$1 billion. The fund may also invest in common stocks of
companies with equity market capitalizations below this level.
These small- to medium-sized companies generally have a
proprietary product or profitable market niche and the potential
to grow very rapidly. Such companies may present greater
opportunities for capital appreciation because of high potential
earnings growth, but may also involve greater risk. They may
have limited product lines, markets or financial resources, or
may depend on a limited management group. Their securities may
trade less frequently and in limited volume, and only in the
over-the-counter market or on a regional securities exchange. As
a result, these securities may change in value more than those of
larger, more established companies.
Alternative investment strategies
At times Putnam Management may judge that conditions in the
securities markets make pursuing the fund's basic investment
strategy inconsistent with the best interests of its
shareholders. At such times Putnam Management may temporarily
use alternative strategies primarily designed to reduce
fluctuations in the value of the fund's assets.
In implementing these defensive strategies, the fund may invest
primarily in debt securities, preferred stocks, U.S. government
and agency obligations, cash or money market instruments, or in
other securities Putnam Management considers consistent with such
defensive strategies.
It is impossible to predict when, or for how long, the fund will
use these alternative strategies.
Foreign investments
The fund may invest up to 20% of its assets in securities
principally traded in foreign markets. The fund may also
purchase Eurodollar certificates of deposit without regard to the
20% limit. Since foreign securities are normally denominated and
traded in foreign currencies, the values of fund assets may be
affected favorably or unfavorably by currency exchange rates and
exchange control regulations. There may be less information
publicly available about a foreign company than about a U.S.
company, and foreign companies are not generally subject to
accounting, auditing, and financial reporting standards and
practices comparable with those in the United States.
The securities of some foreign companies are less liquid and at
times more volatile than securities of comparable U.S. companies.
Foreign brokerage commissions and other fees are also generally
higher than those in the United States. Foreign settlement
procedures and trade regulations may involve certain risks (such
as delay in payment or delivery of securities or in the recovery
of fund assets held abroad) and expenses not present in the
settlement of domestic investments.
In addition, there may be a possibility of nationalization or
expropriation of assets, imposition of currency exchange
controls, confiscatory taxation, political or financial
instability and diplomatic developments that could affect the
value of investments in certain foreign countries.
Legal remedies available to investors in certain foreign
countries may be more limited than those available with respect
to investments in the United States or in other foreign
countries. The laws of some foreign countries may limit
investments in securities of certain issuers located in those
foreign countries. Special tax considerations apply to foreign
securities.
The risks described above are typically increased for investments
in securities principally traded in, or issued by issuers located
in, underdeveloped and developing nations, which are sometimes
referred to as "emerging markets."
The fund may buy or sell foreign currencies, foreign currency
futures contracts, foreign currency forward contracts and options
on foreign currencies for hedging purposes in connection with its
foreign investments.
A more detailed explanation of foreign investments, and the risks
and special tax considerations associated with them, is included
in the SAI.
Portfolio turnover
The length of time the fund has held a particular security is not
generally a consideration in investment decisions. A change in
the securities held by the fund is known as "portfolio turnover."
As a result of the fund's investment policies, under certain
market conditions the fund's portfolio turnover rate may be
higher than that of other mutual funds.
Portfolio turnover generally involves some expense to the fund,
including brokerage commissions or dealer markups and other
transaction costs on the sale of securities and reinvestment in
other securities. These transactions may result in realization
of taxable capital gains. Portfolio turnover rates for fiscal
1995 and 1996 were 96.75% and 128.21%, respectively.
Stock index futures and options
The fund may buy and sell stock index futures contracts. An
"index future" is a contract to buy or sell units of a particular
stock index at an agreed price on a specified future date.
Depending on the change in value of the index between the time
the fund enters into and terminates an index future transaction,
the fund realizes a gain or loss. In addition to or as an
alternative to purchasing or selling index futures, the fund may
buy and sell call and put options on index futures or stock
indexes. The fund may engage in index futures and options
transactions for hedging purposes and for nonhedging purposes,
such as to earn additional income.
The use of index futures and related options involves certain
special risks. Futures and options transactions involve costs
and may result in losses.
Certain risks arise because of the possibility of imperfect
correlations between movements in the prices of index futures and
options and movements in the prices of the underlying stock index
or of the portfolio securities that are the subject of a hedge.
The successful use of the strategies described above further
depends on Putnam Management's ability to forecast market
movements correctly.
Other risks arise from the potential inability to close out index
futures or options positions. There can be no assurance that a
liquid secondary market will exist for any index future or option
at any particular time. The use of futures and options
transactions for purposes other than hedging entails greater
risks. Certain provisions of the Internal Revenue Code and
certain regulatory requirements may limit the use of index
futures and options transactions.
A more detailed explanation of index futures and options
transactions, including the risks associated with them, is
included in the SAI.
Other investment practices
The fund may also engage in the following investment practices,
each of which involves certain special risks. The SAI contains
more detailed information about these practices, including
limitations designed to reduce these risks.
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Options. The fund may seek to increase its current return by
writing covered call and put options on securities it owns or in
which it may invest. The fund receives a premium from writing a
call or put option, which increases the return if the option
expires unexercised or is closed out at a net profit.
When the fund writes a call option, it gives up the opportunity
to profit from any increase in the price of a security above the
exercise price of the option; when it writes a put option, the
fund takes the risk that it will be required to purchase a
security from the option holder at a price above the current
market price of the security. The fund may terminate an option
that it has written prior to its expiration by entering into a
closing purchase transaction in which it purchases an option
having the same terms as the option written.
The fund may also buy and sell put and call options for hedging
purposes. From time to time, the fund may also buy and sell
combinations of put and call options on the same underlying
security to earn additional income. The aggregate value of the
securities underlying the options may not exceed 25% of fund
assets. The use of these strategies may be limited by applicable
law.
Securities loans, repurchase agreements and forward commitments.
The fund may lend portfolio securities amounting to not more than
25% of its assets to broker-dealers and may enter into repurchase
agreements on up to 25% of its assets. These transactions must
be fully collateralized at all times. The fund may also purchase
securities for future delivery, which may increase its overall
investment exposure and involves a risk of loss if the value of
the securities declines prior to the settlement date. These
transactions involve some risk to the fund if the other party
should default on its obligation and the fund is delayed or
prevented from recovering the collateral or completing the
transaction.
Derivatives
Certain of the instruments in which the fund will invest, such as
futures contracts, options and forward contracts, are considered
to be "derivatives." Derivatives are financial instruments whose
value depends upon, or is derived from, the value of an
underlying asset, such as a security or an index. Further
information about these instruments and the risks involved in
their use is included elsewhere in this prospectus and in the
SAI.
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Limiting investment risk
Specific investment restrictions help to limit investment
risks for the fund's shareholders. These restrictions
prohibit the fund , with respect to 75% of its total
assets, from acquiring more than 10% of the voting
securities of any one issuer.* They also prohibit the fund from
investing more than:
(a) (with respect to 75% of its total assets) invest more
than 5% of its total assets in securities of any one issuer
(other than the U.S. government);*
(b) 15% of its net assets in any combination of securities
that are not readily marketable, in securities restricted as to
resale (excluding securities determined by the Trustees (or the
person designated by the Trustees to make such determinations) to
be readily marketable), and in repurchase agreements maturing in
more than seven days ; or
(c) 25% of its total assets in any one industry. (Securities
of the U.S. government, its agencies or instrumentalities are not
considered to represent industries.)*
Restrictions marked with an asterisk (*) above are summaries of
fundamental investment policies. See the SAI for the full text
of these policies and the fund's other fundamental investment
policies. Except for investment policies designated as
fundamental in this prospectus or the SAI, the investment
policies described in this prospectus and in the SAI are not
fundamental investment policies. The Trustees may change any
non-fundamental investment policy without shareholder
approval. As a matter of policy, the Trustees would not
materially change the fund's investment objective without
shareholder approval.
HOW PERFORMANCE IS SHOWN
The fund's investment performance may from time to time be
included in advertisements about class Y shares . "Total
return" for the one-, five- and ten-year periods (or for the life
of the class Y shares of the fund, if shorter) through the
most recent calendar quarter represents the average annual
compounded rate of return on an investment of $1,000 in the fund
invested at the maximum public offering price. Total return may
also be presented for other periods .
All data are based on past investment results and do not predict
future performance.
Investment performance, which will vary, is based on many
factors, including market conditions, the composition of the
fund's portfolio, the fund's operating expenses and which class
of shares the investor purchases. Investment performance also
often reflects the risks associated with the fund's investment
objective and policies. These factors should be considered when
comparing the fund's investment results with those of other
mutual funds and other investment vehicles.
Quotations of investment performance for any period when an
expense limitation was in effect will be greater than if the
limitation had not been in effect. The fund's performance may be
compared to that of various indexes. See the SAI.
HOW THE FUND IS MANAGED
The Trustees of the fund are responsible for generally overseeing
the conduct of the fund's business. Subject to such policies as
the Trustees may determine, Putnam Management furnishes a
continuing investment program for the fund and makes investment
decisions on its behalf. Subject to the control of the Trustees,
Putnam Management also manages the fund's other affairs and
business.
The fund pays Putnam Management a quarterly fee for these
services based on the fund's average net assets. See "Expenses
summary" and the SAI.
The following officers of Putnam Management have had primary
responsibility for the day-to-day management of the fund's
portfolio since the years stated below:
Business experience
Year (at least 5 years)
----- -------------------
C. Beth Cotner 1995 Employed as an investment
Senior Vice President professional by Putnam
Management since 1995. Prior
to 1995, Ms. Cotner was
Executive Vice President at
Kemper Financial Services.
Manuel H. Weiss 1996 Employed as an investment
Senior Vice President professional by Putnam
Management since 1987.
David J. Santos 1994 Employed as an investment
Vice President professional by Putnam
Management since 1986.
The fund pays all expenses not assumed by Putnam Management,
including Trustees' fees, auditing, legal, custodial, investor
servicing and shareholder reporting expenses, and payments under
its distribution plans (which are in turn allocated to the
relevant class of shares). The fund also 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 total reimbursement is determined
annually by the Trustees.
Putnam Management places all orders for purchases and sales of
the fund's securities. In selecting broker-dealers, Putnam
Management may consider research and brokerage services furnished
to it and its affiliates. Subject to seeking the most favorable
price and execution available, Putnam Management may consider
sales of shares of the fund (and, if permitted by law, of the
other Putnam funds) as a factor in the selection of broker-
dealers.
ORGANIZATION AND HISTORY
Putnam Investors Fund is one of the three pioneer U.S. mutual
funds. The fund is a Massachusetts business trust organized on
August 13, 1982 as the successor to Putnam Investors Fund, Inc.,
a Massachusetts corporation organized on November 23, 1925. A
copy of the Agreement and Declaration of Trust, which is governed
by Massachusetts law, is on file with the Secretary of State of
The Commonwealth of Massachusetts.
The fund is an open-end, diversified management investment
company with an unlimited number of authorized shares of
beneficial interest. Shares of the fund may be divided
without shareholder approval into two or more classes of shares
having such preferences and special or relative rights and
privileges as the Trustees determine. The fund's shares are
currently divided into three classes. Only the fund's class
Y shares are offered by this prospectus. The fund also
offers other classes of shares with different sales charges and
expenses. Because of these different sales charges and expenses,
the investment performance of the classes will vary. For more
information, including your eligibility to purchase any other
class of shares, contact your investment dealer or Putnam Mutual
Funds (at 1-800-225-1581).
Each share has one vote, with fractional shares voting
proportionally. Shares of each class will vote together as a
single class except when otherwise required by law or as
determined by the Trustees. Shares are freely transferable, are
entitled to dividends as declared by the Trustees, and, if the
fund were liquidated, would receive the net assets of the fund.
The fund may suspend the sale of shares at any time and may
refuse any order to purchase shares. Although the fund is not
required to hold annual meetings of its shareholders,
shareholders holding at least 10% of the outstanding shares
entitled to vote have the right to call a meeting to elect or
remove Trustees, or to take other actions as provided in the
Agreement and Declaration of Trust.
If you own fewer shares than a minimum amount set by the Trustees
(presently 20 shares), the fund may choose to redeem your shares.
You will receive at least 30 days' written notice before the fund
redeems your shares, and you may purchase additional shares at
any time to avoid a redemption. The fund may also redeem shares
if you own shares above a maximum amount set by the Trustees.
There is presently no maximum, but the Trustees may establish one
at any time, which could apply to both present and future
shareholders.
The fund's Trustees: George Putnam,* Chairman. President of the
Putnam funds. Chairman and Director of Putnam Management and
Putnam Mutual Funds Corp. ("Putnam Mutual Funds"). Director,
Marsh & McLennan Companies, Inc.; William F. Pounds, Vice
Chairman. Professor of Management, Alfred P. Sloan School of
Management, Massachusetts Institute of Technology; Jameson Adkins
Baxter, President, Baxter Associates, Inc.; Hans H. Estin, Vice
Chairman, North American Management Corp.; John A. Hill,
Chairman and Managing Director, First Reserve
Corporation; Ronald J. Jackson, Former Chairman, President and
Chief Executive Officer of Fisher-Price, Inc., Director of Safety
1st, Inc., Trustee of Salem Hospital and Overseer of the Peabody
Essex Museum; Elizabeth T. Kennan, President Emeritus and
Professor, Mount Holyoke College; Lawrence J. Lasser,* Vice
President of the Putnam funds. President, Chief Executive
Officer and Director of Putnam Investments, Inc. and Putnam
Management. Director, Marsh & McLennan Companies, Inc.; Robert
E. Patterson, Executive Vice President and Director of
Acquisitions , Cabot Partners Limited Partnership; Donald S.
Perkins,* Director of various corporations, including Cummins
Engine Company, Lucent Technologies, Inc., Springs Industries,
Inc. and Time Warner Inc.; George Putnam, III,* President,
New Generation Research, Inc.; Eli Shapiro, Alfred P. Sloan
Professor of Management, Emeritus, Alfred P. Sloan School of
Management, Massachusetts Institute of Technology; A.J.C. Smith,*
Chairman and Chief Executive Officer , Marsh &
McLennan Companies, Inc.; and W. Nicholas Thorndike, Director of
various corporations and charitable organizations, including Data
General Corporation, Bradley Real Estate, Inc. and Providence
Journal Co. Also, Trustee of Massachusetts General Hospital and
Eastern Utilities Associates. The Trustees are also
Trustees of the other Putnam funds. Those marked with an
asterisk (*) are or may be deemed to be "interested persons" of
the fund, Putnam Management or Putnam Mutual Funds.
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About Your Investment
HOW TO BUY SHARES
All orders to purchase shares must be made through your
employer's defined contribution plan. For more information about
how to purchase shares of the fund through your employer's plan
or limitations on the amount that may be purchased, please
consult your employer. Shares are sold to eligible defined
contribution plans at the net asset value per share next
determined after receipt of an order by Putnam Mutual Funds.
Orders must be received by Putnam Mutual Funds before the close
of regular trading on the New York Stock Exchange in order to
receive that day's net asset value. Class Y shares are
available to defined contribution plans whose investment
in Putnam funds and other assets managed by Putnam Management or
its affiliates, combined with such investments by the plan's
sponsor and the sponsor's other employee benefit plans, equals at
least $250 million . Defined contribution plans that elect
to buy class Y shares upon attaining eligibility will receive
class Y shares in place of any class A shares then owned. Class
Y shares are also available to defined contribution plans whose
sponsor confirms a good faith expectation that investments in
Putnam-managed assets by the sponsor and its employee benefit
plans will attain $250 million (using the higher of purchase
price or current market value) within one year of the initial
purchase of class Y shares, and agrees that class Y shares may be
redeemed and class A shares purchased if that level is not
attained . To eliminate the need for safekeeping, the fund
will not issue certificates for your shares. Putnam
Mutual Funds will from time to time, at its expense, provide
additional promotional incentives or payments to dealers that
sell shares of the Putnam funds. These incentives or payments
may include payments for travel expenses, including lodging,
incurred in connection with trips taken by invited registered
representatives and their guests to locations within and outside
the United States for meetings or seminars of a business nature.
In some instances, these incentives or payments may be offered
only to certain dealers who have sold or may sell significant
amounts of shares. Certain dealers may not sell all classes of
shares.
HOW TO SELL SHARES
Subject to any restrictions imposed by your employer's plan, you
can sell your shares through the plan to the fund any day the New
York Stock Exchange is open. For more information about how to
sell shares of the fund through your employer's plan, including
any charges that may be imposed by the plan, please consult with
your employer.
<PAGE>
Your plan administrator must send a signed letter of instruction
to Putnam Investor Services. The price you will receive is the
next net asset value calculated after the fund receives your
request in proper form. All requests must be received by the
fund prior to the close of regular trading on the New York Stock
Exchange in order to receive that day's net asset value. If
you sell shares having a net asset value of $100,000 or
more, the signatures of registered owners or their legal
representatives must be guaranteed by a bank, broker-dealer or
certain other financial institutions. See the SAI for more
information about where to obtain a signature guarantee.
The fund generally provides payment for redeemed shares the
business day after the request is received. Under unusual
circumstances, the fund may suspend redemptions, or postpone
payment for more than seven days, as permitted by federal
securities law. The fund will only redeem shares for which it
has received payment.
HOW TO EXCHANGE SHARES
Subject to any restrictions contained in your plan, you can
exchange your shares for shares of other Putnam funds available
through your plan at net asset value. Contact your plan
administrator or Putnam Investor Services on how to exchange your
shares or how to obtain prospectuses of other Putnam funds in
which you may invest.
The exchange privilege is not intended as a vehicle for short-
term trading. Excessive exchange activity may interfere with
portfolio management and have an adverse effect on all
shareholders. In order to limit excessive exchange activity and
in other circumstances where Putnam Management or the Trustees
believe doing so would be in the best interests of the fund, the
fund reserves the right to revise or terminate the exchange
privilege, limit the amount or number of exchanges or reject any
exchange. Shareholders would be notified of any such action to
the extent required by law. Consult Putnam Investor Services
before requesting an exchange. See the SAI to find out more
about the exchange privilege.
HOW THE FUND VALUES ITS SHARES
The fund calculates the net asset value of a share of each class
by dividing the total value of its assets, less liabilities, by
the number of its shares outstanding. Shares are valued as of
the close of regular trading on the New York Stock Exchange each
day the Exchange is open.
Portfolio securities for which market quotations are readily
available are valued at market value. Short-term investments
that will mature in 60 days or less are valued at amortized cost,
which approximates market value. All other securities and assets
are valued at their fair value following procedures approved by
the Trustees.
HOW THE FUND MAKES DISTRIBUTIONS TO SHAREHOLDERS; TAX INFORMATION
The fund distributes any net investment income and any net
realized capital gains at least annually. Distributions from net
investment income, if any, are expected to be small.
Distributions from capital gains are made after applying any
available capital loss carryovers.
The terms of your plan will govern how your plan may receive
distributions from the fund. Generally, periodic distributions
from the fund to your plan are reinvested in additional fund
shares, although your plan may permit you to receive fund
distributions from net investment income in cash while
reinvesting capital gains distributions in additional shares or
to receive all fund distributions in cash. If another option is
not selected, all distributions will be reinvested in additional
fund shares.
The fund intends to qualify as a "regulated investment company"
for federal income tax purposes and to meet all other
requirements that are necessary for it to be relieved of
federal taxes on income and gains it distributes. The fund will
distribute substantially all of its ordinary income and capital
gain net income on a current basis. Generally, fund
distributions are taxable as ordinary income, except that any
distributions of net long-term capital gains will be taxed as
such. However, distributions by the fund to employer-sponsored
defined contribution plans that qualify for tax-exempt treatment
under federal income tax laws will not be taxable. Special tax
rules apply to investments through such plans. You should
consult your tax adviser to determine the suitability of the fund
as an investment through such a plan and the tax treatment of
distributions (including distributions of amounts attributable to
an investment in the fund) from such a plan.
The foregoing is a summary of certain federal income tax
consequences of investing in the fund. You should consult your
tax adviser to determine the precise effect of an investment in
the fund on your particular tax situation (including possible
liability for state and local taxes).<PAGE>
ABOUT PUTNAM INVESTMENTS, INC.
Putnam Management has been managing mutual funds since 1937.
Putnam Mutual Funds Corp. is the principal underwriter of the
fund and of other Putnam funds. Putnam Defined Contribution
Plans is a division of Putnam Mutual Funds. Putnam Fiduciary
Trust Company is the fund's custodian. Putnam Investor Services,
a division of Putnam Fiduciary Trust Company, is the fund's
investor servicing and transfer agent.
Putnam Management, Putnam Mutual Funds and Putnam Fiduciary Trust
Company are located at One Post Office Square, Boston,
Massachusetts 02109 and are subsidiaries of Putnam Investments,
Inc., which is wholly owned by Marsh & McLennan Companies, Inc.,
a publicly-owned holding company whose principal businesses are
international insurance and reinsurance brokerage, employee
benefit consulting and investment management.
